BioMarin Pharmaceutical Inc.

biomarin.com

What Do They Do?

Develops and sells medicines for rare, genetically defined conditions to specialty pharmacies, hospitals and government buyers.

How Do They Make Money?

BioMarin sells medicines to pharmacies, hospitals, distributors and government purchasers; sales are counted when the product ships, and most customers pay within a year. Sanofi distributes ALDURAZYME, and BioMarin receives a share of its worldwide sales.

revenue

Segment	Share	How money arrives
VOXZOGO Sold outright	29% FY2022: 8.1%	Sold outright
VIMIZIM Sold outright	25% FY2022: 32%	Sold outright
NAGLAZYME Sold outright	15% FY2022: 21%	Sold outright
PALYNZIQ Sold outright	13% FY2022: 12%	Sold outright
ALDURAZYME Licensed	6.5% FY2022: 6.1%	Licensed
BRINEURA Sold outright	5.8% FY2022: 7.4%	Sold outright
KUVAN Sold outright	3.1% FY2022: 11%	Sold outright
ROCTAVIAN Sold outright	1.1% FY2022: 0.0%	Sold outright
Royalty and other revenues	1.7% FY2022: 2.6%

Who Are Their Customers?

BioMarin sells directly to specialty pharmacies, hospitals and government buyers, while authorized distributors and wholesalers act as intermediaries in other markets. Sanofi is the sole customer for ALDURAZYME.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.

Operating income, FY2025

13% of revenue

▼ −15% vs FY2024 ($484.2M, 17%)

Net income, FY2025

11% of revenue

▼ −18% vs FY2024 ($426.9M, 15%)

Free cash flow, FY2025

23% of revenue

▲ +49% vs FY2024 ($487.4M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +20%; vs $825.4M in Q2 FY2025
Net income: ▼ −81%; vs $240.5M in Q2 FY2025

VOXZOGO share of revenue vs 26.8% in Q2 FY2025

Sep 1, 2026 Completed acquisition of Alesta Therapeutics Alesta became a wholly owned subsidiary.
Aug 31, 2026 Settled patent disputes with Ascendis and licensed patents Ascendis will pay royalties on licensed product sales in specified markets through May 2030.
Aug 6, 2026 Raised full-year financial guidance Raised guidance for revenue, VOXZOGO sales and non-GAAP earnings per share.
Apr 27, 2026 Completed Amicus acquisition Added Galafold and Pombiliti plus Opfolda to its commercial portfolio.

Growing. Revenue grew 74% in 4 years, from $1.8B in FY2021 to $3.2B in FY2025, about 15% a year.

ROCTAVIAN begins generating sales The earlier report listed ROCTAVIAN without product revenue; the latest report lists it as a commercial product.

Revenue over time

VOXZOGO VIMIZIM NAGLAZYME PALYNZIQ ALDURAZYME BRINEURA KUVAN ROCTAVIAN Royalty and other revenues

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Abbisko Therapeutics, Ascendis Pharma, QED Therapeutics, Ribomic, Tyra Biosciences, Black Diamond Therapeutics, C-Biomex, Changchun GeneScience Pharmaceuticals, Immunoforge, Peptron, Prolynx, SiSaf, ArmaGen, Orchard Therapeutics, RegenxBio, Denali Therapeutics, Inventiva, Paradigm Biopharmaceuticals, Lexeo Therapeutics, and Roche Group

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