BIOMARIN PHARMACEUTICAL INC
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
BMRN$56.03-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001048477-25-000051
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001048477-25-000090
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 72 current paragraphs.
50 unchanged; 20 reworded; 2 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
The decrease in G&A expense for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due to severance and restructuring costs incurred in 2024 associated with our portfolio strategy review and the associated organizational redesign efforts announced in 2024. The decrease was partially offset by incremental administrative costs related to ongoing support of business initiatives.
Current report
On July 4, 2025, the One Big Beautiful Bill (OBBB) Act, which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is currently assessing the impact of the OBBB Act on the Company’s Consolidated Financial Statements.
Removed paragraphs (1)
Previous report
The decrease in G&A expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to lower employee-related costs and administrative expenses.
Reworded paragraphs (20)
Previous wording
The increase in Net Product Revenues for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily attributed to the following:
Current wording
The increase in Net Product Revenues for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily attributed to the following:
Previous wording
•NAGLAZYME: higher sales volume due to timing of orders in countries that place large government orders, primarily in Latin America.
Current wording
•VIMIZIM: higher sales volume from new patients initiating therapy across all regions and timing of orders in countries that place large government orders, primarily in Latin America;
Previous wording
•ALDURAZYME: higher sales volume due to timing of order fulfillment to Sanofi;
Current wording
•ALDURAZYME: higher sales volume due to timing of order fulfillment to Sanofi; and
Previous wording
•ROCTAVIAN: higher sales volume from new patients in the U.S. and Europe; and
Current wording
•ROCTAVIAN: higher sales volume from new patients in the U.S. and Europe.
Previous wording
The unfavorable impact for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily driven by weakening of the Brazilian Real, Euro, Colombian Peso, and Argentine Peso.
Current wording
The unfavorable impact for the three and six months ended June 30, 2025 was primarily driven by weakening of the Argentine Peso, Brazilian Real and Mexican Peso. The unfavorable impact for the three and six months ended June 30, 2024 was primarily driven by weakening of Argentine Peso and Japanese Yen, partially offset by strengthening of the Euro.
Previous wording
Cost of Sales includes raw materials, personnel and facility and other costs associated with manufacturing our commercial products. These costs include production materials, production costs at our manufacturing facilities, third-party manufacturing costs, amortization of technology transfer intangible assets and internal and external final formulation and packaging costs. Cost of
Current wording
Cost of Sales includes raw materials, personnel and facility and other costs associated with manufacturing our commercial products. These costs include production materials, production costs at our manufacturing facilities, third-party manufacturing costs, amortization of technology transfer intangible assets and internal and external final formulation and packaging costs. Cost of Sales also includes royalties payable to third parties based on sales of our products, idle plant costs and charges for inventory valuation reserves.
Previous wording
Cost of Sales increased in the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily from higher sales volume and excess and obsolete inventory reserves recorded in the period. Gross margin decreased marginally during the three months ended March 31, 2025 as compared to three months ended March 31, 2024, primarily due to excess and obsolete inventory reserves recorded in the period and higher sales volume for products with lower margin.
Current wording
Cost of Sales increased in the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024, primarily from higher sales volume.
Previous wording
The decrease in R&D expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to lower spend on ROCTAVIAN and the Research and early pipeline programs that were discontinued in 2024. The decrease was partially offset by increased spend on new VOXZOGO indication for hypochondroplasia which is now a Later-stage clinical program.
Current wording
The decrease in R&D expense for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due to lower spend on ROCTAVIAN and the Research and early pipeline programs that were discontinued in 2024. The decrease was partially offset by increased spend on Later-stage clinical programs due to continued progression of VOXZOGO indication for hypochondroplasia.
Previous wording
The decrease in S&M expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to reduced activities related to ROCTAVIAN as we focused commercial efforts in the U.S., Germany and Italy to align with our updated ROCTAVIAN strategy announced during second half of 2024. The decrease was also attributable to lower spend on Enzyme Therapies following the organizational redesign announced in 2024 and lower distributor fees in 2025. These increases were partially offset by increased spending related to global expansion of VOXZOGO for achondroplasia.
Current wording
The decrease in S&M expense for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due to reduced activities related to ROCTAVIAN as we focused commercial efforts in the U.S., Germany and Italy to align with our updated ROCTAVIAN strategy announced during the second half of 2024. The decrease in S&M expense for the six months ended June 30, 2025 as compared to the six months ended June 30, 2025 was also attributable to lower spend on Enzyme Therapies following the organizational redesign announced in 2024. These increases were partially offset by increased spending related to global expansion of VOXZOGO for achondroplasia and pre-launch activities of VOXZOGO for hypochondroplasia.
Previous wording
The decrease in Amortization of intangible assets for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was due to the increase in the estimated useful life of an intangible asset as a result of the extension of a patent during the second half of 2024 and an intangible asset becoming fully amortized during the fourth quarter of 2024.
Current wording
The decrease in Amortization of Intangible Assets for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was due to the increase in the estimated useful life of an intangible asset as a result of the extension of a patent during the second half of 2024 and an intangible asset becoming fully amortized during the fourth quarter of 2024.
Previous wording
The change in Interest Income for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was relatively flat.
Current wording
The change in Interest Income for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was relatively flat.
Previous wording
The change in Interest Expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was relatively flat. See Note 6 to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Current wording
The change in Interest Expense for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was relatively flat. See Note 6 to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Previous wording
The decrease in Other Income (Expense), Net for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to impairment loss on non-marketable equity securities, partially offset by higher foreign currency transaction gains.
Current wording
The increase in Other Income (Expense), Net for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due to higher foreign currency transaction gains and decrease in impairment loss on non-marketable equity securities.
Previous wording
The increase in Provision for income taxes for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to higher year-to-date taxable income and tax expense related to expiration of unexercised options in the first quarter of 2025.
Current wording
The increase in Provision for Income Taxes for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due to higher pre-tax income and tax expense related to expiration of unexercised options in 2025.
Previous wording
The increase in net cash provided by operating activities in the three months ended March 31, 2025 compared to March 31, 2024 was primarily attributed to increase in net income and timing of payments to vendors, partially offset by the timing of cash receipts from our customers.
Current wording
The increase in net cash provided by operating activities in the six months ended June 30, 2025 compared to June 30, 2024 was primarily attributed to an increase in net income and timing of payments to vendors, partially offset by the timing of cash receipts from our customers.
Previous wording
The increase in net cash used in investing activities in the three months ended March 31, 2025 compared to March 31, 2024 was primarily attributable to higher net purchases of available-for-sale securities, partially offset by the absence of proceeds received in the first quarter of 2024 related to a sale of nonfinancial asset.
Current wording
The decrease in net cash provided by investing activities in the six months ended June 30, 2025 compared to June 30, 2024 was primarily attributable to lower net maturities of available-for-sale securities and absence of proceeds received in 2024 related to a sale of nonfinancial asset. The decrease was partially offset by fewer purchases of fixed assets and intangible assets.
Previous wording
The decrease in net cash used in financing activities in the three months ended March 31, 2025 compared to March 31, 2024 was primarily due to lower taxes paid related to net share settlement of equity awards and absence of proceeds from stock option exercises.
Current wording
The increase in net cash used in financing activities in the six months ended June 30, 2025 compared to June 30, 2024 was primarily due to decreased proceeds from exercises of equity awards offset by lower tax payments related to net share settlement of equity awards.
Previous wording
As of March 31, 2025, we had obligations of approximately $586.6 million, of which $299.8 million is expected to be paid in 2025. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services. The amount also includes hosting fees and other enterprise resource planning (ERP) system implementation costs for which we are committed.
Current wording
As of June 30, 2025, we had obligations of approximately $585.7 million, of which $236.5 million is expected to be paid in 2025. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services. The amount also includes hosting fees and other enterprise resource planning (ERP) system implementation costs for which we are committed.
Previous wording
As of March 31, 2025, we were subject to contingent payments considered reasonably possible of $234.1 million, of this amount we may pay up to $2.1 million over the next 12 months if certain contingencies are met. See Note 11 to our accompanying Condensed Consolidated Financial Statements for additional discussion on our contingent obligations.
Current wording
As of June 30, 2025, we were subject to contingent payments considered reasonably possible of $229.1 million, of this amount we may pay up to $2.1 million over the next 12 months if certain contingencies are met. See Note 11 to our accompanying Condensed Consolidated Financial Statements for additional discussion on our contingent obligations.
Previous wording
There have been no significant changes to our critical accounting estimates during the three months ended March 31, 2025, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025.
Current wording
There have been no significant changes to our critical accounting estimates during the six months ended June 30, 2025, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Sales also includes royalties payable to third parties based on sales of our products, idle plant costs and charges for inventory valuation reserves.