# BIOMARIN PHARMACEUTICAL INC (BMRN)

Informational only - not investment advice.

CIK: 0001048477
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1048477
Filing source: https://www.sec.gov/Archives/edgar/data/1048477/000104847726000004/bmrn-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001048477-26-000004 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001048477.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,221,253,000 USD | 2025 | verified |
| Net income | 348,901,000 USD | 2025 | verified |
| Assets | 7,594,022,000 USD | 2025 | verified |
| Free cash flow | 724,956,000 USD | 2025 | computed |
| Net margin | 10.83% | 2025 | computed |
| Operating margin | 12.71% | 2025 | computed |
| Revenue YoY | +12.87% | 2025 | computed |
| ROE | 5.73% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BMRN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.8% | 1.0% | 66 | 107 |
| Operating margin | 12.7% | -1.3% | 67 | 100 |
| Revenue growth | 12.9% | 14.7% | 48 | 127 |
| FCF margin | 22.5% | -14.0% | 81 | 127 |
| ROE | 5.7% | -30.7% | 74 | 171 |
| ROA | 4.6% | -21.8% | 79 | 187 |
| Liabilities / equity | 0.25 | 0.38 | 38 | 173 |
| Current ratio | 5.21 | 4.89 | 52 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3221253000 | USD | 2025 | 2026-02-26 |
| Net income | 348901000 | USD | 2025 | 2026-02-26 |
| Assets | 7594022000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001048477.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,116,854,000 | 1,313,646,000 | 1,491,212,000 | 1,704,048,000 | 1,860,455,000 | 1,846,275,000 | 2,096,039,000 | 2,419,226,000 | 2,853,915,000 | 3,221,253,000 |
| Net income | -630,210,000 | -117,042,000 | -77,211,000 | -23,848,000 | 854,029,000 | -64,080,000 | 141,561,000 | 167,645,000 | 426,859,000 | 348,901,000 |
| Operating income | -803,429,000 | -14,700,000 | -123,524,000 | -100,457,000 | -43,440,000 | -82,341,000 | 160,974,000 | 185,774,000 | 484,214,000 | 409,478,000 |
| Diluted EPS | -3.81 | -0.67 | -0.44 | -0.13 | 4.50 | -0.35 | 0.75 | 0.87 | 2.21 | 1.80 |
| Operating cash flow | -227,837,000 | -8,757,000 | 20,208,000 | 48,262,000 | 85,365,000 | 304,536,000 | 175,902,000 | 159,259,000 | 572,841,000 | 827,994,000 |
| Capital expenditures | 148,380,000 | 199,219,000 | 144,620,000 | 145,026,000 | 114,312,000 | 95,578,000 | 120,959,000 | 96,691,000 | 85,424,000 | 103,038,000 |
| Assets | 4,023,690,000 | 4,633,125,000 | 4,427,128,000 | 4,690,039,000 | 5,848,020,000 | 6,004,772,000 | 6,375,074,000 | 6,841,603,000 | 6,988,940,000 | 7,594,022,000 |
| Liabilities | 1,257,415,000 | 1,824,462,000 | 1,459,188,000 | 1,567,658,000 | 1,742,018,000 | 1,739,103,000 | 1,771,918,000 | 1,890,054,000 | 1,330,950,000 | 1,507,023,000 |
| Stockholders' equity | 2,766,275,000 | 2,808,663,000 | 2,967,940,000 | 3,122,381,000 | 4,100,931,000 | 4,265,669,000 | 4,603,156,000 | 4,951,549,000 | 5,657,990,000 | 6,086,999,000 |
| Cash and cash equivalents | 408,330,000 | 598,028,000 | 493,982,000 | 437,446,000 | 649,158,000 | 587,276,000 | 724,531,000 | 755,127,000 | 942,842,000 | 1,311,679,000 |
| Free cash flow | -376,217,000 | -207,976,000 | -124,412,000 | -96,764,000 | -28,947,000 | 208,958,000 | 54,943,000 | 62,568,000 | 487,417,000 | 724,956,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -56.43% | -8.91% | -5.18% | -1.40% | 45.90% | -3.47% | 6.75% | 6.93% | 14.96% | 10.83% |
| Operating margin | -71.94% | -1.12% | -8.28% | -5.90% | -2.33% | -4.46% | 7.68% | 7.68% | 16.97% | 12.71% |
| Return on equity | -22.78% | -4.17% | -2.60% | -0.76% | 20.83% | -1.50% | 3.08% | 3.39% | 7.54% | 5.73% |
| Return on assets | -15.66% | -2.53% | -1.74% | -0.51% | 14.60% | -1.07% | 2.22% | 2.45% | 6.11% | 4.59% |
| Liabilities / equity | 0.45 | 0.65 | 0.49 | 0.50 | 0.42 | 0.41 | 0.38 | 0.38 | 0.24 | 0.25 |
| Current ratio | 3.24 | 2.70 | 3.93 | 2.08 | 4.76 | 4.16 | 4.67 | 2.51 | 5.33 | 5.21 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BMRN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001048477.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.27 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.29 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 581,329,000 | 40,378,000 | 0.21 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 646,207,000 | 20,375,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 648,833,000 | 88,662,000 | 0.46 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 712,029,000 | 107,174,000 | 0.55 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 745,740,000 | 106,080,000 | 0.55 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 747,313,000 | 124,943,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 745,145,000 | 185,686,000 | 0.95 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 825,410,000 | 240,532,000 | 1.23 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 776,133,000 | -30,744,000 | -0.16 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 874,565,000 | -46,573,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 766,208,000 | 105,527,000 | 0.54 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 989,708,000 | 44,762,000 | 0.23 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BMRN's latest 10-K: [/company/BMRN/business/](/company/BMRN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BMRN's latest 10-K: [/company/BMRN/risk-factors/](/company/BMRN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1048477/000104847726000016/bmrn-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the related Notes thereto included in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. These risks and uncertainties could cause actual results to differ significantly from those projected in forward-looking statements contained in this report or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition or results of operations. See the section titled “Forward-Looking Statements” that appears at the beginning of this Quarterly Report on Form 10-Q. These statements, like all statements in this report, speak only as of the date of this Quarterly Report on Form 10-Q (unless another date is indicated), and, except as required by law, we undertake no obligation to update or revise these statements in light of future developments. Our Condensed Consolidated Financial Statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and are presented in U.S. Dollars (USD).

24

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(In millions, except as otherwise disclosed)

Overview

We are a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, our San Rafael, California-based company has a proven track record of innovation, with nine commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients.

On April 27, 2026, we completed the acquisition of Amicus Therapeutics, Inc. (Amicus). The results of operations of Amicus, along with the preliminary estimated fair values of assets acquired and liabilities assumed in the acquisition, have been included in the Condensed Consolidated Financial Statements since the closing of the acquisition on April 27, 2026. Refer to Note 2 – Acquisitions for additional details related to the Amicus acquisition.

A summary of our commercial products, as of June 30, 2026, is provided below:

[[GREPCENT_TABLE]]
[["Commercial Products(1)","","Indication"],["VOXZOGO (vosoritide)","","Achondroplasia"],["Metabolic Conditions (formerly Enzyme Therapies):"],["ALDURAZYME (laronidase)","","MPS I"],["BRINEURA (cerliponase alfa)","","Neuronal ceroid lipofuscinosis type 2 (CLN2)"],["GALAFOLD (migalastat HCl)(2)","","Fabry"],["NAGLAZYME (galsulfase)","","MPS VI"],["PALYNZIQ (pegvaliase-pqpz)","","Phenylketonuria (PKU)"],["POMBILITI + OPFOLDA (cipaglucosidase alfa-atga/miglustat)(2)","","Pompe"],["VIMIZIM (elosulfase alpha)","","Mucopolysaccharidosis (MPS) IVA"],["KUVAN (sapropterin dihydrochloride)","","PKU"]]
[[/GREPCENT_TABLE]]

(1)    In 2026, we announced that we will no longer market ROCTAVIAN. For additional information related to ROCTAVIAN, see Note 19 - Restructuring to the Consolidated Financial Statements accompanying our Annual Report on Form 10-K for the year ended December 31, 2025.

(2)    We acquired two commercial products, GALAFOLD and POMBILITI + OPFOLDA, in connection with the acquisition of Amicus on April 27, 2026. Refer to Note 2 - Acquisitions to our accompanying Condensed Consolidated Financial Statements for additional information.

25

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(In millions, except as otherwise disclosed)

Financial Highlights

Key components of our results of operations include the following:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Total revenues","$","989.7","","","$","825.4","","","$","1,755.9","","","$","1,570.6"],["Cost of sales","$","202.8","","","$","150.1","","","$","397.8","","","$","301.6"],["Research and development (R&D)","$","207.0","","","$","161.3","","","$","385.7","","","$","320.0"],["Selling, general and administrative (SG&A)","$","395.5","","","$","232.3","","","$","653.8","","","$","438.4"],["Intangible asset amortization","$","73.5","","","$","4.8","","","$","78.0","","","$","9.7"],["Interest expense","$","63.3","","","$","2.7","","","$","78.3","","","$","5.5"],["Provision for income taxes","$","16.6","","","$","57.3","","","$","52.3","","","$","109.7"],["Net income","$","44.8","","","$","240.5","","","$","150.3","","","$","426.2"]]
[[/GREPCENT_TABLE]]

See “Results of Operations” below for discussion of our results for the periods presented.

Uncertainty Relating to Macroeconomic Environment

Conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, wars and military conflicts, impact of new or increased tariffs and escalating trade tensions, regulatory uncertainty, and supply chain disruptions, could impact our global revenue sources and our overall business operations. The extent and duration of such effects remain uncertain and difficult to predict. We are actively monitoring and managing our response and assessing actual and potential impacts to our operating results and financial condition, as well as developments in our business, which could further impact the developments, trends and expectations described below. See the risk factor, “Our business is affected by macroeconomic conditions.” described in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q.

Recent Developments

We continued to grow our commercial business and advance our product candidate pipeline during 2026. We believe that the combination of our internal research programs, partnerships and acquisitions of external assets will allow us to continue to develop and commercialize innovative therapies for patients with serious and life-threatening rare diseases and medical conditions. We periodically conduct strategic portfolio assessment of research and development programs to determine which we believe have the strongest combination of scientific merit, opportunity for commercial success and potential value creation for stockholders. Based on such strategic portfolio assessments, certain programs that do not meet its threshold for further development and commercialization could be discontinued.

•In July 2026, we submitted our supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) for the approval of VOXZOGO for the treatment of hypochondroplasia following our announcement in May 2026 that the Phase 3 CANOPY-HCH-3 study met its primary endpoint.

•In July 2026, we announced that the FDA accepted our sNDA for full approval of VOXZOGO in children with achondroplasia, with a Prescription Drug User Fee Act (PDUFA) target action date of February 28, 2027.

•In July 2026, BioMarin and the n-Lorem Foundation entered into a collaboration and global exclusive license agreement to develop a potential first-in-disease antisense oligonucleotide (ASO) medicine for ReNU syndrome, a serious, rare neurodevelopmental condition with no approved targeted therapies.

•In June 2026, the European Commission approved PALYNZIQ for adolescents 12 years and older with PKU. In February 2026, FDA approved PALYNZIQ for adolescents 12 years of age and older with PKU.

•In May 2026, we announced that BMN 401 did not meet one of its two co-primary endpoints for the treatment of ENPP1 deficiency. Following the pivotal ENERGY 3 trial data readout, in August 2026, we made the decision to discontinue development of BMN 401 across all indications.

26

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(In millions, except as otherwise disclosed)

•In April 2026, we acquired Amicus which is expected to strengthen our commercial portfolio with the addition of GALAFOLD and POMBILITI + OPFOLDA. We also acquired U.S. rights to BMN 820 (formerly DMX-200), a potential first-in-class oral CCR2 inhibitor for focal segmental glomerulosclerosis (FSGS). See Note 2 - Acquisitions to our accompanying Condensed Consolidated Financial Statements for additional information regarding the acquisition.

•In April 2026, we obtained senior secured term loan facilities for $2.8 billion in aggregate principal. In February 2026, we issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes due 2034 (the 2034 Notes). The proceeds from the secured term loan facilities and the 2034 Notes were used to finance a portion of the Amicus acquisition. See “Financial Condition, Liquidity and Capital Resources” below for additional information regarding our indebtedness.

•In April 2026, the first patient was enrolled in the registration-enabling Phase 2/3 study of BMN 333, our long-acting C-type natriuretic peptide (CNP) for achondroplasia.

See the risk factors described under “Business and Operational Risks” section in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q.

Results of Operations

Net Product Revenues

Net Product Revenues consisted of the following:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","2026","","2025","","Change"],["VOXZOGO","$","252.5","","","$","221.4","","","$","31.1","","","$","472.4","","","$","435.1","","","$","37.3"],["Metabolic Conditions:"],["VIMIZIM","194.4","","","215.4","","","(21.0)","","","404.6","","","403.8","","","0.8"],["NAGLAZYME","135.3","","","128.9","","","6.4","","","265.3","","","243.2","","","22.1"],["PALYNZIQ","135.2","","","105.9","","","29.3","","","224.7","","","199.2","","","25.5"],["GALAFOLD","105.7","","","\u2014","","","105.7","","","105.7","","","\u2014","","","105.7"],["BRINEURA","51.4","","","48.7","","","2.7","","","98.5","","","89.1","","","9.4"],["ALDURAZYME","43.5","","","56.4","","","(12.9)","","","80.3","","","105.4","","","(25.1)"],["POMBILITI + OPFOLDA","30.3","","","\u2014","","","30.3","","","30.3","","","\u2014","","","30.3"],["KUVAN","24.4","","","27.1","","","(2.7)","","","48.4","","","52.1","","","(3.7)"],["ROCTAVIAN","11.7","","","9.2","","","2.5","","","14.3","","","19.7","","","(5.4)"],["Total net product revenues","$","984.4","","","$","813.0","","","$","171.4","","","$","1,744.5","","","$","1,547.6","","","$","196.9"]]
[[/GREPCENT_TABLE]]

Net Product Revenues include revenues generated from our commercial products. In the U.S., our commercial products, except for PALYNZIQ and ALDURAZYME, are generally sold to specialty pharmacies or end users, such as hospitals, which act as retailers. PALYNZIQ is distributed in the U.S. through certain certified specialty pharmacies under the PALYNZIQ Risk Evaluation and Mitigation Strategy program, and ALDURAZYME is marketed worldwide by Sanofi. Outside the U.S., our commercial products are sold to authorized distributors or directly to government purchasers or hospitals, which act as the end users.

The increase in Net Product Revenues for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily attributed to the following:

•GALAFOLD and POMBILITI +

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1048477/000104847726000004/bmrn-20251231.htm
Complete FY 2025 MD&A: /company/BMRN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our audited Consolidated Financial Statements and the accompanying notes to the Consolidated Financial Statements and other disclosures included in this Annual Report on Form 10-K, including the disclosures under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ significantly from those projected in forward-looking statements contained in this report or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition or results of operations. See the section titled “Forward-Looking Statements” that appears at the beginning of this Annual Report on Form 10-K. These statements, like all statements in this report, speak only as of the date of this Annual Report on Form 10-K (unless another date is indicated), and, except as required by law, we undertake no obligation to update or revise these statements in light of future developments. Our Consolidated Financial Statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and are presented in U.S. Dollars (USD).

Overview

We are a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Our San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. A summary of our commercial products, as of December 31, 2025, is provided below:

[[GREPCENT_TABLE]]
[["Commercial Products","","Indication"],["VOXZOGO (vosoritide)","","Achondroplasia"],["Enzyme Therapies:"],["VIMIZIM (elosulfase alpha)","","Mucopolysaccharidosis (MPS) IVA"],["NAGLAZYME (galsulfase)","","MPS VI"],["PALYNZIQ (pegvaliase-pqpz)","","Phenylketonuria (PKU)"],["ALDURAZYME (laronidase)","","MPS I"],["BRINEURA (cerliponase alfa)","","Neuronal ceroid lipofuscinosis type 2 (CLN2)"],["KUVAN (sapropterin dihydrochloride)","","PKU"],["ROCTAVIAN (valoctocogene roxaparvovec)","","Severe Hemophilia A"]]
[[/GREPCENT_TABLE]]

2025 Financial Highlights

Key components of our results of operations include the following:

[[GREPCENT_TABLE]]
[["","","","Twelve Months Ended December 31,"],["","","","","","2025","","2024","","2023"],["Total revenues","","","","","$","3,221.3","","","$","2,853.9","","","$","2,419.2"],["Cost of sales","","","","","$","717.4","","","$","580.2","","","$","532.1"],["Research and development (R&D)","","","","","$","921.9","","","$","747.2","","","$","746.8"],["Selling, general and administrative (SG&A)","","","","","$","1,153.0","","","$","1,009.0","","","$","892.4"],["Provision for income taxes","","","","","$","133.6","","","$","114.9","","","$","20.9"],["Net income","","","","","$","348.9","","","$","426.9","","","$","167.6"]]
[[/GREPCENT_TABLE]]

See “Results of Operations” below for discussion of our results for the periods presented.

64

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(In millions of U.S. Dollars, except as otherwise disclosed)

Uncertainty Relating to Macroeconomic Environment

Conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, impact of new or increased tariffs and escalating trade tensions, regulatory uncertainty, and supply chain disruptions, could impact our global revenue sources and our overall business operations. The extent and duration of such effects remain uncertain and difficult to predict. We are actively monitoring and managing our response and assessing actual and potential impacts to our operating results and financial condition, as well as developments in our business, which could further impact the developments, trends and expectations described below. See the risk factor, “Our business is affected by macroeconomic conditions.” described in “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.

Business Developments

In 2025, we achieved $3.2 billion in total revenues, including a significant contribution from our ongoing expansion of VOXZOGO, and we continued to grow our commercial business and advance our product candidate pipeline. We believe that the combination of our internal research programs and partnerships and acquisitions of external assets will allow us to continue to develop and commercialize innovative therapies for people with serious and life-threatening rare diseases and medical conditions. We periodically conduct strategic portfolio assessment of research and development programs to determine which we believe have the strongest combination of scientific merit, opportunity for commercial success and potential value creation for stockholders. Based on such strategic portfolio assessments, certain programs that do not meet its threshold for further development and commercialization could be discontinued.

In December 2025, we entered into a definitive agreement to acquire Amicus Therapeutics, Inc. (Amicus), a publicly traded, global, biotechnology company for $14.50 per share in an all-cash transaction for a total consideration of approximately $4.8 billion. The pending acquisition is expected to strengthen our commercial portfolio by adding two new therapies for the treatment of Fabry disease and late-onset Pompe disease. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances, approval by the stockholders of Amicus and other customary closing conditions. We intend to finance the transaction through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing.

In December 2025, we entered into a debt financing commitment letter (the Commitment Letter) and related fee letter with certain lenders, pursuant to which the lenders have committed to provide us with debt financing up to approximately $3.7 billion (the Bridge Commitment) in the form of a 364-day senior secured bridge loan facility (Bridge Facility) for the pending acquisition of Amicus. No amounts had been drawn or were outstanding under the Bridge Commitment as of December 31, 2025. In February 2026, we issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes due 2034 (the 2034 Notes), and the proceeds from the issuance were deposited into an escrow account that will be used to finance the pending acquisition of Amicus. In connection with the issuance of the 2034 Notes, the Bridge Commitment was reduced from approximately $3.7 billion to $2.8 billion. In place of the Bridge Facility, we also expect to enter into a senior secured term loan facility for approximately $2.8 billion in aggregate principal and a new $600.0 million senior secured revolving credit facility in 2026 that will be executed prior to or concurrently with the closing of the pending Amicus acquisition. See "Financial Condition, Liquidity and Capital Resources" below for additional information.

In October 2025, we announced our plan to pursue options to divest ROCTAVIAN, including exploring out-licensing opportunities. Subsequently in December 2025, we committed to a plan to voluntarily withdraw ROCTAVIAN from the market due to lower than previously anticipated commercial opportunities. In connection with this strategic decision, we recorded approximately $240.0 million of restructuring charges in 2025 comprised of an inventory write-off, impairment of long-lived assets, severance and other costs. See Note 19 to our accompanying Consolidated Financial Statements for additional details.

In July 2025, we completed the acquisition of Inozyme Pharma, Inc. (Inozyme), a publicly traded clinical-stage biopharmaceutical company dedicated to developing innovative therapeutics. The acquisition is intended to strengthen our enzyme therapies portfolio by adding a late-stage enzyme replacement therapy, BMN 401 (formerly INZ-701), for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) deficiency. We accounted for this transaction as an asset acquisition since the lead asset, BMN 401, represents substantially all of the fair value of the gross assets acquired. See Note 20 to our accompanying Consolidated Financial Statements for additional information related to Inozyme acquisition.

65

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(In millions of U.S. Dollars, except as otherwise disclosed)

Results of Operations

Net Product Revenues

Net Product Revenues consisted of the following:

[[GREPCENT_TABLE]]
[["","","Twelve Months Ended December 31,"],["","","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["VOXZOGO","","$","926.9","","","$","735.1","","","$","469.9","","","$","191.8","","","$","265.2"],["Enzyme Therapies:"],["VIMIZIM","","792.1","","","739.8","","","701.0","","","52.3","","","38.8"],["NAGLAZYME","","485.4","","","479.6","","","420.3","","","5.8","","","59.3"],["PALYNZIQ","","433.3","","","355.0","","","303.9","","","78.3","","","51.1"],["ALDURAZYME","","208.5","","","183.9","","","131.2","","","24.6","","","52.7"],["BRINEURA","","186.4","","","169.1","","","161.9","","","17.3","","","7.2"],["KUVAN","","99.6","","","120.9","","","180.8","","","(21.3)","","","(59.9)"],["ROCTAVIAN","","35.6","","","26.0","","","3.5","","","9.6","","","22.5"],["Total net product revenues","","$","3,167.8","","","$","2,809.4","","","$","2,372.5","","","$","358.4","","","$","436.9"]]
[[/GREPCENT_TABLE]]

Net Product Revenues include revenues generated from our commercial products. In the U.S., our commercial products, except for PALYNZIQ and ALDURAZYME, are generally sold to specialty pharmacies or end users, such as hospitals, which act as retailers. PALYNZIQ is distributed in the U.S. through certain certified specialty pharmacies under the PALYNZIQ Risk Evaluation and Mitigation Strategy program, and ALDURAZYME is marketed worldwide by Sanofi. Outside the U.S., our commercial products are sold to authorized distributors or directly to government purchasers or hospitals, which act as the end users.

The increase in Net Product Revenues in 2025 as compared to 2024 was primarily attributed to the following:

•VOXZOGO: higher sales volume from new patients initiating therapy across all regions;

•PALYNZIQ: higher sales volume from new patients initiating therapy, primarily in the U.S.;

•VIMIZIM: higher sales volume due to timing of orders in countries that place large government orders, primarily from countries in the Middle East and Latin America;

•ALDURAZYME: higher sales volume due to timing of order fulfillment to Sanofi as we recognize ALDURAZYME revenues when the product is released and control is transferred to Sanofi; and

•BRINEURA: higher sales volume from new patients initiating therapy, primarily in the U.S. and Latin America.

These increases were partially offset by the following:

•KUVAN: lower product revenues attributed to increasing generic competition as a result of the loss of market exclusivity.

In certain countries, governments place large periodic orders for our products. We expect that the timing of these large government orders will cont

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BMRN/mda/fy2025/
All MD&A years: /company/BMRN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BMRN/mda/fy2024/): filed 2025-02-24; accession 0001048477-25-000007 (https://www.sec.gov/Archives/edgar/data/1048477/000104847725000007/bmrn-20241231.htm)
- [FY 2023 MD&A](/company/BMRN/mda/fy2023/): filed 2024-02-26; accession 0001048477-24-000016 (https://www.sec.gov/Archives/edgar/data/1048477/000104847724000016/bmrn-20231231.htm)
- [FY 2022 MD&A](/company/BMRN/mda/fy2022/): filed 2023-02-27; accession 0001048477-23-000009 (https://www.sec.gov/Archives/edgar/data/1048477/000104847723000009/bmrn-20221231.htm)
- [FY 2021 MD&A](/company/BMRN/mda/fy2021/): filed 2022-02-25; accession 0001048477-22-000012 (https://www.sec.gov/Archives/edgar/data/1048477/000104847722000012/bmrn-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BMRN.md · JSON record: /company/BMRN.json · verified financials: /company/BMRN/financials.json / /company/BMRN/financials.csv · machine TOC for the whole site: /llms.txt