Biotech company BioMarin Pharmaceutical (NASDAQ: BMRN) reported Q2 CY2025 results exceeding the market’s revenue expectations, with sales up 15.9% year on year to $825.4 million. The company’s full-year revenue guidance of $3.16 billion at the midpoint came in 0.6% above analysts’ estimates. Its non-GAAP profit of $1.44 per share was 42.3% above analysts’ consensus estimates.

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"We were very pleased with our second quarter performance across all aspects of the business, including strong growth, exciting pipeline progress, and delivery of our business development strategy," said Alexander Hardy, President and Chief Executive Officer of BioMarin.

Company Overview

Pioneering treatments for conditions that often had no previous therapeutic options, BioMarin Pharmaceutical (NASDAQ: BMRN) develops and commercializes therapies that address the root causes of rare genetic disorders, particularly those affecting children.

Revenue Growth

Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, BioMarin Pharmaceutical grew its sales at a decent 10.6% compounded annual growth rate. Its growth was slightly above the average healthcare company and shows its offerings resonate with customers.

Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. BioMarin Pharmaceutical’s annualized revenue growth of 17.1% over the last two years is above its five-year trend, suggesting its demand recently accelerated.

This quarter, BioMarin Pharmaceutical reported year-on-year revenue growth of 15.9%, and its $825.4 million of revenue exceeded Wall Street’s estimates by 8.4%.

Looking ahead, sell-side analysts expect revenue to grow 7.9% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is above the sector average and indicates the market is baking in some success for its newer products and services.

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Operating Margin

BioMarin Pharmaceutical was profitable over the last five years but held back by its large cost base. Its average operating margin of 9.6% was weak for a healthcare business.

On the plus side, BioMarin Pharmaceutical’s operating margin rose by 28.7 percentage points over the last five years, as its sales growth gave it immense operating leverage. Zooming in on its more recent performance, we can see the company’s trajectory is intact as its margin has also increased by 20.9 percentage points on a two-year basis. These data points are very encouraging and show momentum is on its side.

This quarter, BioMarin Pharmaceutical generated an operating margin profit margin of 33.5%, up 16.6 percentage points year on year. This increase was a welcome development and shows it was more efficient.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.

BioMarin Pharmaceutical’s EPS grew at an astounding 22.2% compounded annual growth rate over the last five years, higher than its 10.6% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

Diving into the nuances of BioMarin Pharmaceutical’s earnings can give us a better understanding of its performance. As we mentioned earlier, BioMarin Pharmaceutical’s operating margin expanded by 28.7 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals.

In Q2, BioMarin Pharmaceutical reported adjusted EPS at $1.44, up from $0.94 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects BioMarin Pharmaceutical’s full-year EPS of $4.39 to stay about the same.

Key Takeaways from BioMarin Pharmaceutical’s Q2 Results

We were impressed by how significantly BioMarin Pharmaceutical blew past analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 5.7% to $63.81 immediately after reporting.

BioMarin Pharmaceutical had an encouraging quarter, but one earnings result doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.