It has been about a month since the last earnings report for BioMarin Pharmaceutical (BMRN Quick QuoteBMRN - Free Report) . Shares have lost about 4.6% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is BioMarin due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Q2 Earnings & Sales Top Estimates

BioMarin reported second-quarter 2025 adjusted earnings per share (EPS) of $1.44, which beat the Zacks Consensus Estimate of $1.03. Quarterly earnings rose 50% year over year, driven by higher product sales and lower operating expenses.

Total revenues were $825.4 million, representing a 16% year-over-year increase on a reported basis and a 17% increase on a constant-currency basis. The top line also beat the Zacks Consensus Estimate of $766.2 million.

Quarter in Detail

Product revenues totaled $813 million, which rose 16% year over year on higher revenues from Voxzogo, Palynziq, Vimizim and Aldurazyme. This was partially offset by lower Kuvan sales.

Royalty and other revenues totaled $12.4 million, up 26% year over year.

Voxzogo generated sales of $221 million, up 20% year over year, driven by new patients initiating the therapy across all marketed territories. Though the drug’s sales were in line with our model estimates, it beat the Zacks Consensus Estimate of $219 million.

Palynziq injection sales totaled $106 million in the quarter, up 20% year over year, driven by greater numbers of patients titrating to the daily-maintenance dose and strong adherence.  The drug’s sales beat the Zacks Consensus Estimate and our model estimates of $101 million and $99 million, respectively.

Vimizim sales rose 21% year over year to $215 million, which beat both the Zacks Consensus Estimate of $187 million and our model estimate of $182 million. This uptick was mainly driven by both ongoing patient demand and order timing.

Naglazyme sales declined 2% year over year to $129 million. Brineura added sales of $49 million, up 9%.

Product revenues from Aldurazyme totaled $56 million, up 44% year over year, likely due to the favorable timing of order fulfillment to Sanofi.

Roctavian generated $9 million in sales compared with $7 million in the year-ago period. This upside is attributable to the company’s updated strategy focusing on three prioritized countries — the United States, Germany and Italy.

Kuvan revenues declined 7% to $27 million due to generic competition. The drug lost U.S. market exclusivity in late 2020.

2025 Guidance

BioMarin revised its financial guidance for the full year. It now expects total revenues in the range of $3.13-$3.20 billion, which reflects a $25 million increase from the lower end of the previous guidance of $3.1-$3.2 billion. The revised guidance implies a year-over-year increase of 11% at the midpoint.

The company expects Voxzogo to be a significant contributor to the top line, forecasting the sales numbers to be in the $900-$935 million band (previously: $900-$950 million). The drug’s revenues are expected to be higher in the second half of the year, compared to the first half.

Adjusted operating margin is now expected to be between 33% and 34%, compared to the prior expectations of 32-33%. This upward revision is mainly due to the encouraging operational efficiency achieved in the first half of the year. In its Q2 conference call, BioMarin announced that it expects to incur higher operating expenses in the second half of the year than in the first half.

BioMarin also raised its adjusted EPS guidance, which is now expected to be in the range of $4.40-$4.55, up from the prior forecast of $4.20-$4.40. This revised guidance implies 27% growth over last year’s level at the midpoint.

Per the company, this revised guidance reflects the impact of tariffs that have already been enacted, and it expects a limited impact of future pharma tariffs. However, the guidance does not account for the $270 million Inozyme acquisition, which was completed last month.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -6.18% due to these changes.

VGM Scores

Currently, BioMarin has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, BioMarin has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

BioMarin belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, GSK (GSK Quick QuoteGSK - Free Report) , has gained 4.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2025.

Glaxo reported revenues of $10.67 billion in the last reported quarter, representing a year-over-year change of +7.2%. EPS of $1.23 for the same period compares with $1.09 a year ago.

For the current quarter, Glaxo is expected to post earnings of $1.22 per share, indicating a change of -3.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -3.2% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Glaxo. Also, the stock has a VGM Score of A.