BioMarin Q3: $31M Loss, Revenue Up 4.1%

BioMarin reported Q3 2025 revenue of $776.1 million, up 4.1% year‑over‑year, driven by volume growth for VOXZOGO and PALYNZIQ, and gross margin improved to 81.9%. The company posted a GAAP net loss of $30.7 million and an operating loss of $46.7 million, producing GAAP EPS of $(0.16); on a non‑GAAP basis BioMarin earned $0.12 per share — GAAP losses reflected higher R&D spending and an acquired IPR&D charge. Management cut full‑year adjusted EPS guidance to $3.50–$3.60 (from $4.40–$4.55) and guided full‑year revenue to about $3.18 billion at the midpoint. Analysts modestly trimmed 2026 EPS forecasts but left consensus price targets broadly intact, the shares fell after the print, and July 2026 options trading picked up as investors weighed near‑term charges against ongoing product volume gains.