BioMarin Pharmaceutical’s third quarter results reflected steady top-line growth, with management highlighting enzyme therapies and the Skeletal Conditions business as main contributors. CEO Alexander Hardy credited global demand for therapies like VOXZOGO and PALYNZIQ, noting, “These strong results are driven by the performance of our global enzyme therapies and Skeletal Conditions business units as we deliver for patients around the world.” The company’s operating margins declined due to higher R&D and SG&A expenses, partly from the Inozyme Pharma acquisition. Management acknowledged that this charge, along with business unit investments, weighed on profitability.

Is now the time to buy BMRN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From BioMarin Pharmaceutical’s Q3 Earnings Call

• Philip Nadeau (TD Cowen) questioned the decision to withdraw 2027 revenue guidance, prompting CFO Brian Mueller to explain that a range of competitive and pipeline outcomes made precise forecasting too uncertain at this time.
• Salveen Richter (Goldman Sachs) asked about the quarter-over-quarter dip in VOXZOGO sales and business development plans; Mueller cited order timing while CEO Alexander Hardy emphasized ongoing deal pursuits and a focus on assets suitable for BioMarin’s infrastructure.
• Cory Kasimov (Evercore) probed for qualitative commentary on long-term guidance and capital allocation, with Mueller reiterating target growth rates for enzyme therapies and Hardy prioritizing business development over share repurchases.
• Jessica Fye (JPMorgan) inquired about margin and cash flow targets, with Mueller reaffirming the 40% non-GAAP operating margin goal and noting that future cash flow will be proportional to top-line growth scenarios.
• Sean Laaman (Morgan Stanley) asked about orphan drug exclusivity and switching risks, leading Chief Commercial Officer Cristin Hubbard to stress high adherence rates and the likelihood that satisfied patients will remain on VOXZOGO despite new entrants.

Catalysts in Upcoming Quarters

Looking ahead, StockStory’s team will closely monitor (1) data readouts for VOXZOGO in hypochondroplasia and progress on the BMN 333 program, (2) the execution and commercial impact of the Inozyme acquisition, and (3) BioMarin’s ability to advance business development initiatives. Pipeline milestones and competitive developments will also be key to tracking future performance.

BioMarin Pharmaceutical currently trades at $53, in line with $52.70 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).

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