BioMarin Pharmaceutical (BMRN +1.56%) reported its third-quarter earnings after market close Monday, and they were good enough to push the biotech stock almost 2% higher the following day. With that performance, the shares notched a slight beat on the bellwether S&P 500 index, which ticked up by 1.2%.
Surprise, surprise
For the quarter, BioMarin's revenue came in at $776 million, which was 4% higher on a year-over-year basis. Net income not according to generally accepted accounting principles (GAAP), on the other hand, dived sharply by 88% to $22 million, or $0.12 per share.
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Despite the steep bottom-line drop, analysts tracking BioMarin stock were expecting worse. Their consensus estimate was for a non-GAAP (adjusted) net loss of $0.12 per share. The company missed on revenue, however, as those pundits were collectively expecting just over $782 million for the metric.
In the earnings release, the company also announced a strategic decision to consider divesting one of its products, Roctavian, which treats severe hemophilia A. It said this "is consistent with BioMarin's portfolio strategy and offers the most promising opportunity for ensuring continued patient access" to the drug.
NASDAQ: BMRN
Key Data Points
A raise and a reduction
BioMarin also revised its guidance for full-year 2025. It raised the low end of its range for revenue; now it anticipates this will land at $3.15 billion to $3.2 billion (previously, it was modeling less than $3.13 billion to $3.2 billion). It reduced its projection for adjusted, per-share net income to $3.50 to $3.60. Formerly, this forecast was $4.40 to $4.55.
