Will BioMarin (BMRN) stock rise after Q4 2025 VOXZOGO growth of 31%?

BioMarin just posted something rare in biotech: accelerating growth across every major franchise. The company's Q4 2025 results show 17% year-over-year revenue growth — more than double its full-year pace — with its flagship VOXZOGO treatment surging 31% in the quarter.

If you're eyeing rare disease stocks, this is the quarter that matters. Here's why the numbers tell a story the headlines miss.

Current State

BioMarin's Q4 2025 wasn't just good — it was the kind of quarter that makes analysts reach for their highlighters. Total revenues climbed 17% year-over-year, driven primarily by VOXZOGO's remarkable 31% surge. For context, that's the drug's strongest quarterly growth since launch.

The full-year picture is equally compelling: $3.2 billion in total revenue, up 13% from 2024. Enzyme therapies — the company's traditional backbone — grew 9% for the year and accelerated to 13% in Q4. This isn't a one-product story anymore.

According to BioMarin's Q4 2025 earnings release, VOXZOGO's 26% full-year growth made it the fastest-growing treatment in the company's portfolio, while enzyme therapies provided a stable foundation.

Key Data

The numbers reveal a company hitting its stride:

That bottom-right cell matters most: BioMarin is no longer dependent on a single legacy product. VOXZOGO's rise diversifies the revenue base while enzyme therapies hold steady.

Analysis

Here's what makes this quarter different from a typical biotech beat: the acceleration isn't coming from a one-time event. VOXZOGO's 31% Q4 growth isn't a fluke — it's the result of expanded geographic reach and increased diagnosis rates for achondroplasia, a rare genetic condition affecting bone growth.

The enzyme therapy rebound (+13% in Q4 vs +9% full-year) suggests the company's older portfolio isn't cannibalizing the new one. Instead, both are growing. That's the kind of operational leverage that compounds.

For investors, the question isn't whether BioMarin can grow — it's whether the market has priced in this level of acceleration. Rare disease stocks typically trade at a premium to their growth rates because of the moat: limited competition, strong payer relationships, and patient populations that don't churn.

If you're watching BMRN, the next catalyst to track is pipeline progression. BioMarin has historically used strong cash flow to fund R&D, and a $3.2B revenue base provides meaningful firepower.

FAQ

What does VOXZOGO treat?

VOXZOGO (vosoritide) is approved for achondroplasia, the most common form of disproportionate short stature. It's the first FDA-approved treatment that addresses the underlying cause of the condition rather than just managing symptoms.

Is BioMarin stock a buy after Q4 earnings?

With 17% Q4 revenue growth and VOXZOGO accelerating to 31%, the fundamentals support bullish sentiment. However, valuation matters — check current analyst price targets and compare BMRN's P/E ratio to its rare disease peers before making a decision.

What's driving BioMarin's revenue growth?

Two factors: VOXZOGO's expansion into new markets and increased diagnosis rates for achondroplasia, plus stable growth in the company's enzyme therapy portfolio. The combination creates operational leverage that compounds over time.

Key Risks

• Pipeline setbacks: Future growth depends on R&D success in early-stage programs
• Competition: Generic erosion of older enzyme therapies could offset VOXZOGO gains
• Valuation: Rare disease stocks trade at premiums; a market rotation could pressure multiples
• Regulatory: VOXZOGO expansion into new indications requires additional approvals

This analysis is for informational purposes only and does not constitute financial advice.