BioMarin Targets $1B VOXZOGO Revenue and Accelerates Deleveraging

BioMarin Pharmaceutical is positioning itself as a rare-disease leader, forecasting that its VOXZOGO franchise will reach $1 billion in annual revenue during 2024. This milestone represents the company's first blockbuster drug, providing a financial foundation as management accelerates its deleveraging timeline and focuses on integrating recent acquisitions.

At the Morgan Stanley Global Healthcare Conference, leadership outlined a strategy to optimize the company's portfolio following the acquisition of Amicus Therapeutics. The integration plan includes cost-cutting measures intended to provide the capital necessary for future business development.

"I think the very cool thing is particularly on that top line, you do not see that many deals which offer a higher peak and a faster ramp," said Alexander Hardy, President and CEO of BioMarin, in a statement regarding the company's growth outlook.

Integration and Synergy Targets

BioMarin has identified $200 million in annual non-GAAP expense synergies stemming from the Amicus deal. According to a transcript of the conference, 70% of these savings are expected to come from general and administrative cost reductions.

As part of this restructuring, BioMarin is retaining 192 of Amicus's 505 employees. The company is focusing this retained workforce on commercial and medical affairs to support the continued revenue growth of the GALAFOLD and POMBILITI drug lines.

Financial Outlook and M&A Capacity

Management has pulled forward its deleveraging target to mid-2027. By that time, the company expects its leverage ratio to fall below 2.5 times, which it anticipates will provide between $4 billion and $5 billion in firepower for future acquisitions.

This strategic focus on fiscal discipline comes as the company navigates the pharmaceutical market. BioMarin Pharmaceutical Inc (BMRN) closed at $64.87 per share as of September 16, 2026.

What Is at Stake for Rare Disease Portfolios

For BioMarin, the ability to balance the commercialization of VOXZOGO with the integration of Amicus assets is important to its long-term growth. The company's emphasis on higher peak revenue potential in its deals reflects an industry trend of prioritizing assets that can deliver faster returns on investment. By streamlining its workforce and reducing overhead, BioMarin aims to maintain the liquidity necessary to remain an active participant in the rare-disease M&A market, ensuring it can replenish its pipeline as its existing products mature.