Biomarin Pharmaceutical Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did BMRN Beat Earnings? Q1 2026 Results
BioMarin delivered a mixed first quarter for 2026, with revenue clearing expectations but earnings falling notably short as a series of one-time charges weighed on the bottom line. The company posted revenue of $766.21 million, a 2.8% year-over-year gain that edged past the $751.68 million consensus, yet earnings per share of $0.76 came in 16.86% below the $0.91 estimate, undercut primarily by a $31 million charge tied to an unsuccessful NAGLAZYME manufacturing process qualification campaign and pre-close costs related to BioMarin's acquisition of Amicus Therapeutics, which together shaved roughly $0.19 from EPS year-over-year. That deal, which adds GALAFOLD and POMBILITI + OPFOLDA to BioMarin's commercial portfolio, was the transformative event of the quarter and is the primary engine behind the company's sharply raised full-year 2026 revenue guidance of $3.83 billion to $3.93 billion, representing roughly 20% growth at the midpoint. Evercore ISI lifted its price target on the stock following positive VOXZOGO data, a reflection of broader pipeline confidence heading into anticipated Phase 3 readouts for BMN 401 and VOXZOGO in hypochondroplasia during Q2.
- Timing of large government orders outside the U.S.
- Increased patient demand for Enzyme Therapies portfolio
- New patients initiating VOXZOGO therapy across all regions with >20% Y/Y growth in treated children
- Enzyme Therapies revenue grew 6% Y/Y driven by VIMIZIM, NAGLAZYME, and BRINEURA
- PALYNZIQ new starts in under-18 age group following February label expansion
- $31 million charge for unsuccessful NAGLAZYME manufacturing process qualification campaign negatively impacted margins
- Higher SG&A from Amicus pre-close costs and increased VOXZOGO/PALYNZIQ/VIMIZIM commercial spend
“With the acquisition of Amicus Therapeutics complete, the addition of GALAFOLD and POMBILITI + OPFOLDA to our commercial portfolio allows us to reach patients with Fabry and Pompe diseases and meaningfully strengthens and accelerates our near-to-mid-term growth rates. We expect these high-growth assets to support our strongest financial performance yet in 2026.”
BioMarin CEO, on the earnings call
Forward Guidance & Outlook
BioMarin raised full-year 2026 total revenues guidance to $3.825–$3.925 billion (from $3.325–$3.425 billion), representing an accelerated 20% Y/Y growth rate at the midpoint, reflecting the addition of GALAFOLD and POMBILITI + OPFOLDA post-Amicus acquisition. Enzyme Therapies guidance was raised to $2.725–$2.775 billion. VOXZOGO and Other Revenues guidance are unchanged. Non-GAAP Diluted EPS guidance is $4.85–$5.05 (previously $4.95–$5.15), with the Amicus acquisition expected to be slightly dilutive to full-year Non-GAAP EPS. Approximately two-thirds of 2026 Non-GAAP EPS is expected in the second half, with more than 55% of total revenues also expected in H2. Q2 Non-GAAP Diluted EPS is expected to be modestly higher than Q1. PALYNZIQ revenue is expected to increase year-over-year for full-year 2026. Key upcoming catalysts include BMN 401 Phase 3 topline data and VOXZOGO hypochondroplasia Phase 3 topline data in Q2 2026, with potential regulatory submissions in H2 2026 and launches in 2027.
BMRN YoY Financials
BMRN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.