BioMarin Pharmaceutical Inc.
BMRN · Nasdaq
Next quarter
Consensus is -$0.30 EPS for Sep 2026 across 6 estimates, ranging -$0.48 to $0.01.
BMRN Jun 2026
- 13.92%
- +3.82%
- $0.79
- $0.90
- —
- $989.71M
Reported results
- $989.71M
- 79.51%
- $110.92M
- 11.21%
- $44.76M
- $0.23
Highlights
- Revenue: Q2 revenue rose 20% year over year to $989.7 million, up from $825.4 million in Q2 2025 and $766.2 million in Q1 2026.
- EPS: Reported EPS was $0.90 versus consensus of $0.79, a 13.92% surprise; the release separately reported GAAP diluted EPS of $0.23 and non-GAAP diluted EPS of $1.20.
- Amicus contribution: The April 27 acquisition added $136.0 million of revenue through quarter-end from GALAFOLD and POMBILITI + OPFOLDA, but Amicus generated a $91.9 million net loss over that period.
- VOXZOGO: Revenue increased 14% to $252.5 million, with children treated globally up more than 20% year over year; full-year 2026 guidance was raised to at least $1.0 billion.
- Metabolic portfolio: Revenue growth was led by GALAFOLD at $105.7 million, PALYNZIQ at $135.2 million, up 27%, and POMBILITI + OPFOLDA at $30.3 million; the broader Metabolic Conditions portfolio grew 25%.
- Profitability: GAAP net income fell 81% to $44.8 million from $240.5 million, while non-GAAP income declined 16% to $236 million; GAAP operating margin fell to 11.2% from 33.5%.
- Acquisition costs: Q2 included $84 million of acquisition-related costs, $73 million of acquired-intangible amortization, $12 million of inventory step-up amortization and $63 million of interest expense.
- Guidance: Full-year revenue guidance increased to $3.875 billion-$3.925 billion and non-GAAP diluted EPS to $4.90-$5.10; Metabolic Conditions guidance was unchanged at $2.725 billion-$2.775 billion.
- Leverage: Debt rose to $4.25 billion of principal following the Amicus financing, versus $600 million at December 31, while cash and investments fell to $874 million from $2.05 billion.
Analysis
BioMarin’s second quarter was a revenue-growth and portfolio-expansion print, but not a near-term GAAP earnings-growth quarter. Revenue of $989.7 million increased 20% year over year and 29% sequentially, helped by the newly acquired Amicus products, VOXZOGO patient additions and PALYNZIQ growth. Reported EPS of $0.90 exceeded the $0.79 consensus estimate by 13.92%; the company’s release showed GAAP diluted EPS of $0.23 and non-GAAP diluted EPS of $1.20. Revenue and operating income were both above the prior quarter’s $766.2 million and $129.6 million, respectively, although GAAP net income declined from $105.5 million in Q1 and $240.5 million a year earlier to $44.8 million.
The defining feature was the Amicus integration. GALAFOLD and POMBILITI + OPFOLDA contributed $136.0 million of revenue after the April 27 closing, but acquisition accounting, integration costs and new financing materially depressed earnings. Interest expense increased to $63.3 million from $2.7 million a year earlier, while GAAP operating margin contracted to 11.2% from 33.5%. Underlying commercial momentum remained strong: VOXZOGO revenue rose 14% to $252.5 million, and full-year revenue and non-GAAP EPS guidance were raised. BioMarin is targeting $280 million of GAAP cost reductions from Amicus by 2028, while carrying substantially higher leverage and approximately $200 million of annualized acquisition-related interest expense.
Amicus integration
The quarter was the first meaningful reporting period for Amicus, acquired on April 27 for total consideration of $5.3 billion. The transaction broadened BioMarin’s metabolic portfolio but also created a substantial earnings and balance-sheet burden. Amicus contributed $136.0 million of revenue and a $91.9 million net loss from closing through June 30. BioMarin recorded $30.4 million of acquisition-related costs in the quarter, $53.1 million of Amicus integration restructuring charges, $69.0 million of acquired-intangible amortization and $11.7 million of inventory step-up amortization. Management identified approximately $280 million of GAAP cost reductions, or $220 million on a non-GAAP basis, expected to be fully realized in 2028.
- GALAFOLD: Revenue was $105.7 million in the partial quarter; BioMarin expects peak revenue of approximately $1.4 billion by the mid-2030s.
- POMBILITI + OPFOLDA: Revenue was $30.3 million; peak revenue is expected to reach approximately $1.2 billion by the mid-to-late 2030s.
- BMN 820: The acquired Phase 3 FSGS program represents an estimated U.S. addressable population of approximately 30,000 patients, with pivotal data expected in 2028.
Commercial momentum
The existing portfolio continued to expand despite uneven government and distributor ordering. VOXZOGO revenue rose $31.1 million year over year to $252.5 million, driven by new patients across regions. Global children treated increased more than 20% year over year, and the U.S. represented approximately 25% of quarterly VOXZOGO revenue. PALYNZIQ revenue increased 27% to $135.2 million, primarily from new U.S. patients. NAGLAZYME rose 5% to $135.3 million and BRINEURA increased 4% to $51.4 million. These gains were partly offset by VIMIZIM, down 10% to $194.4 million, and ALDURAZYME, down 21% to $43.5 million, because of order timing.
- VOXZOGO guidance: Full-year revenue guidance increased to $1.0 billion-$1.05 billion from $975 million-$1.025 billion.
- Metabolic Conditions: Revenue grew 25% year over year in the quarter, while full-year guidance remained $2.725 billion-$2.775 billion.
- PALYNZIQ expansion: The European Commission approved use in adolescents aged 12 and older during the quarter, following U.S. approval in February.
Earnings and margins
Revenue growth did not translate into GAAP earnings growth because the Amicus transaction added amortization, integration charges, inventory step-up costs, higher selling expenses and debt financing costs. GAAP operating income fell to $110.9 million from $276.9 million a year earlier, and operating margin contracted to 11.2% from 33.5%. Non-GAAP income declined to $236 million from $282 million, with non-GAAP operating margin at 36.4% versus 39.9%. R&D increased 28% to $207.0 million, while SG&A increased 70% to $395.5 million, including higher commercial investment and integration costs.
- Interest burden: Interest expense was $63.3 million versus $2.7 million in Q2 2025; BioMarin estimates approximately $200 million of annualized interest expense from Amicus financing.
- Acquisition adjustments: Q2 non-GAAP adjustments included $84 million of acquisition-related costs, $73 million of intangible amortization and $12 million of inventory step-up amortization.
- Six-month comparison: Revenue increased 12% to $1.756 billion, but GAAP net income fell 65% to $150.3 million and non-GAAP income fell 23% to $385 million.
Pipeline and approvals
VOXZOGO’s pipeline became more important during the quarter, with BioMarin submitting an sNDA for hypochondroplasia after positive Phase 3 CANOPY-HCH-3 data. The study showed a 2.33 cm/year placebo-adjusted improvement in annualized growth velocity at week 52, with p<0.0001. A potential launch could come in 2027 if approved. The FDA also accepted the company’s sNDA for full achondroplasia approval, with a February 28, 2027 PDUFA date. Separately, BioMarin discontinued BMN 401 across all indications after the program failed one of two co-primary endpoints in ENERGY 3.
- BMN 333: The long-acting CNP candidate demonstrated exposure supporting weekly dosing in Phase 1; the Phase 2/3 study is enrolling, with an update expected in 2027.
- BMN 820: The oral CCR2 inhibitor for FSGS remains in Phase 3 development, with pivotal data expected in 2028.
- ReNU syndrome: BioMarin entered an exclusive global license collaboration with the n-Lorem Foundation for an antisense medicine targeting a condition with an expected global population of approximately 100,000.
Balance sheet and guidance
The Amicus acquisition materially changed BioMarin’s financial profile. The company used approximately $1.7 billion of cash and $2.8 billion of term loans, alongside $850 million of senior notes, to fund the transaction. Principal debt stood at $4.25 billion at June 30, including $600 million of convertible notes due in May 2027, while cash and investments totaled $874 million versus $2.05 billion at year-end. Six-month operating cash flow was $388.8 million, up from $359.7 million, but investing cash flow included $5.1 billion of net cash paid for Amicus. Management is targeting gross leverage below 2.5 times by mid-2027.
- Revenue guidance: Full-year 2026 revenue increased to $3.875 billion-$3.925 billion from $3.825 billion-$3.925 billion.
- EPS guidance: Non-GAAP diluted EPS increased to $4.90-$5.10 from $4.85-$5.05, based on approximately 200 million diluted shares and a 22% tax rate.
- Liquidity: The company had $600 million of undrawn revolving capacity at quarter-end and stated that operating cash flow, cash and external financing should cover liquidity needs for at least the next 12 months.
