BioMarin (NASDAQ: BMRN) raises 2026 sales view following Amicus deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
BioMarin Pharmaceutical Inc. reported first-quarter 2026 results and raised its full-year 2026 revenue outlook. Total revenues were $766 million, up 3% year-over-year, driven by Enzyme Therapies and more patients starting VOXZOGO. GAAP net income fell to $106 million, with Non-GAAP income at $149 million, reflecting higher selling, R&D and manufacturing costs, including a $31 million NAGLAZYME manufacturing charge.
The company increased 2026 total revenue guidance to $3.825–$3.925 billion, mainly from adding GALAFOLD and POMBILITI + OPFOLDA after completing the Amicus acquisition. Enzyme Therapies revenue guidance rose by $500 million, while Non-GAAP diluted EPS guidance edged to $4.85–$5.05. Operating cash flow was $221 million in the quarter, and the company secured about $3.7 billion of new non-convertible debt to fund the Amicus transaction.
Positive
- Raised 2026 revenue guidance materially: Total revenue outlook increased from $3.325–$3.425 billion to $3.825–$3.925 billion, implying about 20% year-over-year growth at the midpoint, driven by adding GALAFOLD and POMBILITI + OPFOLDA after the Amicus acquisition.
- Enzyme Therapies and VOXZOGO growth: First-quarter 2026 Enzyme Therapies revenue rose 6% year-over-year to $514 million, and children treated with VOXZOGO increased by more than 20%, supporting a larger recurring revenue base.
- Solid cash generation and financing capacity: Operating cash flow reached $221 million in the quarter, total cash was about $2 billion at period end, and the company secured approximately $3.7 billion of non-convertible debt to fund the Amicus acquisition.
Negative
- Profitability under pressure: GAAP net income declined 43% year-over-year to $106 million and Non-GAAP income fell 33% to $149 million, with GAAP operating margin compressing from 30.0% to 16.9%.
- One-time manufacturing and deal-related costs: A $31 million NAGLAZYME process qualification charge reduced EPS by about $0.12, and Amicus pre-close integration costs plus related interest expense reduced EPS by roughly $0.07.
- Lower ROCTAVIAN contribution and slightly lower EPS outlook: ROCTAVIAN revenue dropped from $11 million to $3 million following voluntary market withdrawal, and 2026 Non-GAAP diluted EPS guidance was nudged down to $4.85–$5.05 from $4.95–$5.15.
Insights
Revenue outlook jumps on Amicus deal, but margins compress near term.
BioMarin posted Q1 2026 revenue of $766 million, up 3% year-over-year, while GAAP net income dropped to $106 million and GAAP operating margin fell from 30.0% to 16.9%. Non-GAAP income declined to $149 million, reflecting higher SG&A, R&D and a $31 million NAGLAZYME manufacturing charge.
The company sharply increased 2026 total revenue guidance from $3.325–$3.425 billion to $3.825–$3.925 billion, largely from adding GALAFOLD and POMBILITI + OPFOLDA after closing the Amicus acquisition on April 27, 2026. Enzyme Therapies guidance rose by $500 million, while expected Non-GAAP diluted EPS narrowed slightly to $4.85–$5.05.
Management expects more than 55% of 2026 revenue, and roughly two-thirds of Non-GAAP EPS, in the second half of 2026, highlighting a back-weighted year as Amicus contributions build and key Phase 3 readouts for BMN 401 and VOXZOGO approach. Future disclosures in company filings may provide additional detail on integration progress and cost trends.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Total Revenues: $766 million
Q1 2026 GAAP Net Income: $106 million
Q1 2026 Non-GAAP Income: $149 million
+5 more
8 metrics
Q1 2026 Total Revenues
$766 million
Three months ended March 31, 2026; up 3% year-over-year
Q1 2026 GAAP Net Income
$106 million
Down from $186 million in Q1 2025 (–43%)
Q1 2026 Non-GAAP Income
$149 million
Down from $221 million in Q1 2025 (–33%)
Updated 2026 Revenue Guidance
$3.825–$3.925 billion
Raised from prior $3.325–$3.425 billion range
Updated 2026 Enzyme Therapies Guidance
$2.725–$2.775 billion
Increased by $500 million versus prior $2.225–$2.275 billion
2026 Non-GAAP Diluted EPS Guidance
$4.85–$5.05
Slightly reduced from $4.95–$5.15 range
Q1 2026 Operating Cash Flow
$220.651 million
Net cash provided by operating activities in Q1 2026
NAGLAZYME Campaign Charge
$31 million
Cost of sales charge; reduced EPS by about $0.12 year-over-year
Key Terms
Non-GAAP Diluted EPS, Enzyme Therapies, business combination, Phase 3 data readouts, +2 more
6 terms
Non-GAAP Diluted EPS financial
"Non-GAAP Diluted EPS for the first quarter of 2026 decreased compared to the same period in 2025"
Non-GAAP diluted EPS (Earnings Per Share) is a measure of a company's profit allocated to each share of stock, calculated using adjusted earnings that exclude certain items like one-time expenses or gains. It provides a view of ongoing performance by removing irregular or non-recurring factors. Investors use it to better understand the company's core profitability and compare performance across different periods or companies.
Enzyme Therapies financial
"Enzyme Therapies revenue grew 6% Y/Y in the first quarter, driven by revenue growth"
business combination financial
"The Amicus acquisition will be accounted for as a business combination, which will result in intangible amortization"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
Phase 3 data readouts financial
"together with two near-term Phase 3 data readouts and ongoing pipeline progress expected over the coming quarters"
operating margin financial
"GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
supplemental new drug application (sNDA) regulatory
"the company submitted its U.S. supplemental new drug application (sNDA) for full approval of VOXZOGO"
A supplemental new drug application (snda) is a formal request made to regulatory authorities to make changes to an already approved medication, such as adding new uses, adjusting dosages, or improving manufacturing processes. It’s similar to updating a product’s packaging or instructions after it has been approved for sale. For investors, an snda signals ongoing development or improvements that could impact a company’s future sales or regulatory approval prospects.
Earnings Snapshot
Total Revenues: $766 million · Guidance included
Q1 2026
Total Revenues
$766 million
+3% YoY
GAAP Net Income
$106 million
-43% YoY
Non-GAAP Income
$149 million
-33% YoY
GAAP Diluted EPS
$0.54
-43% YoY
Non-GAAP Diluted EPS
$0.76
-33% YoY
Guidance
For full-year 2026, BioMarin now guides total revenue of $3.825–$3.925 billion, Enzyme Therapies revenue of $2.725–$2.775 billion, and Non-GAAP diluted EPS of $4.85–$5.05.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(415 ) 506-6700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
o
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, BioMarin Pharmaceutical Inc. (the Company) announced financial results for its first quarter ended March 31, 2026. The Company’s press release issued on May 4, 2026 is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Form 8-K, including in the press release furnished as Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the Securities Act), nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
99.1 | Press Release of the Company dated May 4, 2026 | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| BioMarin Pharmaceutical Inc., a Delaware corporation | ||||||||
Date: May 4, 2026 | By: | /s/ G. Eric Davis | ||||||
| G. Eric Davis | ||||||||
| Executive Vice President, Chief Legal Officer | ||||||||
Exhibit 99.1
| Contact: | ||||||||
| Investors: | Media: | |||||||
| Traci McCarty | Marni Kottle | |||||||
| BioMarin Pharmaceutical Inc. | BioMarin Pharmaceutical Inc. | |||||||
| (415) 455-7558 | (650) 374-2803 | |||||||
BioMarin Reports First Quarter 2026 Financial and Operating Results
First Quarter 2026 Total Revenues Increased Year-over-year to $766 million
Increased Full-year 2026 Total Revenues Guidance to between $3.825 billion and $3.925 billion, Representing Accelerated Growth Rate of 20% Y/Y at the Midpoint, and Reflecting the Addition of GALAFOLD® and POMBILITI® + OPFOLDA® to BioMarin’s Portfolio
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
SAN RAFAEL, Calif., May 4, 2026 – BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the first quarter ended March 31, 2026.
“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,” said Alexander Hardy, President and Chief Executive Officer of BioMarin. “We expect these high-growth assets to support our strongest financial performance yet in 2026. Next quarter, we look forward to updating you on the longer‑term outlook of the Amicus integration based on our plans to leverage our global scale to expand the potential of these transformative therapies. With a faster-growing commercial portfolio, together with two near-term Phase 3 data readouts and ongoing pipeline progress expected over the coming quarters, we are well-positioned to drive innovation, create shareholder value, and improve outcomes for patients worldwide.”
2026 Business and Pipeline Highlights
Innovation
•In February, U.S. FDA approved PALYNZIQ® for adolescents 12 years of age and older with phenylketonuria (PKU); EU approval for adolescents 12 years of age and older is expected in 2026.
•In March, the company presented initial Phase 1/2 data for BMN 351 at the Muscular Dystrophy Association (MDA) Clinical & Scientific Congress demonstrating dose-dependent increases in dystrophin expression at Week 25 biopsy in both the 6 and 9 mg/kg dose cohorts. Clinical biomarkers, including decreases in creatine kinase, suggested improvements in overall muscle health beyond the Week 25 time point, and longer-term outcomes from both NSAA and 6MWT suggested a prevention of functional decline when compared to historical matched controls. The 12 mg/kg dose cohort continues to enroll, with a data update expected by year-end.
•In April, the first patient was enrolled in the registration-enabling Phase 2/3 study of BMN 333, BioMarin’s long-acting C-type natriuretic peptide (CNP) for achondroplasia. A data update from this study is expected in 2027.
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•In April, the company submitted its U.S. supplemental new drug application (sNDA) for full approval of VOXZOGO® for achondroplasia. The company expects to be notified of sNDA acceptance by Q3 2026.
•In May, at the Pediatric Endocrine Society’s (PES) annual meeting, BioMarin reported new data demonstrating the benefits of long-term treatment with VOXZOGO, including improvements in arm span, bone health, and quality of life. Data from ongoing long-term extension clinical trials showed that children who initiated VOXZOGO treatment after age 5 achieved mean height gains of +10.60cm after six years and +13.59cm (p<0.0001 for both) after eight years of treatment, as compared to natural history data.
•In the second quarter, BioMarin expects to share BMN 401 Phase 3 topline data in children ages 1-to-12 year-old with ENPP1 deficiency. Regulatory submissions are anticipated in 2H’26 should the data be supportive, with a potential first-in-disease launch in 2027.
•In the second quarter, the company expects to share Phase 3 topline data for VOXZOGO for hypochondroplasia. Regulatory submissions are anticipated in 2H’26 should the data be supportive, with a potential first-in-class launch in 2027. Enrollment is progressing in the Phase 2 study of VOXZOGO in children under 3 years old with hypochondroplasia.
Growth
•Increased full-year 2026 Total Revenues guidance, accelerating anticipated growth rate to 20% Y/Y, as a result of the addition of GALAFOLD for Fabry disease and POMBILITI + OPFOLDA to BioMarin’s commercial portfolio.
•Enzyme Therapies revenue grew 6% Y/Y in the first quarter, driven by revenue growth for VIMIZIM®, NAGLAZYME®, and BRINEURA®. Continued underlying patient demand in Q1 for PALYNZIQ was driven by an increase in enrollments and new starts in the under-18-year age group following label expansion in February. PALYNZIQ revenue is expected to increase over time with continued patient demand and as new adult and adolescent patients titrate up to maintenance dosing. As a result, full-year 2026 PALYNZIQ revenue is expected to increase year-over-year.
•The number of children being treated with VOXZOGO increased by more than 20% Y/Y in the first quarter. As expected, large VOXZOGO orders in fourth quarter of 2025 resulted in modest Y/Y growth of 3% in the first quarter of 2026.
Value Commitment
•During the first quarter, the company secured financing of approximately $3.7 billion of non-convertible debt to support the Amicus acquisition, achieving favorable pricing across the capital structure.
•BioMarin generated operating cash flows totaling $221 million in first quarter 2026. Total cash was approximately $2 billion as of the end of the quarter, and continued increasing operating cash flow is expected to support sustained investment in innovation and future growth.
First Quarter 2026 Financial Highlights
•Total Revenues for the first quarter of 2026 were $766 million, an increase of $21 million compared to the same period in 2025, primarily driven by timing of large government orders outside the U.S. and increase in patient demand for Enzyme Therapies (ALDURAZYME®, BRINEURA, NAGLAZYME, PALYNZIQ and VIMIZIM) as well as new patients initiating VOXZOGO therapy across all regions. The increase was partially offset by lower ROCTAVIAN® revenue attributed to voluntary withdrawal of the product from the market announced in the first quarter of 2026.
•GAAP Net Income for the first quarter of 2026 decreased to $106 million compared to $186 million for the same period in 2025. The decrease in GAAP Net Income was primarily attributed to the following:
◦higher Selling, General & Administrative (SG&A) spend primarily due to incremental administrative costs related to ongoing support of corporate initiatives and pre-close costs for Amicus acquisition, and higher sales and marketing spend on VOXZOGO, PALYNZIQ and VIMIZIM;
◦higher Cost of Sales primarily due to a $31 million charge associated with an unsuccessful process qualification campaign to expand NAGLAZYME manufacturing capabilities;
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◦higher Research and Development spend to support BMN 401, a late-stage clinical program acquired in the third quarter of 2025;
◦partially offset by revenue growth as mentioned above.
•Non-GAAP Income for the first quarter of 2026 decreased to $149 million compared to $221 million for the same period in 2025. The decrease in Non-GAAP Income was primarily due to the factors noted above.
•GAAP Diluted Earnings per Share (EPS) and Non‑GAAP Diluted EPS for the first quarter of 2026 decreased compared to the same period in 2025, primarily reflecting the discrete items and higher operating expenses described above. The $31 million charge in Cost of Sales related to the NAGLAZYME campaign reduced EPS by approximately $0.12 year‑over‑year. In addition, pre‑close integration preparation costs recorded in SG&A and interest expense associated with the Amicus transaction reduced EPS by approximately $0.07.
Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
| Three Months Ended March 31, | ||||||||||||||||||||
| 2026 | 2025 | % Change | ||||||||||||||||||
| Total Revenues | $766 | $745 | 3% | |||||||||||||||||
| Net Product Revenues by Product: | ||||||||||||||||||||
| VOXZOGO | $220 | $214 | 3% | |||||||||||||||||
Enzyme Therapies: | ||||||||||||||||||||
| VIMIZIM | $210 | $188 | 12% | |||||||||||||||||
| NAGLAZYME | 130 | 114 | 14% | |||||||||||||||||
| PALYNZIQ | 90 | 93 | (3)% | |||||||||||||||||
| BRINEURA | 47 | 40 | 18% | |||||||||||||||||
| ALDURAZYME | 37 | 49 | (24)% | |||||||||||||||||
| Total Enzyme Therapies Revenue | $514 | $484 | 6% | |||||||||||||||||
KUVAN® | $24 | $25 | (4)% | |||||||||||||||||
| ROCTAVIAN | $3 | $11 | (73)% | |||||||||||||||||
GAAP Net Income | $106 | $186 | (43)% | |||||||||||||||||
Non-GAAP Income (1) | $149 | $221 | (33)% | |||||||||||||||||
GAAP Operating Margin % (2) | 16.9% | 30.0% | ||||||||||||||||||
Non-GAAP Operating Margin % (1) | 24.3% | 35.7% | ||||||||||||||||||
GAAP Diluted EPS | $0.54 | $0.95 | (43)% | |||||||||||||||||
Non-GAAP Diluted EPS (1) | $0.76 | $1.13 | (33)% | |||||||||||||||||
(1) Refer to Non-GAAP Information beginning on page 9 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.
(2) GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues.
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Forward-Looking Non-GAAP Financial Information
BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
Updated 2026 Full-Year Financial Guidance (in millions, except EPS amounts)
•Updated guidance reflects post-close contributions from Amicus beginning April 27, 2026.
•As previously communicated, the acquisition of Amicus is expected to be slightly dilutive to full-year 2026 Non‑GAAP Diluted EPS; historical BioMarin Non-GAAP Diluted EPS guidance is unchanged.
•The Amicus acquisition will be accounted for as a business combination, which will result in intangible amortization impacting GAAP results over future periods and excluded from Non‑GAAP results. BioMarin will continue to include interest expense related to the Amicus financing in both GAAP and Non‑GAAP financial results. Guidance is subject to change based on various factors including finalization of purchase accounting.
•The company expects approximately two-thirds of 2026 Non-GAAP Diluted EPS to be recognized in the second half of 2026, primarily due to the anticipated timing of revenue (more than 55% of 2026 Total Revenues is expected in 2H). Non-GAAP Diluted EPS in Q2 is expected to be modestly higher than in Q1.
| Item | Provided on February 23, 2026 | Updated May 4, 2026 | |||||||||||||||||||||||||||||||||
| Total Revenues | $3,325 | to | $3,425 | $3,825 | to | $3,925 | |||||||||||||||||||||||||||||
| Enzyme Therapies | $2,225 | to | $2,275 | $2,725 | to | $2,775 | |||||||||||||||||||||||||||||
| VOXZOGO | $975 | to | $1,025 | Unchanged | |||||||||||||||||||||||||||||||
Other Revenues(1) | $100 | to | $125 | Unchanged | |||||||||||||||||||||||||||||||
Non-GAAP Diluted EPS (2)(3)(4) | $4.95 | to | $5.15 | $4.85 | to | $5.05 | |||||||||||||||||||||||||||||
(1) Other Revenues includes KUVAN, ROCTAVIAN, and royalties.
(2) Refer to Non-GAAP Information beginning on page 9 of this press release for definition of Non-GAAP Diluted EPS.
(3) Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.
(4) Non-GAAP Diluted EPS guidance assumes a combined company tax rate of 22%, which is subject to change as the company completes its integration activities and purchase accounting.
BioMarin will host a conference call and webcast to discuss first quarter 2026 financial results today, Monday, May 4, 2026, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
| U.S./Canada Dial-in Number: 800-715-9871 | Replay Dial-in Number: 800-770-2030 | ||||
| International Dial-in Number: 646-307-1963 | Replay International Dial-in Number: 609-800-9909 | ||||
Conference ID: 3424435 | Conference ID: 3424435 | ||||
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About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with a portfolio of commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Diluted EPS and operating cash flow for, in certain instances, the full-year 2026, second quarter and second half of 2026, and future periods, and the underlying drivers of those results, such as the expected demand and continued growth of BioMarin’s Enzyme Therapies portfolio, including PALYNZIQ, and VOXZOGO, and the expected impact of the acquisition of Amicus Therapeutics, Inc. (Amicus); the anticipated benefits of the acquisition of Amicus, including the addition of GALAFOLD and POMBILITI + OPFOLDA to BioMarin’s portfolio; BioMarin’s plans for investment in innovation and future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of BioMarin’s product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of BioMarin’s commercial products and product candidates; and potential growth opportunities and trends, including the assumptions and expectations regarding total addressable patient population (TAPP) with respect to the conditions targeted by BioMarin’s product candidates and commercial products.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin’s success in the commercialization of its commercial products; BioMarin’s ability to realize the anticipated benefits of any acquisitions; BioMarin’s ability to accurately estimate future financial performance; impacts of macroeconomic and other external factors on BioMarin’s operations, regulatory uncertainty, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; geopolitical instability, wars and military conflicts; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin’s ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; BioMarin’s ability to meet product demand; actual sales of BioMarin’s commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption “Risk Factors” in BioMarin's Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, VOXZOGO®, VIMIZIM®, NAGLAZYME®, PALYNZIQ®, BRINEURA®, KUVAN®, ROCTAVIAN®, GALAFOLD®, and POMBILITI® + OPFOLDA® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
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BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31, 2026 and 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| REVENUES: | ||||||||||||||
| Net product revenues | $ | 760,078 | $ | 734,644 | ||||||||||
| Royalty and other revenues | 6,130 | 10,501 | ||||||||||||
| Total revenues | 766,208 | 745,145 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||
| Cost of sales | 194,999 | 151,558 | ||||||||||||
| Research and development | 178,796 | 158,731 | ||||||||||||
| Selling, general and administrative | 258,290 | 206,116 | ||||||||||||
| Intangible asset amortization | 4,483 | 4,847 | ||||||||||||
| Total operating expenses | 636,568 | 521,252 | ||||||||||||
INCOME FROM OPERATIONS | 129,640 | 223,893 | ||||||||||||
| Interest income | 22,560 | 19,013 | ||||||||||||
| Interest expense | (14,958) | (2,863) | ||||||||||||
| Other income (expense), net | 3,961 | (1,954) | ||||||||||||
INCOME BEFORE INCOME TAXES | 141,203 | 238,089 | ||||||||||||
| Provision for income taxes | 35,676 | 52,403 | ||||||||||||
NET INCOME | $ | 105,527 | $ | 185,686 | ||||||||||
EARNINGS PER SHARE, BASIC | $ | 0.55 | $ | 0.97 | ||||||||||
EARNINGS PER SHARE, DILUTED | $ | 0.54 | $ | 0.95 | ||||||||||
| Weighted average common shares outstanding, basic | 192,497 | 190,967 | ||||||||||||
| Weighted average common shares outstanding, diluted | 197,671 | 196,474 | ||||||||||||
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BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2026 and 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 2,222,435 | $ | 1,311,679 | |||||||
| Short-term investments | — | 248,930 | |||||||||
| Accounts receivable, net | 903,914 | 908,214 | |||||||||
| Inventory | 1,273,221 | 1,298,883 | |||||||||
| Other current assets | 205,500 | 185,784 | |||||||||
| Total current assets | 4,605,070 | 3,953,490 | |||||||||
| Noncurrent assets: | |||||||||||
| Long-term investments | — | 492,242 | |||||||||
| Property, plant and equipment, net | 958,071 | 952,508 | |||||||||
| Intangible assets, net | 204,662 | 213,837 | |||||||||
| Goodwill | 196,199 | 196,199 | |||||||||
| Deferred tax assets | 1,500,598 | 1,508,697 | |||||||||
Restricted cash equivalents | 850,000 | — | |||||||||
| Other assets | 276,416 | 277,049 | |||||||||
| Total assets | $ | 8,591,016 | $ | 7,594,022 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 793,152 | $ | 759,031 | |||||||
| Total current liabilities | 793,152 | 759,031 | |||||||||
| Noncurrent liabilities: | |||||||||||
| Long-term debt, net | 1,430,282 | 597,176 | |||||||||
| Other long-term liabilities | 155,475 | 150,816 | |||||||||
| Total liabilities | 2,378,909 | 1,507,023 | |||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value: 500,000,000 shares authorized; 193,268,870 and 192,300,101 shares issued and outstanding, respectively | 193 | 192 | |||||||||
| Additional paid-in capital | 5,966,868 | 5,956,582 | |||||||||
| Company common stock held by the Nonqualified Deferred Compensation Plan | (10,450) | (10,508) | |||||||||
| Accumulated other comprehensive income (loss) | (4,237) | (13,473) | |||||||||
Retained earnings | 259,733 | 154,206 | |||||||||
| Total stockholders’ equity | 6,212,107 | 6,086,999 | |||||||||
| Total liabilities and stockholders’ equity | $ | 8,591,016 | $ | 7,594,022 | |||||||
7
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2026 and 2025
(In thousands of U.S. dollars)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 105,527 | $ | 185,686 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 16,411 | 22,069 | |||||||||
| Non-cash interest expense | 6,086 | 660 | |||||||||
| Accretion of discount on investments | (455) | (1,362) | |||||||||
| Stock-based compensation | 43,458 | 37,700 | |||||||||
| Impairment of assets | — | 2,967 | |||||||||
| Deferred income taxes | 9,220 | 28,429 | |||||||||
| Unrealized foreign exchange losses (gains) | 6,710 | (10,026) | |||||||||
| Other | (5,374) | (1,267) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (7,159) | (57,590) | |||||||||
| Inventory | 44,490 | (24,335) | |||||||||
| Other current assets | (11,551) | (6,327) | |||||||||
| Other assets | 1,484 | (1,624) | |||||||||
| Accounts payable and accrued liabilities | 3,100 | (2,655) | |||||||||
| Other long-term liabilities | 8,704 | 2,069 | |||||||||
| Net cash provided by operating activities | 220,651 | 174,394 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of property, plant and equipment | (20,923) | (16,768) | |||||||||
| Maturities and sales of investments | 767,277 | 77,804 | |||||||||
| Purchases of investments | (25,792) | (89,274) | |||||||||
| Other | 4,966 | — | |||||||||
| Net cash provided by (used in) investing activities | 725,528 | (28,238) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Taxes paid related to net share settlement of equity awards | (28,180) | (38,779) | |||||||||
| Proceeds from issuance of debt | 850,000 | — | |||||||||
| Payments of debt issuance costs | (8,653) | — | |||||||||
| Net cash provided by (used in) financing activities | 813,167 | (38,779) | |||||||||
| Effect of exchange rate changes on cash | 1,410 | (1,416) | |||||||||
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS | 1,760,756 | 105,961 | |||||||||
| Cash, cash equivalents and restricted cash equivalents: | |||||||||||
| Beginning of period | $ | 1,311,679 | $ | 942,842 | |||||||
| End of period | $ | 3,072,435 | $ | 1,048,803 | |||||||
8
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income (Loss) excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company’s equity plans or convertible debt in periods when they are dilutive under Non-GAAP.
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Because these Non-GAAP metrics are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin’s GAAP information enhances investors’ and analysts’ ability to meaningfully compare the company’s results from period to period and to its forward-looking guidance, and to identify operating trends in the company’s principal business.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
9
Reconciliation of GAAP Reported Information to Non-GAAP Information (1)
(In millions of U.S. dollars, except per share data)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| GAAP Reported Net Income | $ | 106 | $ | 186 | |||||||
| Adjustments | |||||||||||
| Stock-based compensation expense - COS | 4 | 2 | |||||||||
| Stock-based compensation expense - R&D | 12 | 12 | |||||||||
| Stock-based compensation expense - SG&A | 28 | 23 | |||||||||
| Amortization of intangible assets | 4 | 5 | |||||||||
Severance costs (2) | 8 | — | |||||||||
Loss on investments (3) | — | 3 | |||||||||
| Income tax effect of adjustments | (13) | (10) | |||||||||
| Non-GAAP Income | $ | 149 | $ | 221 | |||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| R&D | SG&A | R&D | SG&A | ||||||||||||||||||||
| GAAP expenses | $ | 179 | $ | 258 | $ | 159 | $ | 206 | |||||||||||||||
| Adjustments | |||||||||||||||||||||||
| Stock-based compensation expense | (12) | (28) | (12) | (23) | |||||||||||||||||||
Severance costs (2) | — | (8) | — | — | |||||||||||||||||||
| Non-GAAP expenses | $ | 167 | $ | 222 | $ | 147 | $ | 183 | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | Percent of GAAP Total Revenue | 2025 | Percent of GAAP Total Revenue | ||||||||||||||
| GAAP Income from Operations | $ | 130 | 16.9 | % | $ | 224 | 30.0 | % | |||||||||
| Adjustments | |||||||||||||||||
| Stock-based compensation expense | 44 | 5.7 | 37 | 5.0 | |||||||||||||
| Amortization of intangible assets | 4 | 0.5 | 5 | 0.7 | |||||||||||||
Severance costs (2) | 8 | 1.0 | — | — | |||||||||||||
| Non-GAAP Income from Operations | $ | 186 | 24.3 | % | $ | 266 | 35.7 | % | |||||||||
10
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| GAAP Diluted EPS | $ | 0.54 | $ | 0.95 | |||||||
| Adjustments | |||||||||||
| Stock-based compensation expense | 0.22 | 0.19 | |||||||||
| Amortization of intangible assets | 0.02 | 0.03 | |||||||||
Severance costs (2) | 0.04 | — | |||||||||
Loss on investments (3) | — | 0.02 | |||||||||
| Income tax effect of adjustments | (0.07) | (0.05) | |||||||||
Non-GAAP Diluted EPS(4) | $ | 0.76 | $ | 1.13 | |||||||
(1) Certain amounts may not sum or recalculate due to rounding.
(2) These amounts were included in SG&A and represent charges for severance in connection with the company’s plan to simplify its organizational design and strategic initiatives in the first quarter of 2026.
(3) Represents impairment loss on non-marketable equity securities recorded in Other income (expense), net, in the first quarter of 2025.
(4) Both GAAP and Non-GAAP Weighted-Average Diluted Shares Outstanding were 197.7 million and 196.5 million shares for the three months ended March 31, 2026 and 2025, respectively.
11
FAQ
How did BioMarin (BMRN) perform financially in Q1 2026?
BioMarin reported total Q1 2026 revenues of $766 million, up 3% year-over-year, driven by Enzyme Therapies and VOXZOGO. GAAP net income was $106 million and Non-GAAP income was $149 million, both lower than 2025 due to higher operating and manufacturing costs.
What 2026 revenue guidance did BioMarin (BMRN) provide?
BioMarin increased its 2026 total revenue guidance to $3.825–$3.925 billion, from a prior range of $3.325–$3.425 billion. The higher outlook reflects the addition of GALAFOLD and POMBILITI + OPFOLDA from the Amicus acquisition and stronger Enzyme Therapies expectations.
What is BioMarin’s 2026 Non-GAAP EPS outlook after the Amicus acquisition?
For 2026, BioMarin now guides to Non-GAAP diluted EPS of $4.85–$5.05, slightly below the prior $4.95–$5.15 range. Management expects about two-thirds of Non-GAAP EPS to be recognized in the second half as revenue ramps post-acquisition.
How did BioMarin’s key products perform in Q1 2026?
In Q1 2026, VOXZOGO revenue was $220 million (up 3% year-over-year), and total Enzyme Therapies revenue reached $514 million (up 6%). Growth was driven by increased patient demand for NAGLAZYME, BRINEURA and PALYNZIQ, plus more children initiating VOXZOGO treatment.
What major pipeline and regulatory milestones did BioMarin highlight?
BioMarin noted FDA approval of PALYNZIQ for adolescents with PKU, a submitted sNDA for full VOXZOGO approval, ongoing Phase 3 programs for BMN 401 and VOXZOGO in hypochondroplasia, and initiation of a registration-enabling Phase 2/3 study for BMN 333 in achondroplasia.
How is BioMarin financing the Amicus Therapeutics acquisition?
During Q1 2026, BioMarin secured about $3.7 billion of non-convertible debt to fund the Amicus acquisition. The company will include related interest expense in both GAAP and Non-GAAP results and ended the quarter with roughly $2 billion in total cash.