BioMarin Pharmaceutical Inc. 2026 Q1 – Results – Earnings Call Presentation – Image for illustrative purposes only (Image credits: Unsplash)
BioMarin Pharmaceutical Inc. reported first-quarter 2026 revenues of $766 million, marking a 3% increase from the prior year and surpassing analyst expectations.[1][2] The results reflected steady demand for its enzyme therapies and VOXZOGO, even as the company navigated one-time charges and the recent closure of its Amicus Therapeutics acquisition. Executives highlighted the deal’s potential to bolster near-term expansion during today’s earnings call.
Revenue Growth Driven by Core Products
Net product revenues from enzyme therapies reached $514 million in the first quarter, up 6% from $484 million a year earlier.[1] VIMIZIM contributed $210 million, a 12% rise, while NAGLAZYME and BRINEURA posted gains of 14% and 18%, respectively. VOXZOGO sales climbed 3% to $220 million, supported by new patient starts across regions.[2]
These figures offset declines in other areas, including a sharp drop in ROCTAVIAN to $3 million following its voluntary market withdrawal. KUVAN revenues fell 4% to $24 million. Overall, the quarter’s performance underscored resilience in BioMarin’s rare disease portfolio amid shifting dynamics.
Profitability Pressures from Expenses and Charges
GAAP net income fell 43% to $106 million, with diluted earnings per share at $0.54, down from $0.95 in the year-ago period.[1] Non-GAAP measures showed income of $149 million and EPS of $0.76, reflecting a 33% decline from prior levels. Higher selling, general, and administrative costs – tied to marketing pushes and Amicus pre-close expenses – along with a $31 million manufacturing charge for NAGLAZYME, weighed on margins.
Operating expenses totaled $637 million, up from $521 million last year, pushing GAAP operating margins to 16.9% from 30.0%. Still, operating cash flows strengthened to $221 million, and cash reserves stood near $2 billion at quarter-end. The company secured $3.7 billion in debt to fund the Amicus purchase, completed on April 27.
Raised Guidance Reflects Acquisition Impact
| Category | 2026 Guidance Range | Prior Guidance |
|---|---|---|
| Total Revenues | $3.825B – $3.925B | $3.325B – $3.425B |
| Enzyme Therapies | $2.725B – $2.775B | $2.225B – $2.275B |
| VOXZOGO | $975M – $1.025B | Unchanged |
| Non-GAAP Diluted EPS | $4.85 – $5.05 | $4.95 – $5.15 |
BioMarin sharply lifted its full-year outlook, projecting 20% revenue growth at the midpoint, fueled by Amicus assets GALAFOLD for Fabry disease and POMBILITI plus OPFOLDA for Pompe disease.[2] More than half of 2026 revenues are slated for the second half, with the second quarter expected to show modestly higher non-GAAP EPS than the first. The acquisition introduces slight dilution but enhances the commercial footprint for rare disease patients.
Pipeline Advances Bolster Long-Term Outlook
Regulatory progress included FDA approval for PALYNZIQ in adolescents with phenylketonuria, with European nod anticipated later this year. Long-term data for VOXZOGO demonstrated sustained height gains in achondroplasia patients, up to 13.59 cm after eight years.[1] Phase 1/2 results for BMN 351 showed dose-dependent dystrophin expression, with further updates due by year-end.
Near-term catalysts feature topline Phase 3 data for BMN 401 in ENPP1 deficiency and VOXZOGO in hypochondroplasia, both expected in the second quarter. Enrollment continues in trials for BMN 333, a long-acting therapy for achondroplasia. “With a faster-growing commercial portfolio, together with two near-term Phase 3 data readouts and ongoing pipeline progress, we are well-positioned to drive innovation, create shareholder value, and improve outcomes for patients worldwide,” said Alexander Hardy, president and CEO.[2]
Strategic Shifts Reshape Shareholder Expectations
The Amicus integration positions BioMarin to leverage its global infrastructure for faster therapy expansion, targeting underserved genetic disease communities. Investors will watch second-quarter execution closely, as revenue ramp-up from new products and pipeline milestones could solidify the accelerated trajectory. For stakeholders, the blend of immediate commercial uplift and innovation momentum signals a pivotal year ahead in biotechnology’s rare disease arena.