BioMarin Inc. reported first‑quarter 2026 results that included a revenue beat and an earnings miss. Total revenue reached $766 million, topping the consensus estimate of $766.26 million by $0.26 million. Non‑GAAP diluted earnings per share were $0.76 versus the consensus of $0.94, a miss of $0.18. GAAP net income fell to $106 million from $186 million in Q1 2025, while non‑GAAP income dropped to $149 million from $221 million year‑over‑year.
Revenue growth was driven by the Enzyme Therapies segment, which grew 6 % year‑over‑year on the back of VIMIZIM, NAGLAZYME, and BRINEURA. The VOXZOGO segment grew 3 % year‑over‑year, supported by a more than 20 % increase in the number of children treated. The company’s revenue beat was largely attributable to strong demand in these core therapeutic areas, offsetting the impact of the Amicus acquisition integration costs.
Operating margins contracted sharply, with GAAP operating margin falling to 16.9 % from 30.0 % in Q1 2025. The compression was driven by a $31 million charge related to an unsuccessful NAGLAZYME manufacturing qualification campaign and pre‑close integration costs associated with the Amicus acquisition. These one‑time expenses reduced profitability despite the revenue increase.
Management raised its full‑year 2026 revenue guidance to $3.825 billion–$3.925 billion, reflecting the inclusion of GALAFOLD and POMBILITI + OPFOLDA from the Amicus deal. The company also updated its non‑GAAP diluted EPS guidance to $4.85–$5.05, a slight reduction from the prior range, to account for the dilutive impact of the acquisition.
President and CEO Alexander Hardy said, '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.' CFO Brian Mueller added, 'We expect more than 55 % of total 2026 revenues to be recognized in the second half of the year. The NAGLAZYME charge increased cost of sales year‑over‑year, but it did not impact commercial supply.'
Investors weighed the EPS miss and margin compression against the revenue beat and the raised full‑year guidance. The market reaction was mixed, reflecting concerns about short‑term profitability while acknowledging the strategic upside from the Amicus acquisition.
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