Total revenue for the year ended December 31 2025 reached $634.2 million, a 17% increase at constant exchange rates from $528.5 million in 2024. The growth was driven by strong sales of Galafold and the combination of Pombiliti + Opfolda, which together captured a 69% share of the global amenable Fabry patient market.
Amicus posted a GAAP net loss of $27.1 million for 2025, a significant improvement from the $56.1 million loss reported in 2024. On a non‑GAAP basis, the company earned $96.8 million, up from $73.9 million in 2024. The non‑GAAP figure reflects the company’s operating model after excluding one‑time items and restructuring charges, and it demonstrates a clear trend toward profitability.
Cash and liquidity remained robust, with $293.5 million in cash, cash equivalents, and marketable securities at year‑end—an increase of $44 million from the $249.9 million held in 2024. Operating expenses rose 17% to $528.5 million on a GAAP basis and 24% to $431.9 million on a non‑GAAP basis, reflecting investments in manufacturing expansion in Ireland and the United States.
The company’s first GAAP‑profitable quarter came in Q3 2025, when it reported a GAAP net income of $17.3 million. That milestone underscored the commercial momentum behind Galafold and the growing adoption of Pombiliti + Opfolda, and it provided a foundation for the company’s transition from a research‑heavy biotech to a commercially sustainable platform.
Amicus is currently in the final stages of a pending acquisition by BioMarin Pharmaceutical for approximately $4.8 billion, expected to close in the second quarter of 2026. Because of the acquisition, the company is not providing 2026 financial guidance and will not host a quarterly conference call for that year. The 2028 sales target of $1 billion in combined revenue remains unchanged.
Looking forward, the company’s revenue growth has decelerated from the 33% increase seen in 2024, but the continued expansion of its rare‑disease portfolio—particularly the Phase 3 development of DMX‑200 for FSGS—positions Amicus for sustained double‑digit growth once the acquisition is completed. The company’s cash position and ongoing manufacturing investments provide the resources needed to support this pipeline while navigating the transition to BioMarin ownership.
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