BMRN · BioMarin Pharmaceutical Inc.

BioMarin's first quarter 2026 results reflect solid revenue growth driven by its Enzyme Therapies portfolio and VOXZOGO, partially offset by the voluntary withdrawal of ROCTAVIAN. Total revenues reached $766 million, up 3% year-over-year, with Enzyme Therapies growing 6% to $514 million and VOXZOGO increasing 3% to $220 million. However, profitability declined sharply: GAAP net income fell 43% to $106 million, and Non-GAAP income dropped 33% to $149 million. The decline was primarily due to higher SG&A expenses from pre-close Amicus acquisition costs, increased R&D spending on the BMN 401 program, and a $31 million charge from an unsuccessful NAGLAZYME manufacturing campaign. GAAP diluted EPS was $0.54, down from $0.95, while Non-GAAP diluted EPS was $0.76, down from $1.13. The company raised its full-year 2026 revenue guidance to $3.825-$3.925 billion, reflecting the addition of Amicus products (GALAFOLD and POMBILITI+OPFOLDA) from April 27, 2026. Non-GAAP diluted EPS guidance was slightly lowered to $4.85-$5.05, as the acquisition is expected to be slightly dilutive. Management highlighted strong underlying patient demand for PALYNZIQ following label expansion and continued VOXZOGO growth. The company also secured $3.7 billion in non-convertible debt to finance the Amicus acquisition and ended the quarter with approximately $2 billion in cash. Operating cash flow was $221 million. Key upcoming catalysts include Phase 3 data readouts for BMN 401 and VOXZOGO in hypochondroplasia in Q2 2026, and a data update for BMN 351 by year-end.