$BMRN · BIOMARIN PHARMACEUTICAL INC
BioMarin filed its Q3 FY2026 10-Q, reporting total revenues of $1.025B (+32% YoY) and a GAAP net loss of $(122.8M) or $(0.63) per share. The quarter reflects the first full period incorporating the Amicus Therapeutics acquisition (closed April 27, 2026), which added GALAFOLD ($151.8M) and POMBILITI+OPFOLDA ($48.6M) to the product portfolio. Operating expenses surged to $1.11B from $822.8M YoY, driven by $287.7M in acquired IPR&D charges and $99.5M in intangible amortization. The balance sheet shows total assets of $11.57B, intangible assets of $4.78B, and long-term debt of $4.17B — a dramatic transformation from year-end 2025.
- Q3 total revenues hit $1.025B, up 32% YoY from $776M, driven by the Amicus acquisition closed April 27, 2026.
- Q3 GAAP EPS swung to $(0.63) from $(0.16) YoY; nine-month EPS collapsed to $0.14 from $2.06.
- Acquired IPR&D charge of $287.7M in Q3 (vs. $221.0M YoY) and intangible amortization of $99.5M (vs. $4.8M) crushed operating income.
- Total assets ballooned to $11.57B from $7.59B at year-end 2025; intangible assets jumped to $4.78B from $213.8M.
- Long-term debt surged to $3.51B from $597M at year-end, with $658.7M classified as current — a material leverage shift.
Extended-hours trading shows BMRN at $56.80, up 2.05% vs the regular-session close of $55.66, suggesting the market is looking past the GAAP loss to the 32% revenue growth and integration story. The $10.77B market cap reflects a wait-and-see posture on whether the Amicus deal's cost synergies materialize.
The Amicus acquisition has fundamentally reshaped BioMarin's financial profile — revenue doubled in scale but the company is now deeply leveraged with a transformed balance sheet and negative quarterly earnings.
BioMarin's Amicus acquisition transforms it from a rare-disease pure-play into a broader metabolic/genetic portfolio. GALAFOLD contributed $151.8M in its first partial quarter and POMBILITI+OPFOLDA added $48.6M, while legacy VOXZOGO grew 12% to $245M. The balance-sheet leverage is now among the highest in the mid-cap biotech peer group.
The Amicus acquisition integration risk is front and center: severance and integration charges drove G&A up $47.6M in Q3 alone. The company warns it may not realize anticipated cost savings or benefits from the deal. Debt load has exploded — $4.17B total long-term debt vs. $597M at year-end 2025, with $658.7M due within 12 months.