$BMRN · BIOMARIN PHARMACEUTICAL INC
BioMarin reported Q3 2026 results with total revenues of $1.025B (+32% Y/Y), the company's first $1B+ quarter, fueled by the Amicus Therapeutics acquisition. GAAP net loss was $123M ($0.63/share) vs. a $31M loss a year ago, while Non-GAAP income rose to $45M ($0.23/share). Full-year 2026 Non-GAAP EPS guidance was slashed to $2.80–$3.10 from $4.90–$5.10, driven by ~$403M in IPR&D charges and international order timing uncertainty.
- Q3 revenue hit $1.025B (+32% Y/Y), the first $1B+ quarter in BioMarin history, driven by the Amicus acquisition and 44% growth in Metabolic Conditions.
- GAAP net loss widened to $123M ($0.63/share) from $31M a year ago, weighed by $99M in intangible amortization and $47M in acquisition/restructuring costs.
- Non-GAAP diluted EPS was $0.23 vs. $0.12 a year ago; nine-month Non-GAAP income fell 18% Y/Y to $430M.
- Full-year 2026 Non-GAAP EPS guidance was cut to $2.80–$3.10 from $4.90–$5.10, a ~40% midpoint reduction, citing IPR&D charges of ~$403M and international order timing uncertainty.
- VOXZOGO revenue guidance trimmed to $975M–$1.025B (from $1.00B–$1.05B); PDUFA date for hypochondroplasia expansion set for May 30, 2027.
Extended-hours trading shows BMRN down 4.61% to $54.79 vs. the $58.51 regular close, reflecting the severe FY2026 EPS guidance cut despite the $1B+ revenue milestone.
A ~40% EPS guidance cut from a $11B+ rare-disease leader, even alongside a milestone $1B revenue quarter, signals that acquisition integration costs are overwhelming top-line momentum.
BioMarin's Amicus integration is driving top-line diversification (GALAFOLD $152M, POMBILITI $49M in Q3) but the acquisition-related debt ($4.2B total) and amortization burden are pressuring GAAP profitability — a common pattern in rare-disease roll-ups.
The ~$403M in combined IPR&D charges from the Alesta acquisition and BMN 450 license agreement are non-recurring but materially compress FY2026 EPS. International order timing from a single customer introduces revenue lumpiness risk for both VOXZOGO and Metabolic Conditions guidance.