BioMarin Pharmaceutical (BMRN) Q1 2026 earnings summary

Executive summary

• Completed the Amicus acquisition in April 2026 for $4.8 billion, adding Galafold and Pombiliti + Opfolda for Fabry and Pompe diseases, and U.S. rights to DMX-200, accelerating 2026 revenue growth outlook to 20% at the midpoint of updated guidance.

• Integration plan underway to leverage operating scale and drive diagnosis and treatment rates for Fabry and Pompe diseases.

• Strong patient demand observed across enzyme therapies and Voxzogo, with new patient starts up over 20% year-over-year in Q1, especially among children under two.

• FDA approved Palynziq for adolescents with PKU in February 2026; EU approval expected later in 2026.

• Submitted sNDA for Voxzogo full approval; pivotal results for Voxzogo in hypochondroplasia and BMN 401 for ENPP1 deficiency expected in Q2 2026.

Financial highlights

• Q1 2026 total revenues were $766 million, up 2.8–3% year-over-year, driven by enzyme therapies and Voxzogo, partially offset by lower Roctavian revenue.

• Enzyme therapies revenue increased 6% year-over-year, led by Vimizim, Naglazyme, and Brineura.

• Q1 non-GAAP diluted EPS was $0.76, impacted by increased operating expenses and a $31 million cost of sales charge related to Naglazyme manufacturing.

• GAAP diluted EPS was $0.54, down from $0.95 year-over-year; net income declined to $105.5–$106 million due to higher expenses and interest costs.

• Operating cash flow for Q1 2026 was $221 million, up 27% year-over-year.

Outlook and guidance

• Full-year 2026 total revenue guidance raised to $3.825–$3.925 billion, reflecting ~20% year-over-year growth at midpoint, including Amicus contributions.

• Non-GAAP diluted EPS guidance for 2026 is $4.85–$5.15, with about two-thirds expected in the second half of the year; Amicus acquisition expected to be slightly dilutive in 2026 but accretive within 12 months and substantially accretive in 2027.

• Voxzogo revenue guidance maintained at $975 million–$1.025 billion, with high single-digit growth at midpoint.

• Interest expense projected to rise significantly due to new term loans and higher debt levels.

• Management believes liquidity is sufficient for at least the next 12 months, despite increased material cash requirements due to higher debt service.