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, and U.S. rights to DMX-200, accelerating 2026 revenue growth outlook and expanding reach to Fabry and Pompe disease patients.

• Q1 2026 total revenues rose to $766.2 million, up 2.8% year-over-year, driven by enzyme therapies and Voxzogo, partially offset by lower Roctavian revenue due to voluntary withdrawal.

• Net income for Q1 2026 was $105.5 million, down from $185.7 million in Q1 2025, primarily due to increased operating expenses, interest costs, and a $31 million Naglazyme manufacturing charge.

• Integration plan underway to leverage operating scale, drive diagnosis and treatment rates for Fabry and Pompe, and achieve regulatory milestones and pivotal data readouts for Voxzogo and BMN 401.

• FDA approved Palynziq for adolescents with PKU; EU approval expected in 2026, with multiple pipeline updates and clinical milestones anticipated in 2026 and 2027.

Financial highlights

• Q1 2026 total revenues were $766.2 million (+2.8% Y/Y); enzyme therapies up 6% Y/Y, Voxzogo up 3% Y/Y.

• GAAP net income for Q1 2026 was $105.5 million; non-GAAP income was $149 million, both down year-over-year due to higher SG&A, R&D, and Naglazyme charge.

• GAAP diluted EPS was $0.54 (down from $0.95); non-GAAP diluted EPS was $0.76 (down from $1.13), impacted by a $31 million Naglazyme charge.

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

• Gross margin declined to 74.5% from 79.7% due to the Naglazyme manufacturing charge.

Outlook and guidance

• Full-year 2026 total revenue guidance raised to $3.825–$3.925 billion, reflecting ~20% year-over-year growth at midpoint, with over half of revenues and two-thirds of EPS expected in the second half.

• Enzyme therapies revenue guidance for 2026: $2.725–$2.775 billion (~30% growth), including Galafold and Pombiliti/Opfolda.

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

• Non-GAAP diluted EPS guidance for 2026 is $4.85–$5.15; Amicus acquisition expected to be slightly dilutive in 2026 but accretive within 12 months and substantially accretive in 2027.

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