Revenue materially beat the standing expectation, while adjusted EPS essentially met it. Second-quarter revenue was $990 million versus a published consensus near $834 million, but the comparison is distorted by the April 27 Amicus acquisition, which added GALAFOLD and POMBILITI + OPFOLDA revenue. Non-GAAP diluted EPS was $1.20 versus consensus near $1.21, making the earnings result broadly in line rather than a beat.
| Metric | Q2 2026 | Q2 2025 | Change / expectation |
|---|---|---|---|
| Total revenue | $990M | $825M | +20%; consensus approximately $834M |
| VOXZOGO revenue | $253M | $221M | +14% |
| Non-GAAP diluted EPS | $1.20 | $1.44 | -17%; consensus approximately $1.21 |
| GAAP diluted EPS | $0.23 | $1.23 | -81% |
| Non-GAAP operating margin | 36.4% | 39.9% | Down 3.5 points |
| Operating cash flow, six months | $389M | $360M | Up $29M |
The underlying commercial trends were solid, but not uniformly strong. VOXZOGO grew 14% and patient counts rose more than 20% year over year, prompting a higher full-year sales range. PALYNZIQ grew 27%, while the newly acquired products supplied incremental scale. Against that, VIMIZIM fell 10% and ALDURAZYME fell 21% because of order timing, so part of the portfolio weakness may reverse but is still a drag in the reported quarter. (Product revenue table; Financial Highlights)
Management raised the pieces that matter most for the near-term outlook. Full-year revenue guidance moved from $3.825-$3.925 billion to $3.875-$3.925 billion, VOXZOGO guidance rose from $975 million-$1.025 billion to $1.0-$1.05 billion, and non-GAAP EPS guidance increased from $4.85-$5.05 to $4.90-$5.10. Metabolic Conditions and Other Revenues guidance was unchanged, so the upgrade is primarily a VOXZOGO and execution signal rather than a broad-based reset. (2026 Guidance table)
Profitability is the main offset to the strong revenue headline. Non-GAAP income fell to $236 million from $282 million and operating margin declined to 36.4% from 39.9%, reflecting Amicus-related interest expense, higher commercial spending, R&D costs, and integration charges. GAAP results were much weaker, with $45 million of net income versus $241 million, but the decline is heavily affected by acquisition amortization, inventory step-up, and transaction costs. (Non-GAAP reconciliation; Income Statement)
The filing improves the growth outlook but leaves a heavier balance-sheet burden. BioMarin financed the Amicus purchase with $3.65 billion of borrowings, ended June with $4.19 billion of debt and $874 million of cash, and still targets gross leverage below 2.5 times by mid-2027. Operating cash flow remained positive, but the acquisition consumed $5.07 billion of cash and the company expects roughly $200 million of annual financing interest. The net read is modestly positive versus expectations: a clear revenue and guidance win, largely offset by in-line adjusted earnings and materially higher leverage. (Balance Sheet; Cash Flow statement; Acquisition and leverage commentary)
Read the original 8-K on SEC EDGAR ↗