Biomarin Pharmaceutical Inc (BMRN) · Nov 2, 2026 · Earnings

BioMarin earnings top $1B, but EPS guidance is cut sharply

Guidance cut — FY26 non-GAAP EPS midpoint cut to $2.95 from $5.00

BioMarin earnings show strong Amicus-driven revenue growth, but new acquisition and licensing costs force a steep 2026 EPS guidance cut.

BioMarin is in the first year of absorbing Amicus, broadening its rare-disease platform with GALAFOLD and POMBILITI + OPFOLDA while preparing VOXZOGO for a potential hypochondroplasia launch. The quarter confirms that the commercial expansion is working, but the cost of building that larger platform is now weighing much more heavily on near-term earnings.

Revenue execution was solid, but not the main surprise. Third-quarter revenue reached $1.025 billion, up 32% year over year, with GALAFOLD contributing $152 million and POMBILITI + OPFOLDA $49 million in their first full quarter inside BioMarin. Revenue was broadly in line to slightly ahead of the published ~$1.02 billion consensus, so the operating business appears to be tracking rather than materially outperforming.

MetricQ3 2026Q3 2025Consensus / prior guidance
Total revenue (Financial Highlights)$1.025B (+32%)$776M~$1.02B
Non-GAAP diluted EPS (Financial Highlights)$0.23 (+92%)$0.12
FY26 revenue guidance (Guidance table)$3.80B–$3.90B$3.875B–$3.925B
FY26 non-GAAP EPS guidance (Guidance table)$2.80–$3.10$4.90–$5.10

The important change is the earnings outlook, not the quarter. BioMarin cut the midpoint of full-year non-GAAP EPS guidance from $5.00 to $2.95, while leaving the revenue outlook only modestly lower. The company attributes the hit to roughly $320 million of Alesta-related charges and $83 million tied to the BMN 450 license, meaning the near-term profit profile is being reset by business development and integration spending rather than a collapse in product demand.

The broader portfolio is advancing, but profitability is becoming harder to read. Metabolic Conditions revenue grew 44%, VOXZOGO revenue rose 12%, and non-GAAP operating income improved to $137 million from $22 million. Against that, GAAP operating income turned negative, interest expense rose to $56 million in the quarter, cash fell to $736 million, and debt increased substantially after the Amicus financing.

The strategic pipeline provides a real next leg, but it remains future value. VOXZOGO has an FDA action date of February 28, 2027 for achondroplasia and May 30, 2027 for hypochondroplasia, while the new Fabry asset BMN 450 is only in Phase 1/2. Those milestones support the long-term platform story, but they do not offset the immediate reduction in expected 2026 earnings. 〔0〕

Bottom line: BioMarin is successfully adding revenue through Amicus, but this filing makes the near-term earnings story materially weaker. The business is growing; the cost and financing burden of that growth is now much higher than previously guided.

What to watch next

VOXZOGO FDA decision for achondroplasia, February 28, 2027

Original filing on SEC EDGAR

More Biomarin Pharmaceutical Inc news

BioMarin earnings top $1B, but EPS guidance is cut sharply | BMRN Stock News
AllSight

Breaking down Wall Street's
information edge.

A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.

—
8-K events this week
—
filings analyzed in total
live · updated 30s ago
Live events · whole market · · --:--:-- ET
AllSight read
Straight from the 8-K
Verbatim from the filing AllSight decoded — highlighted above. Open on SEC EDGAR ↗
Limited-time offerFree 14-day Pro trial
AllSight

Sign in to AllSight

  • Follow any company — we email you the moment it files, free!
  • Your watchlist saved to your account, on every device — free!

by Signing in NOW, claim your FREE 14-day Pro trial!

No password. We email you a 6-digit code. By continuing you agree to our Terms & Privacy.
AllSight · Live plain-English 8-K decodes across the whole US market · Not investment advice.