BioMarin Reports Third Quarter 2026 Financial and Operating Results
BIOMARIN PHARMACEUTICAL INC (BMRN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Contact: Investors: Media: Traci McCarty Marni Kottle BioMarin Pharmaceutical Inc. BioMarin Pharmaceutical Inc. (415) 455-7558 (650) 374-2803 BioMarin Reports Third Quarter 2026 Financial and Operating Results Third Quarter 2026 Total Revenues Increased 32% Y/Y to $1
How this was made
The 30-second read
Why it matters
Revenue growth driven by recent acquisitions and product launches, while integration costs raise net loss; guidance reflects timing risk.
Market read
First‑hand earnings data provides fresh material for traders; the mix of strong top‑line growth and higher loss creates a nuanced trade case.
What to watch
Potential impact of upcoming FDA decisions on VOXZOGO and other pipeline assets could drive future upside.
Third Quarter 2026 Total Revenues Increased 32% Y/Y to $1.025 billion; Growth Driven by 44% Increase in Metabolic Conditions Y/Y, and 12% Increase in Skeletal Conditions Y/Y
Third-quarter revenue growth accelerated to 32% Y/Y and Non-GAAP Income increased to $45 million, but BioMarin reported a GAAP Net Loss of $123 million and reduced full-year Total Revenues, Metabolic Conditions, VOXZOGO and Non-GAAP Diluted EPS guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues, three months ended September 30, 2026GAAP | $1.02B | – | 32% |
| Net product revenues, three months ended September 30, 2026GAAP | $1.01B | – | – |
| Royalty and other revenues, three months ended September 30, 2026GAAP | $11.57M | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | $205.4M | – | – |
| Research and development, three months ended September 30, 2026GAAP | $180.5M | – | – |
| Acquired in-process research and development (IPR&D), three months ended September 30, 2026GAAP | $287.7M | – | – |
| Selling, general and administrative, three months ended September 30, 2026GAAP | $333.6M | – | – |
| Intangible asset amortization, three months ended September 30, 2026GAAP | $99.46M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $1.11B | – | – |
| Income (Loss) from Operations, three months ended September 30, 2026GAAP | −$82.08M | – | – |
| GAAP Operating Margin %, three months ended September 30, 2026GAAP | (8.0)% | – | – |
| Non-GAAP Income from Operations, three months ended September 30, 2026non-GAAP | $137M | – | – |
| Non-GAAP Operating Margin %, three months ended September 30, 2026non-GAAP | 13.4% | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$55.63M | – | – |
| Net Income (Loss), three months ended September 30, 2026GAAP | −$122.8M | – | – |
| GAAP Net Income (Loss), three months ended September 30, 2026GAAP | −$123M | – | 297% |
| Non-GAAP Income, three months ended September 30, 2026non-GAAP | $45M | – | 105% |
| GAAP Diluted EPS, three months ended September 30, 2026GAAP | $(0.63) | – | 294% |
| Non-GAAP Diluted EPS, three months ended September 30, 2026non-GAAP | $0.23 | – | 92% |
| Total Revenues, nine months ended September 30, 2026GAAP | $2.78B | – | 18% |
| Net product revenues, nine months ended September 30, 2026GAAP | $2.76B | – | – |
| Royalty and other revenues, nine months ended September 30, 2026GAAP | $23.01M | – | – |
| Income from Operations, nine months ended September 30, 2026GAAP | $158.5M | – | – |
| GAAP Operating Margin %, nine months ended September 30, 2026GAAP | 5.7% | – | – |
| Non-GAAP Income from Operations, nine months ended September 30, 2026non-GAAP | $683M | – | – |
| Non-GAAP Operating Margin %, nine months ended September 30, 2026non-GAAP | 24.6% | – | – |
| GAAP Net Income, nine months ended September 30, 2026GAAP | $27M | – | (93)% |
| Non-GAAP Income, nine months ended September 30, 2026non-GAAP | $430M | – | (18)% |
| GAAP Diluted EPS, nine months ended September 30, 2026GAAP | $0.14 | – | (93)% |
| Non-GAAP Diluted EPS, nine months ended September 30, 2026non-GAAP | $2.18 | – | (19)% |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $577.0M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| VOXZOGO, three months ended September 30, 2026New patients initiating therapy. | $245M | – | 12% |
| VIMIZIM, three months ended September 30, 2026Timing of large international orders. | $216M | – | 18% |
| NAGLAZYME, three months ended September 30, 2026Decrease due to timing of large international orders. | $108M | – | (11)% |
| PALYNZIQ, three months ended September 30, 2026The release reported higher patient numbers across all BioMarin-marketed Metabolic Conditions therapies, Y/Y. | $111M | – | 2% |
| GALAFOLD, three months ended September 30, 2026First full quarter as part of BioMarin; number of patients treated increased by approximately 13% Y/Y. | $152M | – | NM |
| BRINEURA, three months ended September 30, 2026The release reported higher patient numbers across all BioMarin-marketed Metabolic Conditions therapies, Y/Y. | $53M | – | 10% |
| ALDURAZYME, three months ended September 30, 2026The release reported higher patient numbers across all BioMarin-marketed Metabolic Conditions therapies, Y/Y. | $57M | – | 6% |
| POMBILITI + OPFOLDA, three months ended September 30, 2026First full quarter as part of BioMarin; uptake benefited from supply constraints for other Pompe therapies and treated patients increased by approximately 69% Y/Y. | $49M | – | NM |
| Total Metabolic Conditions Revenue, three months ended September 30, 2026Additions of GALAFOLD and POMBILITI + OPFOLDA and higher VIMIZIM revenue. | $744M | – | 44% |
| KUVAN, three months ended September 30, 2026 | $23M | – | (4)% |
| ROCTAVIAN, three months ended September 30, 2026In 2026, the company announced that it will no longer market ROCTAVIAN. | $1M | – | (67)% |
Full-year 2026, updated November 2, 2026 outlook
- RevenueTotal Revenues: $3,800 to $3,900
- NoteMetabolic Conditions: $2,675 to $2,750; Midpoint Growth (Y/Y): 29%
- NoteVOXZOGO: $975 to $1,025; Midpoint Growth (Y/Y): 8%
- NoteOther Revenues: $125 to $150
- NoteNon-GAAP Diluted EPS: $2.80 to $3.10; Midpoint Growth (Y/Y): (6)%
- NoteNon-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.
- NoteAlesta acquisition: total pre-tax charges of approximately $320 million for the full year 2026, representing an unfavorable impact of approximately $1.55 to both GAAP Diluted EPS and Non-GAAP Diluted EPS for the full year 2026.
- NoteBMN 450 license agreement: total pre-tax charges of approximately $83 million for the full year 2026, representing an unfavorable impact of approximately $0.32 to both GAAP Diluted EPS and Non-GAAP Diluted EPS for the full year 2026.
What drove it
- GALAFOLD and POMBILITI + OPFOLDA, acquired on April 27, 2026, contributed $152 million and $49 million, respectively, in their first full quarter as part of BioMarin.
- Metabolic Conditions revenue increased 44% Y/Y, driven by the additions of GALAFOLD and POMBILITI + OPFOLDA and higher VIMIZIM revenue.
- VOXZOGO revenue increased 12% Y/Y due to new patients initiating therapy; the number of children treated globally increased 17% Y/Y.
- More than 75% of VOXZOGO revenue was generated outside of the U.S.
- BioMarin continued Amicus integration and expects approximately $280 million of GAAP cost synergies, approximately $220 million on a Non-GAAP basis, to be fully realized in 2028.
- Ascendis will pay BioMarin a royalty equal to 20% of net sales of Yuviwel in the U.S. and 18% of net sales in the European Union, Brazil and South Korea until May 2030.
Concerns
- A large international VOXZOGO order previously expected in the third quarter is now anticipated in the fourth quarter, and guidance was updated for uncertainty in the timing of multiple orders from a single international customer.
- GAAP Net Loss increased to $123 million from $31 million, driven primarily by Amicus-related amortization, interest expense, inventory fair value step-up, integration and restructuring costs, and acquired IPR&D charges related to Alesta.
- Interest expense was $(55,628) thousand in the third quarter of 2026 versus $(2,579) thousand in the prior-year period.
- Full-year Non-GAAP Diluted EPS guidance was updated to $2.80 to $3.10 from $4.90 to $5.10 in the August 6, 2026 guidance table.
- NAGLAZYME revenue declined 11% Y/Y and ROCTAVIAN revenue declined 67% Y/Y in the third quarter.
What to watch
- Timing of the large international VOXZOGO order anticipated in the fourth quarter and the multiple orders from a single international customer cited in the updated guidance.
- Execution of Amicus integration and realization of approximately $280 million of GAAP cost synergies, approximately $220 million on a Non-GAAP basis, expected to be fully realized in 2028.
- FDA PDUFA target action date of February 28, 2027 for full approval of VOXZOGO in children with achondroplasia.
- FDA PDUFA target action date of May 30, 2027 for VOXZOGO for the treatment of hypochondroplasia.
- BMN 351 program update expected by year-end, BMN 333 dose-response data expected in 2027, BMN 440 data expected in 2027, and BMN 820 pivotal data expected in 2028.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $736,007 thousand; December 31, 2025: $1,311,679 thousand.
- Accounts receivable, net as of September 30, 2026: $1,076,355 thousand; December 31, 2025: $908,214 thousand.
- Inventory as of September 30, 2026: $1,796,069 thousand; December 31, 2025: $1,298,883 thousand.
- Current portion of long-term debt, net as of September 30, 2026: $658,717 thousand; December 31, 2025: —.
- Long-term debt, net as of September 30, 2026: $3,514,974 thousand; December 31, 2025: $597,176 thousand.
- Total assets as of September 30, 2026: $11,569,231 thousand; December 31, 2025: $7,594,022 thousand.
- Net cash provided by operating activities for the nine months ended September 30, 2026: $576,974 thousand; 2025: $728,350 thousand.
- Purchases of property, plant and equipment for the nine months ended September 30, 2026: $(78,032) thousand; 2025: $(62,316) thousand.
- Business combination, net of cash acquired for the nine months ended September 30, 2026: $(5,067,630) thousand; 2025: —.
- Purchases of IPR&D, net of cash acquired for the nine months ended September 30, 2026: $(277,881) thousand; 2025: $(285,193) thousand.
- Proceeds from borrowings for the nine months ended September 30, 2026: $3,650,000 thousand; 2025: —.
- Net decrease in cash and cash equivalents for the nine months ended September 30, 2026: $(575,672) thousand; 2025: $307,266 thousand.
Analysis
BioMarin reported $1,025 million of third-quarter Total Revenues, up 32% from $776 million. Metabolic Conditions Revenue increased 44% to $744 million, supported by acquired GALAFOLD and POMBILITI + OPFOLDA revenue of $152 million and $49 million, respectively, and by 18% growth in VIMIZIM. VOXZOGO revenue increased 12% to $245 million as new patients initiated therapy, while more than 75% of VOXZOGO revenue came from outside the U.S.
The revenue result did not translate into GAAP profitability. GAAP Net Loss was $(123) million, compared with $(31) million, and GAAP Operating Margin was (8.0)% compared with (6.0)%. The release attributes the deterioration to Amicus-related intangible amortization, debt interest expense, acquired inventory fair value step-up, integration and restructuring costs, as well as Alesta-related acquired IPR&D charges. Interest expense rose to $(55,628) thousand from $(2,579) thousand. On a Non-GAAP basis, Income increased to $45 million from $22 million, Non-GAAP Income from Operations was $137 million, and Non-GAAP Operating Margin reached 13.4% from 2.8%.
Capital deployment and acquisition effects are prominent in the balance sheet and cash flow statement. Cash and cash equivalents were $736,007 thousand at September 30, 2026, compared with $1,311,679 thousand at December 31, 2025. Long-term debt, net was $3,514,974 thousand and the current portion of long-term debt, net was $658,717 thousand. For the nine months, BioMarin generated $576,974 thousand of operating cash flow, while business combination spending, net of cash acquired, was $(5,067,630) thousand and proceeds from borrowings were $3,650,000 thousand.
Management reduced the updated full-year 2026 Total Revenues range to $3,800 to $3,900, Metabolic Conditions to $2,675 to $2,750, VOXZOGO to $975 to $1,025, and Non-GAAP Diluted EPS to $2.80 to $3.10. The revenue changes reflect uncertainty in the timing of multiple orders from a single international customer, including a large VOXZOGO order shifted from the third quarter to the fourth quarter. The EPS guide also incorporates approximately $320 million of Alesta-related pre-tax charges and approximately $83 million associated with the BMN 450 license agreement for full-year 2026.
Pipeline and regulatory milestones provide the next operational markers. The FDA set a May 30, 2027 PDUFA target action date for VOXZOGO in hypochondroplasia, while BioMarin's application for full approval of VOXZOGO in children with achondroplasia has a February 28, 2027 PDUFA target action date. The company also expects a BMN 351 program update by year-end, BMN 333 dose-response data in 2027, and is targeting full realization of approximately $280 million of GAAP Amicus cost synergies in 2028.
Management, verbatim
BioMarin delivered a strong quarter, with revenue growth of 32%, driven by a more diversified portfolio following the acquisition of Amicus Therapeutics earlier this year and increased demand for our medicines from patients around the world. For the first time, quarterly revenue exceeded $1 billion, a milestone for BioMarin.
Alexander Hardy, President and Chief Executive Officer of BioMarin
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported; the filing reported nine-month operating cash flow.
- Share repurchases were not reported.
- Dividends were not reported.
- A prior-release outlook section was not provided; therefore, no actual-versus-prior-guidance comparison is included.
- Full-year 2026 GAAP profitability guidance, gross margin guidance, operating expense guidance and tax-rate guidance were not provided.
- Product-level prior-quarter revenue and quarter-over-quarter changes were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BioMarin's 8‑K filing reports its third‑quarter financials and pipeline updates, including new Fabry disease asset and FDA PDUFA dates.
Ticker impact
BioMarin disclosed Q3 2026 results with revenue of $1.025B, up 32% YoY, and updated full-year guidance reflecting order timing uncertainty.
likely modest upside as investors price in revenue beat, with potential pressure from increased loss and guidance uncertainty
Revenue beat is material and new; loss increase and guidance caveats create mixed signals, leading to a balanced market reaction.
Market effects
Highlights growth in biotech rare‑disease space, may boost peer valuations.
International revenue growth underscores demand outside the U.S., supporting broader biotech exposure.
Adds to overall biotech earnings momentum for the quarter.
Counterpoint
The rising net loss and guidance uncertainty could signal underlying cost pressures, suggesting caution.
Key entities
- companyBioMarin Pharmaceutical Inc.
US‑listed biotech firm reporting Q3 results.
