$BMRN earnings report

This is not a full earnings release. BioMarin disclosed preliminary financial effects of its acquisition of Alesta Therapeutics B.V., completed on August 31, 2026, and explicitly stated that third-quarter 2026 results have not been finalized. The filing supplies no revenue, product sales, margin, operating income, net income, EPS result, cash flow, balance-sheet, or segment data.

The disclosed third-quarter item is an expected pre-tax charge of approximately $283 million of acquired in-process research and development expense. BioMarin expects the IPR&D charge and ongoing operating expenses to have an unfavorable impact of approximately $1.50 to both GAAP Diluted EPS and Non-GAAP Diluted EPS for the third quarter of 2026. This filing therefore centers on acquisition accounting and related operating costs rather than underlying commercial performance.

For full-year 2026, BioMarin expects total pre-tax charges of approximately $320 million, comprising the acquired IPR&D charges and ongoing operating expenses, including transaction and transition costs. The company expects these charges to reduce both GAAP Diluted EPS and Non-GAAP Diluted EPS by approximately $1.55 for the full year. The filing does not break out the full-year amount between IPR&D, transaction costs, transition costs, and other ongoing operating expenses.

BioMarin said its full-year 2026 guidance announced on August 6, 2026 did not reflect the acquisition of Alesta and that it expects to provide updated guidance with third-quarter 2026 financial results. The preliminary nature of the estimates is central: the company cautioned that further closing procedures could change the disclosed amounts. Investors should focus on the forthcoming updated full-year guidance and final reported results to assess the acquisition's complete financial effect.

BioMarin reported second-quarter total revenues of $990 million, up 20% from $825 million. The filing attributes the increase primarily to the April 27, 2026 acquisition of GALAFOLD and POMBILITI + OPFOLDA, new VOXZOGO patients across all regions, and growth in U.S. PALYNZIQ patients. VOXZOGO revenue was $253 million, up 14%, while PALYNZIQ revenue was $135 million, up 27%. Metabolic Conditions revenue grew 25% Y/Y, although the filing does not provide a reported dollar total for that category in the financial highlights table.

Growth was not uniform across the legacy portfolio. VIMIZIM revenue declined 10% to $194 million because of the timing of large government orders outside the U.S., and ALDURAZYME declined 21% to $44 million because of the timing of Sanofi order fulfillment. The company reported that patient counts increased both Y/Y and sequentially across all BioMarin-marketed therapies. For VOXZOGO, global children on therapy increased by more than 20% Y/Y, and the U.S. accounted for approximately 25% of quarterly VOXZOGO revenue.

Profitability declined following the Amicus transaction. GAAP net income fell to $45 million from $241 million and GAAP diluted EPS fell to $0.23 from $1.23. Non-GAAP income declined to $236 million from $282 million, while non-GAAP diluted EPS decreased to $1.20 from $1.44. GAAP operating margin was 11.2%, versus 33.5%, and non-GAAP operating margin was 36.4%, versus 39.9%. Management cited Amicus integration and restructuring costs, intangible asset amortization, debt-related interest expense, inventory fair value step-up amortization, higher sales and marketing spending, and higher BMN 401 R&D spending.

The company increased its full-year 2026 VOXZOGO revenue guidance to at least $1 billion, but the provided filing text does not include the numerical full-year total revenue or non-GAAP diluted EPS guidance range referenced in the headline. Management expects approximately $280 million of GAAP cost reductions and approximately $220 million of Non-GAAP cost reductions from Amicus, fully realized in 2028. It also targets gross leverage below 2.5 times by mid-year 2027 and expects GALAFOLD plus POMBILITI + OPFOLDA to reach over 60% Non-GAAP Operating Margin by 2030.

Pipeline developments include a submitted VOXZOGO hypochondroplasia sNDA, an FDA-accepted VOXZOGO achondroplasia sNDA with a February 28, 2027 PDUFA target action date, and continued enrollment in the BMN 333 Phase 2/3 study. The company discontinued BMN 401 across all indications after the ENERGY 3 trial did not meet one of two co-primary endpoints. The near-term operating focus is commercial integration of Amicus, delivery of the identified cost reductions, continued VOXZOGO patient expansion, and management's planned BMN 351 update by year-end.