BioMarin raises 2026 revenue guidance to $3.825–$3.925B (~20% growth) after closing Amicus deal

 

• 2026 revenue guidance raised to $3.825–$3.925B, ~20% YoY growth, driven by Amicus’ Galafold and Pombiliti + Opfolda.
• Non-GAAP EPS guidance for 2026 is $4.85–$5.05, with Amicus slightly dilutive in 2026, strongly accretive from 2027.
• Over 55% of 2026 revenue and roughly two‑thirds of EPS are now expected in 2H26, making guidance back-half weighted.
• Enzyme therapies 2026 guidance lifted to $2.725–$2.775B, ~30% growth including Amicus.
• Q1 2026 non-GAAP EPS was $0.54, down 43% YoY, missing EPS while $766M revenue beat for the period.
• Q1 2026 adjusted/non-GAAP EPS was $0.76 vs $0.94 consensus, pressured by $31M NAGLAZYME charge and Amicus pre-close costs.
• Q1 2026 revenue grew 3% YoY to $766M, the lightest quarter due to order timing.
• Enzyme therapies revenue grew 6% YoY, led by VIMIZIM, NAGLAZYME and BRINEURA demand.
• VOXZOGO patients treated rose >20% YoY, though revenue was muted by Q4–Q1 stocking dynamics.
• Long-term VOXZOGO treatment improved arm span and overall growth in children with achondroplasia, and positive hypochondroplasia findings support potential beyond achondroplasia.
• Company reaffirmed plans to report Phase 3 hypochondroplasia topline data in 1H 2026.
• Key near-term catalysts include Q2 pivotal VOXZOGO data in hypochondroplasia and BMN 401.
• BioMarin plans to seek hypochondroplasia regulatory approvals in 2H 2026 if Phase 3 VOXZOGO results are positive.
• Main risks and concerns center on VOXZOGO competition/IP litigation and executing Amicus integration and the 2H‑weighted growth plan.
• Quarter viewed as mixed, with solid underlying demand and upgraded 2026 outlook offset by one-time costs and back-half-heavy guidance.

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