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BioMarin develops medicines for rare genetic conditions. Amicus products expanded sales, while acquired research and development costs and order timing uncertainty lowered its annual outlook.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) develops and markets medicines for rare genetic conditions. VOXZOGO and its metabolic-disease treatments are major revenue sources. The April 2026 Amicus acquisition added GALAFOLD and POMBILITI + OPFOLDA.
Amounts are USD millions, for the three months ended September 30. The adjusted net-income measure removes stock compensation, accounting charges that spread the cost of acquired assets over time and specified acquisition or restructuring costs, with related tax effects. It retains acquired research and interest expense.
| Results | 2026 | 2025 |
|---|---|---|
| Revenue | 1,024.6 | 776.1 |
| Operating loss, GAAP | -82.1 | -46.7 |
| Net loss, GAAP | -122.8 | -30.7 |
| Adjusted net income | 45 | 22 |
| Acquired research expense | 287.7 | 221.0 |
| Interest expense | 55.6 | 2.6 |
GALAFOLD and POMBILITI + OPFOLDA contributed approximately $152 million and $49 million in their first full quarter within BioMarin. The revenue increase therefore includes a substantial acquisition contribution.
On August 6, BioMarin forecast 2026 revenue of $3.875 billion to $3.925 billion and adjusted earnings of $4.90 to $5.10 per share. On November 2, it lowered those ranges to $3.8 billion to $3.9 billion and $2.80 to $3.10.
The sales revision concerns the timing of multiple orders from one international customer. Alesta and the BMN 450 license are expected to bring $320 million and $83 million of full-year costs, including acquired research and ongoing expenses. Their estimated adverse impact of $1.55 and $0.32 per share remains in both reported and adjusted earnings.
BioMarin completed the Amicus acquisition on April 27. Recorded purchase consideration was $5.324 billion. Cash paid net of acquired cash was $5.068 billion. BioMarin continues to expect approximately $280 million of reported-basis cost synergies, or $220 million on its adjusted basis, to be fully realized in 2028.
The August update disclosed that BMN 401 development had stopped.
For the nine months ended September 30, operating cash flow was $577.0 million, versus $728.4 million. Investing cash outflows included $5.068 billion for the Amicus business combination and $277.9 million for purchases of in-process research, net of acquired cash.
At September 30, cash was $736.0 million. The balance sheet recorded $4.174 billion of current and long-term borrowing after financing costs. Future reports can test order conversion, the contribution from acquired medicines and the cost of building the research pipeline.
Analysis BMRN
BioMarin reached its first billion-dollar sales quarter, then cut its annual earnings forecast. Our comparison traces research costs, acquired revenue and order timing.