Analysis BMRN
BioMarin tops $1 billion in sales. Why is its earnings target falling?
New research costs also count in adjusted profit, while uncertainty over international orders reduces the annual sales range.
The rare-disease drugmaker reported $1.025 billion of revenue for the quarter ended September 30, 2026, up 32% from a year earlier. GALAFOLD and POMBILITI + OPFOLDA, acquired on April 27, contributed about $201 million.
The new research costs stay in adjusted profit
BioMarin expects the Alesta acquisition and BMN 450 licensing agreement to generate about $403 million of costs during 2026. That total combines charges for acquired research still in development with ongoing operating expenses.
Those costs count in both reported and adjusted earnings. The company puts their combined impact at $1.87 per share.
Research by Ticker Byline shows that this is nearly as large as the $2.05 reduction in the midpoint of its adjusted earnings forecast. The midpoint fell from $5.00 per share in August to $2.95 now.
| 2026 forecast | August 6 | November 2 |
|---|---|---|
| Revenue | $3.875bn to $3.925bn | $3.800bn to $3.900bn |
| Adjusted earnings per share | $4.90 to $5.10 | $2.80 to $3.10 |
Order timing also lowered the sales range
The sales revision reflects uncertainty over the timing of multiple orders from one international customer. BioMarin also said a large VOXZOGO order previously expected in the third quarter is now anticipated in the fourth.
Sales growth varied across medicines. VOXZOGO revenue grew 12% and VIMIZIM 18%, while NAGLAZYME revenue fell 11%, with international order timing affecting the latter two products.
Buying growth has financing costs too
The Amicus deal expanded the business but increased interest and acquisition-related accounting expenses. Quarterly interest expense rose to $55.6 million from $2.6 million. BioMarin reported a $122.8 million net loss, compared with a $30.7 million loss a year earlier.
Adjusted net income was $45 million, versus $22 million. The earlier result also included a large acquired-research charge, making that comparison sensitive to deal timing.
Operating cash flow for the first nine months fell to $577 million from $728 million. The BioMarin company profile tracks the completed Amicus acquisition, the new research costs and the forecasts against which future results can be measured.