BioMarin Boosts 2026 Outlook After Amicus Deal

Biomarin Pharmaceutical Inc. ((BMRN)) has held its Q1 earnings call. Read on for the main highlights of the call.

BioMarin Pharmaceutical’s latest earnings call struck an optimistic tone despite a noisy quarter. Management leaned heavily on the closing of the Amicus deal, upgraded 2026 revenue targets, and strong patient metrics to argue that growth is accelerating. Near‑term margin pressure, one‑time charges, and acquisition‑related dilution were acknowledged but framed as temporary setbacks.

Amicus Acquisition Expands Rare Disease Portfolio

BioMarin confirmed the closing of its Amicus acquisition, bringing Fabry drug Galafold and Pompe therapies Pombility and Opfolda into its portfolio. The company has just begun consolidating Amicus’s P&L and promised more detailed integration plans and peak revenue expectations on the next quarterly call.

2026 Revenue Outlook Raised on Pro Forma Basis

Management lifted 2026 total revenue guidance to a range of $3.825 billion to $3.925 billion after incorporating Amicus. That implies roughly 20% year‑over‑year growth at the midpoint, underscoring confidence that the enlarged portfolio can drive a stronger top‑line trajectory.

Enzyme Therapies Poised for ~30% Growth

Guidance for Enzyme Therapies was increased to $2.725 billion to $2.775 billion for 2026, now including Galafold and Pombility/Opfolda. At the midpoint this represents about 30% year‑over‑year growth, highlighting enzyme replacement as the primary revenue engine in the combined company.

Voxzogo Demand and Patient Base Keep Climbing

First‑quarter revenue reached $766 million, backed by robust demand for achondroplasia drug Voxzogo. The patient base grew more than 20% year over year, with over half of new U.S. starts in children under age two and a roughly 10% drop in average treatment‑initiation age in that young subgroup.

Enzyme Therapies Show Solid Organic Momentum

Beyond deal‑driven growth, legacy Enzyme Therapies expanded organically by 6% year over year in Q1. Vimizim, Naglazyme, and Brineura led the gains, while Palynziq benefitted from a label expansion into adolescents that is supporting a broader patient base.

EPS Guidance Anchored by Long‑Term Accretion Story

BioMarin set 2026 non‑GAAP diluted EPS guidance at $4.85 to $5.05 alongside its higher revenue targets. Management expects the Amicus deal to be slightly dilutive next year but to turn accretive within 12 months of closing and become substantially accretive in 2027 as synergies and growth ramp.

Voxzogo’s Long‑Term Data Strengthen Competitive Position

The company now has more than 10,000 patient‑years of safety and efficacy data for Voxzogo, including six to eight years of extension results. These show durable gains in height and arm span, and a supplemental filing seeking full U.S. approval was submitted in April, potentially reinforcing the drug’s franchise.

Pipeline Laden with Near‑Term Clinical Catalysts

Investors were reminded of several approaching readouts, including phase 3 results for Voxzogo in hypochondroplasia and the pivotal ENERGY‑3 study of BMN‑401 expected in the second quarter of 2026. BMN‑333 is enrolling in a phase 2/3 study, while BMN‑351 has shown dose‑dependent dystrophin gains and functional preservation signals in early Duchenne data.

Manufacturing Misstep Weighs on Q1 Margins

Q1 profitability was hit by a $31 million charge tied to a failed process qualification campaign meant to extend Naglazyme manufacturing. The write‑off inflated cost of sales and compressed margins, though BioMarin said commercial supply remains secure and expects the impact to be absorbed within its full‑year 2026 non‑GAAP EPS framework.

Revenue Timing and Order Volatility Mask Underlying Strength

Quarterly revenue was also pressured by the timing of international orders and U.S. stocking patterns, particularly affecting Palynziq and Voxzogo. Management suggested Q1 could prove the weakest quarter of 2026, with more than 55% of annual revenue and roughly two‑thirds of EPS expected in the back half of the year.

Rising Operating Costs Reflect Pipeline and Commercial Investment

Non‑GAAP R&D and SG&A climbed year over year, driven by spending on BMN‑401, Voxzogo’s hypochondroplasia program, BMN‑333, BMN‑351, and expanded commercial efforts. Pre‑close Amicus costs also contributed, leading to Q1 non‑GAAP diluted EPS of $0.76 even as management argues these investments underpin future growth.

Acquisition Dilution in 2026 Framed as Short‑Lived

Executives reiterated that the Amicus acquisition will be slightly dilutive to 2026 non‑GAAP EPS, with about $0.20 of the drag in Q1 tied to the manufacturing charge and pre‑close deal expenses. They emphasized that as synergies build and revenue scales, the transaction should flip to accretive within a year and deliver substantial EPS benefit in 2027.

Monitoring Geopolitical and Legal Risk Factors

BioMarin flagged geopolitical tensions in the Middle East as a potential source of modest disruption, which has been baked into its 2026 guidance assumptions. It is also awaiting an ITC ruling related to intellectual property around late August, an outcome that could affect certain assets and remains a watch point for investors.

Competitive Pressures in Achondroplasia Emerging

A new competitor has entered the U.S. achondroplasia market, challenging Voxzogo’s category leadership. Management said it has not seen a meaningful impact on demand or uptake yet, but acknowledged that evolving competitive dynamics could become a headwind and will be closely tracked.

Guidance Underscores H2‑Weighted Growth and Deal Upside

Updated 2026 guidance calls for Enzyme Therapies revenue of $2.725 billion to $2.775 billion and total revenue of $3.825 billion to $3.925 billion, with Voxzogo expected to deliver $975 million to $1.025 billion. Management sees EPS at $4.85 to $5.05, notes Q1 was depressed by charges and deal costs, and projects most revenue and earnings to land in the second half as Amicus synergies ramp.

BioMarin’s earnings call painted a picture of a rare disease leader absorbing short‑term pain to unlock longer‑term gains. With the Amicus acquisition closed, guidance raised, patient demand solid, and multiple late‑stage catalysts on the horizon, the company argues it is positioned for faster growth even as investors weigh near‑term volatility in margins, expenses, and competitive threats.