BioMarin Raises Outlook as Amicus Deal Lifts Revenue
The drugmaker lifted its 2026 VOXZOGO revenue forecast to at least $1 billion.
BioMarin Pharmaceutical Inc. (BMRN), the rare-disease drugmaker, posted a 20% increase in second-quarter revenue to $990 million as recently acquired Amicus products broadened its portfolio.
Growth accelerated from about 3% in the first quarter, while revenue increased 29% sequentially from $766 million. GALAFOLD and POMBILITI + OPFOLDA contributed after the Amicus acquisition closed April 27, helping Metabolic Conditions revenue rise 25% from a year earlier. The predecessor Enzyme Therapies portfolio had grown 6% in the first quarter.
The additional sales came with acquisition and integration expenses that weighed on earnings. GAAP net income fell 81% to $45 million, and diluted earnings declined to $0.23 a share from $1.23. GAAP operating margin compressed to 11.2% from 33.5%, reflecting restructuring costs, acquired-intangible and inventory amortization, financing interest and higher commercial and research spending.
On an adjusted basis, income fell 16% to $236 million and diluted earnings declined 17% to $1.20 a share. Non-GAAP operating margin narrowed to 36.4% from 39.9% as higher interest, sales-and-marketing expenses and spending on the BMN 401 program outweighed the revenue increase.
VOXZOGO revenue rose 14% to $253 million, supported by a more than 20% increase in treated children, while PALYNZIQ revenue climbed 27% to $135 million as the adolescent label extension helped expand its U.S. patient base. PALYNZIQ sales increased 50% from the first quarter.
Government-order timing offset some of that growth. VIMIZIM revenue fell 10% to $194 million and declined about 8% sequentially because of large orders outside the U.S., while ALDURAZYME revenue dropped 21% to $44 million on the timing of order fulfillment to Sanofi.
BioMarin now expects 2026 revenue of $3.875 billion to $3.925 billion, raising the low end by $50 million. It forecasts VOXZOGO revenue of $1 billion to $1.05 billion and non-GAAP diluted earnings of $4.90 to $5.10 a share, with both ends of the earnings range increased by $0.05 despite about $200 million in estimated annual Amicus-financing interest.
The company set targets for $280 million of annual GAAP cost reductions and $220 million of non-GAAP reductions by 2028, and accelerated its goal for gross leverage below 2.5 times to mid-2027. Its pipeline also shifted: BioMarin discontinued BMN 401 after a Phase 3 trial missed one co-primary endpoint, while positive pivotal data for VOXZOGO in hypochondroplasia supported an FDA supplemental application. The Amicus deal added BMN 820, a Phase 3 kidney-disease candidate with pivotal data expected in 2028.