Revenue rose 32.0% on acquired Amicus products, yet the net loss widened to $122.83 million 8-K. Management cut full-year Non-GAAP diluted EPS guidance to $2.80 to $3.10 from $4.90 to $5.10 8-K.
BioMarin Pharmaceutical Inc · Q3 2026 · Reported 6 Oct 2026 · US
Key figures
Million USD | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 1,024.65 | 776.13 | +32.0 % |
Operating income (loss) | -82.08 | -46.69 | -35.39M USD |
Net income (loss) | -122.83 | -30.74 | -92.09M USD |
Diluted EPS | -0.63 USD/share | -0.16 USD/share | -0.47 USD/share |
Operating margin | -8.0 % | -6.0 % | -2.0 pp |
Net margin | -12.0 % | -4.0 % | -8.0 pp |
Figures in USD, as reported. Margins are computed from the reported lines.
Revenue passed $1 billion mainly because of the Amicus products
Total revenues were $1,025 million, up 32% from a year earlier, and management called it the first quarter above $1 billion 8-K. GALAFOLD contributed $152 million and POMBILITI + OPFOLDA $49 million, both acquired on April 27, 2026 and neither with a year-earlier comparison 8-K. This growth is mostly acquired, not organic.
Beyond the acquired products, VOXZOGO grew 12% on new patients, mainly outside the U.S., and VIMIZIM rose 18% on the timing of large international orders 8-K. NAGLAZYME fell 11% for the same order-timing reason, so part of the quarter's strength reflects lumpy government orders, which the filing expects to stay inconsistent 8-K.
Acquisition costs turned faster revenue into a wider loss
The operating loss was $82.08 million against $46.69 million a year earlier, and operating margin fell 2.0 points to -8.0% 8-K. Net margin fell 8.0 points to -12.0%, and diluted EPS was -$0.63 against -$0.16 8-K. Gross margin slipped to 80.0% from 81.9%, which the filing attributes to a mix shift toward lower-margin products 9.
Intangible amortization was $99.5 million against $4.8 million, and acquired IPR&D was $287.7 million against $221.0 million, driven by BMN 440 in the quarter and BMN 401 a year earlier 213. G&A rose on Amicus severance and integration charges 15. Interest expense, which sits below operating income, was $55.6 million against $2.6 million because of the Amicus borrowings, and a tax benefit of $8.9 million softened the result 2.
The company-defined Non-GAAP income was $45 million against $22 million, and Non-GAAP operating margin was 13.4% against 2.8% 8-K. The gap to GAAP is mostly deal-related amortization, interest, inventory step-up and integration costs.
Leverage has replaced the cash cushion
Cash, cash equivalents and investments were $736.0 million at September 30, 2026, against $2,052.8 million at December 31, 2025 18. Indebtedness was about $4.2 billion in principal, up from about $1.5 billion at March 31, 2026, including $600.0 million of convertible notes due May 2027 21. The $600.0 million revolver was undrawn 22.
Operating cash flow for the nine months was $577.0 million against $728.4 million a year earlier, with the filing citing lower net income and timing of vendor payments 20. Nine-month net income was $27.5 million against $395.5 million 2. Management says cash from product sales, cash on hand and financings will cover liquidity needs for at least 12 months, including Amicus debt service 19.
Guidance was cut on order timing and new IPR&D charges
Total revenue guidance is now $3,800 to $3,900 million, from $3,875 to $3,925 million in August, and VOXZOGO guidance is $975 to $1,025 million, from $1,000 to $1,050 million 8-K. Management cites uncertainty in the timing of multiple orders from a single international customer, and says a large VOXZOGO order expected in the third quarter is now anticipated in the fourth 8-K.
Non-GAAP diluted EPS guidance fell to $2.80 to $3.10 from $4.90 to $5.10 8-K. The Alesta and BMN 450 deals are expected to cost about $1.55 and $0.32 per share respectively, in both GAAP and Non-GAAP EPS 8-K. BMN 450's $70.0 million upfront payment will be booked as IPR&D in the fourth quarter 4.
What to watch next
Whether the delayed international VOXZOGO order lands in the fourth quarter, as management now expects 8-K.
FDA decisions on VOXZOGO: February 28, 2027 for full approval in achondroplasia and May 30, 2027 for hypochondroplasia 8-K.
Progress toward about $280 million of GAAP cost synergies by 2028, and handling of the $600.0 million convertible notes due May 2027 8-K21.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.