BioMarin Revenue Rises 32% in Third Quarter as It Cuts 2026 Outlook
Key Facts
BioMarin reported higher third-quarter revenue on November 2, 2026, driven by product growth and a portfolio expanded through its acquisition of Amicus Therapeutics, but it cut its full-year revenue and adjusted earnings-per-share outlook. Chief Executive Alexander Hardy said revenue increased 32%, citing a "more diversified portfolio" after the acquisition and stronger demand for its medicines. In the second quarter, revenue was $990 million, up 20% year over year, before reaching a higher level in the third quarter. The company announced the results after markets closed on November 2 and scheduled a call to discuss them for 4:30 p.m. Eastern Time that day. The results highlighted a contrast between product growth and a revision to annual guidance driven by order timing and transaction costs.
The largest increase among the reported categories was in metabolic-condition revenue, which rose 44% year over year to $744 million. GALAFOLD revenue was $152 million, while POMBILITI + OPFOLDA revenue was about $49 million. BioMarin acquired these products on April 27, 2026, adding new revenue sources to its portfolio during the year. The company attributed much of the quarter's growth to the two acquired products, along with growth in existing products. The figures show that the acquired portfolio was a key contributor to revenue expansion, with performance varying among medicines.
VOXZOGO revenue rose 12% to $245 million, as new patients began treatment. The company said more than 75% of the drug's third-quarter revenue came from outside the United States. But it said a large international order expected in the third quarter is now expected in the fourth quarter, due to uncertainty over the timing of multiple orders from one international customer. BioMarin linked its annual revenue outlook revision to this timing, making the movement of orders between quarters a factor affecting the revenue trajectory. It said VIMIZIM growth was 18%, driven by the timing of international orders, while NAGLAZYME revenue declined because of the timing of large international orders.
On earnings, the company posted a GAAP net loss of $123 million, compared with a loss of $31 million in the third quarter of 2025. Non-GAAP income, meanwhile, was about $45 million, compared with $22 million a year earlier. The company cut its 2026 adjusted diluted earnings-per-share guidance range to $2.80–$3.10, from $4.90–$5.10 in its August outlook. It attributed the reduction to charges and costs related to the Alesta acquisition and the BMN 450 licensing agreement, not to the timing of international orders. BioMarin expects pre-tax charges and costs of $320 million related to Alesta and $83 million related to the BMN 450 agreement during fiscal 2026. It estimated the negative impact on earnings per share from these two items at about $1.55 and $0.32, respectively.
BioMarin cut its 2026 revenue guidance range to $3.8–$3.9 billion, from $3.875–$3.925 billion in its August estimate, while keeping revenue growth at the midpoint of the range at 20% year over year. The adjustment reflects, according to the company, uncertainty over the timing of multiple orders from one international customer. This follows an increase to guidance in August after first-half performance, while the new range indicates that sales timing will continue to affect the full-year total. The company thus combined strong third-quarter growth with a lower revenue outlook, as well as a larger reduction to adjusted earnings-per-share guidance due to acquisition and licensing costs. Attention in the fourth quarter will turn to the deferred international order, which is now expected during that quarter.
On regulatory developments, the U.S. Food and Drug Administration set May 30, 2027, as the target action date for BioMarin's application to expand VOXZOGO's use to treat hypochondroplasia. The company said the drug could become the first targeted treatment for the condition if approved. The review adds a future regulatory milestone to the product's outlook, after it recorded revenue growth in the third quarter. Before the results, BioMarin also announced an exclusive global licensing agreement with GC Biopharma and Hanmi Pharm for an experimental next-generation enzyme therapy for Fabry disease. The agreement is among the developments accompanying the expansion of the company's portfolio and development pipeline during the year.