BioMarin cuts 2026 outlook to $3.9 billion despite 32% revenue growth
Key Facts
BioMarin cut its 2026 revenue outlook to a range of $3.8 billion to $3.9 billion, from $3.875 billion to $3.925 billion, and lowered its adjusted diluted earnings forecast to $2.80–$3.10 per share from $4.90–$5.10 per share. The company announced the revision on November 2, alongside third-quarter results in which revenue topped $1 billion for the first time in a single quarter. BioMarin said the new revenue range reflects uncertainty about the timing of multiple orders from a single international customer. It said the midpoint of the updated revenue range implies annual growth of 20% in 2026. The guidance cut comes as the CEO described quarterly revenue growth of 32%, driven by the company’s diversified portfolio and increased demand for its drugs.
Management said during the earnings call that a single international customer plans to defer orders worth about $70 million. The company had expected most of those orders to be fulfilled between late in the fourth quarter of 2026 and the first quarter of 2027. BioMarin described the issue as a change in order timing, not a decline in underlying patient demand. In its statement, it said the timing of several orders from the same customer introduced uncertainty into its annual outlook. The new revenue range shows continued expectations for year-over-year revenue growth, even though shipment timing may change revenue recorded in coming periods.
Revenue from the metabolic conditions business rose 44% year over year to $744 million in the third quarter, compared with $516 million a year earlier. The company attributed the increase to the addition of Galafold, Pombiliti and Opfolda following the Amicus deal, as well as higher Vimizim revenue. Vimizim revenue grew 18%, and BioMarin said the timing of large international orders contributed to that growth. The CEO also pointed to the diversified portfolio following the Amicus acquisition and increased drug demand in describing quarterly revenue growth of 32%. These factors tie revenue expansion to a mix of acquired products, growth in existing drugs and the timing of international orders.
Revenue growth did not translate into accounting net income; BioMarin posted a net loss under generally accepted accounting principles of $123 million, compared with a loss of $31 million in the year-earlier quarter. Diluted loss was $0.63 per share, compared with a loss of $0.16 a year earlier. The company attributed the wider loss mainly to costs from the Amicus acquisition, including amortization, debt interest, fair-value inventory amortization, integration and restructuring costs. The items also included in-process research and development charges related to Alesta. BioMarin estimated that the Alesta acquisition would result in pre-tax charges of about $320 million and a negative impact of $1.55 per share on diluted earnings during 2026.
The company said the BMN 450 licensing agreement would add about $83 million in pre-tax charges during 2026, with an estimated negative impact of $0.32 per share. These items help explain part of the steep reduction in adjusted earnings guidance, alongside uncertainty about order timing. In the market, the company’s shares closed at $57.44 in the November 2 session, down 1.83%, after closing at $58.51 on October 30. The stock fell to $54.50 after the close, an additional decline of 5.12%, according to an Investing.com report. Next, the company is awaiting a regulatory decision from the U.S. Food and Drug Administration on its Voxzogo application for hypochondroplasia; the agency set May 30, 2027, as the target action date. A separate target date of February 28, 2027, applies to the application for full approval of the drug to treat achondroplasia.