EL7.AI
StocksMedium•3 November 2026•
4 min read

BioMarin cuts 2026 revenue outlook to $3.8–$3.9 billion after order delays

Key Facts

1BioMarin cut its 2026 revenue outlook to $3.8–$3.9 billion from $3.875–$3.925 billion.
2One international customer told the company it would defer orders worth about $70 million; most are expected to be fulfilled between late in the fourth quarter and the first quarter of 2027.
3Metabolic disease revenue was $744 million, up 44% in the third quarter.
4BioMarin revenue for the first nine months of 2026 was about $2.781 billion, up 18%.

BioMarin on November 2 cut its 2026 revenue forecast to $3.8–$3.9 billion from $3.875–$3.925 billion after one international customer told the company during the third quarter that it intended to defer multiple orders worth about $70 million. The chief financial officer said the company expects to fulfill most of those orders between late in the fourth quarter and the first quarter of 2027, but could not specify an exact timing. The revision puts revenue timing at the forefront of challenges facing the company’s outlook, despite continued quarterly sales growth. Management attributed the order delays to liquidity and cash-flow disruption among customers linked to the prolonged conflict in the Middle East. It said the change in guidance “is not driven by patient demand in these markets.”

Third-quarter revenue was $1.025 billion, up 32% from the same period in 2025, while revenue for the first nine months of 2026 reached $2.781 billion, compared with $2.347 billion in the year-earlier period, an increase of 18%. Chief Executive Alexander Hardy said quarterly growth reflected a diversified portfolio following the Amicus acquisition and rising demand for the drugs. Drivers included revenue from GALAFOLD and POMBILITI + OPFOLDA, which were added with the acquisition, as well as growth in VIMIZIM. Metabolic disease drugs contributed revenue of $744 million in the quarter, up 44% year over year. The performance shows a broader quarterly revenue base alongside the annual forecast revision.

In its first full quarter following the addition of Amicus, GALAFOLD generated revenue of $152 million, while POMBILITI + OPFOLDA revenue was about $49 million. The number of patients treated with GALAFOLD rose 13% year over year, and the number receiving POMBILITI + OPFOLDA increased 69%. VIMIZIM revenue also grew 18%, which the company attributed to the timing of large international orders. By contrast, NAGLAZYME revenue declined, also because of the timing of large international orders. These movements underscore the effect of shipment timing on quarterly results, with opposite impacts across the drugs.

VOXZOGO generated revenue of $245 million in the third quarter, compared with $218 million a year earlier, an increase of 12%. The number of children treated with the drug worldwide rose 17%, while more than 75% of its revenue came from outside the United States. Even so, the company cut its 2026 metabolic disease revenue outlook to $2.675–$2.750 billion from $2.725–$2.775 billion. It also lowered its VOXZOGO revenue forecast to $975 million–$1.025 billion, compared with the previous range of $1.0–$1.05 billion. The revisions reflect changes to estimates for some product lines alongside the reduction in the overall revenue outlook.

On earnings, the GAAP net loss was about $123 million in the third quarter, compared with a loss of $31 million in the same period of 2025. The company attributed the wider loss mainly to the Amicus acquisition and acquisition, integration and restructuring costs, as well as acquired in-process research and development costs related to Alesta. It also lowered its 2026 non-GAAP diluted earnings-per-share outlook to $2.80–$3.10 from $4.90–$5.10. The company expects the Alesta deal to have a negative impact of about $1.55 per share, while the BMN 450 license is expected to add a negative impact of $0.32 per share. Deal-related effects and costs are among the factors behind the lower profit outlook, alongside the revenue revision.

BioMarin raised its 2026 revenue range in August to $3.875–$3.925 billion, forecasting growth of 21% at the midpoint, after including Amicus’ contribution from the acquisition’s completion date on April 27, 2026. The latest cut narrows that range less than three months later, as the company continues to point to growing demand for its products and the contribution of acquired products to results. Attention turns in 2027 to two regulatory milestones for VOXZOGO: the company set February 28 as the target date for U.S. Food and Drug Administration action on its application for full approval to treat children with osteogenesis imperfecta. It set May 30, 2027 as the target date for action on an application to expand use to treat hypochondroplasia. These are the upcoming regulatory milestones cited in the company’s disclosure.