BioMarin’s first quarter saw revenue growth driven by continued demand for its enzyme therapies and Voxzogo, but the company missed Wall Street’s revenue and non-GAAP profit expectations. Management cited strong patient demand, especially for newly approved indications like adolescent Palynziq, but also acknowledged that order timing, elevated costs from manufacturing issues, and integration costs from the Amicus acquisition weighed on margins. CFO Brian Mueller described the quarter’s profitability as “significantly impacted” by these factors, noting that “the cost of sales charge and pre-close costs associated with the Amicus acquisition resulted in a $0.20 earnings per share impact.”
Is now the time to buy BMRN? Find out in our full research report (it’s free for active Edge members).
BioMarin Pharmaceutical (BMRN) Q1 CY2026 Highlights:
- Revenue: $766.2 million vs analyst estimates of $776 million (2.8% year-on-year growth, 1.3% miss)
- Adjusted EPS: $0.76 vs analyst expectations of $0.91 (16.9% miss)
- Adjusted EBITDA: $189.5 million vs analyst estimates of $150.8 million (24.7% margin, 25.6% beat)
- The company lifted its revenue guidance for the full year to $3.88 billion at the midpoint from $3.38 billion, a 14.8% increase
- Management lowered its full-year Adjusted EPS guidance to $4.95 at the midpoint, a 2% decrease
- Operating Margin: 16.9%, down from 30% in the same quarter last year
- Market Capitalization: $10.45 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From BioMarin Pharmaceutical’s Q1 Earnings Call
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Mike (Morgan Stanley) asked about bone health benefits in hypochondroplasia and expectations for upcoming data; Chief R&D Officer Gregory Friberg said the biology supports strong outcomes and expects to share results in Q2.
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Tommie Reerink (Goldman Sachs) inquired about competitive impacts on Voxzogo; Chief Commercial Officer Cristin Hubbard reported strong Q1 demand and reduced time to treatment, especially in children under two.
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Paul Andrew Matteis (Stifel) questioned the timing and scope of revenue and synergy updates post-Amicus; CFO Brian Mueller confirmed more details—including peak revenue and accretion—will be provided next quarter.
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Jasmine Fels (J.P. Morgan) asked about adoption rates for Voxzogo in hypochondroplasia and commercial preparations; Friberg and Hubbard highlighted ongoing efforts to boost early diagnosis and physician engagement ahead of potential launch.
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Philip Nadeau (Cowen) sought updates on the ongoing ITC patent case and BMN-333 trial data; CEO Alexander Hardy discussed the legal process timeline, while Friberg detailed study design and expected data points.
Catalysts in Upcoming Quarters
Going into the next quarters, the StockStory team will be watching (1) the pace of Amicus integration and initial revenue contributions from Galafold and Pombility/Opfolda, (2) pivotal clinical data for Voxzogo in hypochondroplasia and BMN-401 in ENPP1 deficiency, and (3) signs of margin improvement as one-time manufacturing and integration costs recede. Progress on regulatory submissions and the competitive landscape for skeletal condition therapies will also be important markers.
BioMarin Pharmaceutical currently trades at $54.95, in line with $55.46 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).
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