BioMarin Pharmaceutical Inc.

Total Q1 revenue was $766 million, increased year over year. Enzyme Therapies revenue increased 6% year over year, led by Vimizim, Naglazyme, and Brineura. Voxzogo revenue was supported by new patient starts across all regions; management also said patient additions for Voxzogo were up more than 20% year over year. Q1 non-GAAP diluted EPS was $0.76. Cost of sales included a $31 million charge tied to an unsuccessful Naglazyme manufacturing process qualification campaign, which management said did not affect commercial supply but reduced margins and EPS. Management said this charge and Amicus pre-close costs had a $0.20 impact to non-GAAP EPS. For full-year 2026, BioMarin raised Enzyme Therapies revenue guidance to $2.725 billion-$2.775 billion and total revenue guidance to $3.825 billion-$3.925 billion, implying about 20% growth at the midpoint. Voxzogo guidance was maintained at $975 million-$1.025 billion. Non-GAAP diluted EPS guidance was updated to $4.85-$5.05. Management said more than 55% of 2026 revenue is expected in the second half, and about two-thirds of 2026 EPS is expected in the second half. Q2 EPS is expected to be only modestly higher than Q1, with most profitability in Q3 and Q4.

Alexander Hardy framed the quarter as an inflection point, saying the Amicus acquisition opens a new chapter and expands BioMarin’s commercial reach. His tone was upbeat and focused on execution: integrate quickly, use BioMarin’s scale to grow diagnosis and treatment rates, and capitalize on near-term pipeline catalysts. He emphasized that 2026 should be “momentous,” with growth acceleration and broader patient reach as the core strategic priorities.

Brian Mueller focused on the mechanics behind the updated guidance and Q1 results. He said Q1 revenue was $766 million, Q1 non-GAAP EPS was $0.76, and the quarter was weighed down by a $31 million Naglazyme-related charge plus Amicus pre-close costs, totaling a $0.20 EPS impact. He updated 2026 guidance to $3.825 billion-$3.925 billion in revenue and $4.85-$5.05 in non-GAAP EPS, noted that Amicus will be slightly dilutive in 2026 but accretive in the first 12 months after close and substantially accretive in 2027, and said more than 55% of 2026 revenue and about two-thirds of EPS should fall in the second half.

Analysts pressed on how the Amicus assets can grow, asking specifically about diagnosis for Galafold and switch dynamics for Pombility/Opfolda; management said diagnosis is the main lever for Galafold, while switching and evidence generation are key for Pombility/Opfolda. Questions on Voxzogo competition and order timing drew a response that Q1 demand remained strong, with revenue weakness driven entirely by order timing, not price, and no major competitive switch signal yet. Analysts also asked about the updated guidance and peak sales; management said it will provide a fuller Amicus roadmap next quarter, including peak revenue views, synergies, and long-term accretion. On BMN-333 and the ITC case, management said the 2027 update will include six-month AGV and a Bayesian decision on dose selection, while the ITC ruling is expected around August 21, with possible Commission review by December 21.