BioMarin reports Q3 revenue beat but cuts full-year outlook

BioMarin Pharmaceutical Inc (NASDAQ:BMRN) reported third-quarter revenue of $1.025 billion on Tuesday, beating the consensus estimate of $989 million. Earnings per share matched expectations at $0.23.

The revenue beat was driven by stronger performance from Galafold, which exceeded estimates by $11 million, along with PomOp adding $6 million and Vimizim contributing $16 million above projections.

These gains were partially offset by weaker results from Voxzogo, which missed by $16 million, Naglazyme falling short by $18 million, and Palynziq missing by $15 million.

The company reduced its full-year Voxzogo guidance by $25 million at the midpoint, citing a potential $70 million order that may shift from the fourth quarter of 2026 to the first quarter of 2027.

BioMarin lowered its full-year revenue guidance by $50 million at the midpoint. The reduction includes a $25 million decrease in expected Voxzogo revenue and a $38 million reduction in the metabolic conditions business, partially offset by a $25 million increase in other revenue.

The company also lowered its fiscal 2026 earnings guidance to $2.80-$3.10 per share from the previous range of $4.90-$5.10. The reduction primarily reflects the impact of business development deals. Excluding a $1.87 per share negative impact from the Alesta acquisition and BMN 450 licensing, the updated guidance implies a range of $4.67-$4.97, representing a $0.18 per share decline at the midpoint.

Management noted faster-than-expected cost synergy realization from the Amicus acquisition, with the deal now expected to be accretive within nine months of closing, compared to the previous estimate of 12 months.