10-K · February 26, 2026
BioMarin positions itself as a global rare-disease biotech with eight commercial therapies and a broad pipeline, reporting $3.2 billion in total revenues for 2025. The company is executing an acquisitive strategy…
Earnings analysis · 10-Q
BMRN earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
BioMarin Pharmaceutical Inc. reported Q1 results showing revenues of $766.2 million, which surpassed estimates but came with an EPS of $0.76 that missed expectations. The company faces increased operational costs and…
Read full summary
BioMarin Pharmaceutical Inc. reported Q1 results showing revenues of $766.2 million, which surpassed estimates but came with an EPS of $0.76 that missed expectations. The company faces increased operational costs and higher interest expenses related to its recent acquisition of Amicus Therapeutics, raising concerns about future profitability. Management indicated a commitment to growth despite macroeconomic pressures and integration challenges following the acquisition.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.76
- Gross margin
- 74.5%
- Segment
- Enzyme Therapies
- Segment
- Net Product Revenues
What stood out
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Q1 Revenue Beat
Q1 revenues reached $766.2 million, beating the estimate of $754.6 million by 1.4%.
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EPS Missed Expectations
Reported EPS was $0.76, falling short of the $0.89 consensus estimate by 14.6%.
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Strong Cash Position
Cash and equivalents increased to $2.2 billion from $1.3 billion at the end of 2025, a rise of $910.7 million.
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Increased Interest Expenses
Interest expense surged to $15 million in Q1 2026, compared to $2.9 million in Q1 2025, due to new debt.
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Segment Growth in Enzyme Therapies
Total net product revenues increased to $760.1 million, marking a growth of $25.5 million over last year's Q1 revenues.
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Management's Focus on Integration
Management emphasized the importance of integrating Amicus Therapeutics into their operations to strengthen their portfolio.
What to watch
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Continued EPS Decline
In Q1 2026, net income fell to $105.5 million from $185.7 million in Q1 2025, raising concerns over future profitability.
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Integration Challenges from Acquisition
The recent $4.8 billion acquisition of Amicus Therapeutics is expected to pose integration difficulties that could distract from existing operations.
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Rising Manufacturing Costs
Cost of sales rose significantly to $195 million from $151.6 million, with gross margin declining to 74.5% from 79.7% due to manufacturing expenses.
Management's outlook
Management anticipates that revenues will increase following the acquisition of Amicus, but no specific numeric guidance was provided.
Earlier filings 4
10-Q · October 28, 2025
BioMarin reported Q3 2025 revenue of $776,133,000 (up $30,393,000 vs. Q3 2024) with a strong gross margin of 82.0%, but recorded an operating loss of $46,692,000 (operating margin -6.0%) and GAAP diluted EPS of $(0.16).…
10-K · February 24, 2025
BioMarin reported $2.9 billion in total revenues for 2024, driven primarily by VOXZOGO ($735.1M) and VIMIZIM ($739.8M). The company announced a strategic refocus at its September 2024 Investor Day — reorganizing into…
10-Q · October 31, 2024
BioMarin reported Q3 2024 revenue of $745.74M, up $164.41M (28.3%) versus Q3 2023, driving income from operations of $113.893M and diluted EPS of $0.55 (versus $0.21 a year ago). Operating cash flow was strong…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.