BMRN earnings analysis
What we found in BMRN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Beat
- Q1 revenues reached $766.2 million, beating the estimate of $754.6 million by 1.4%.
- EPS Missed Expectations
- Reported EPS was $0.76, falling short of the $0.89 consensus estimate by 14.6%.
- 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.
- Increased Interest Expenses
- Interest expense surged to $15 million in Q1 2026, compared to $2.9 million in Q1 2025, due to new debt.
- 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.
- Management's Focus on Integration
- Management emphasized the importance of integrating Amicus Therapeutics into their operations to strengthen their portfolio.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.76
- Gross margin
- 74.5%
- Segment
- Enzyme Therapies
- Segment
- Net Product Revenues
What they said about what is next.
Management anticipates that revenues will increase following the acquisition of Amicus, but no specific numeric guidance was provided.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing BMRN makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever