BioMarin Pharmaceutical (BMRN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 20% year-over-year to $990 million, driven by strong rare disease portfolio performance, new product launches, and the successful integration of Amicus, which added GALAFOLD and POMBILITI + OPFOLDA to the portfolio.

• Raised full-year 2026 guidance for total revenue, VOXZOGO, and non-GAAP EPS, reflecting robust first-half results and a strong outlook for the second half.

• Integration of Amicus is expected to deliver $220 million in annual cost synergies by 2028, with meaningful EPS accretion, operating margin expansion, and $280 million in expected GAAP cost reductions.

• Net income for Q2 2026 was $44.8 million, down from $240.5 million in Q2 2025, reflecting higher operating expenses, interest, and amortization from the Amicus acquisition.

• Announced restructuring plans to integrate Amicus and streamline operations, with expected pre-tax charges of $92 million through April 2027.

Financial highlights

• Q2 2026 total revenues: $990 million, up $165 million from Q2 2025, mainly from new product additions and VOXZOGO growth.

• Non-GAAP diluted EPS for Q2 2026: $1.20, down 17% year-over-year; GAAP diluted EPS: $0.23, down 81%.

• Non-GAAP operating margin for Q2 2026: 36.4%, compared to 39.9% in Q2 2025; GAAP operating margin: 11.2%.

• Interest expense for Q2 2026: $63.3 million, up from $2.7 million in Q2 2025, due to Amicus acquisition financing.

• Cash and cash equivalents at June 30, 2026: $874 million; total assets: $11.7 billion.

Outlook and guidance

• Full-year 2026 total revenue guidance raised to $3.875–$3.925 billion, reflecting 21% year-over-year growth.

• VOXZOGO full-year revenue guidance increased to $1.0–$1.05 billion, up 11% year-over-year.

• Non-GAAP diluted EPS guidance for 2026 raised to $4.90–$5.10, up 59% year-over-year.

• Gross leverage target below 2.5x by mid-2027, accelerated by one year.

• Q4 2026 expected to be the highest revenue quarter of the year.