BioMarin Pharmaceutical (BMRN) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $1,024.6M, up 32% YoY and the first quarter above $1B; growth reflected acquired products and higher demand.

• Metabolic Conditions revenue rose 44% YoY; Non-GAAP diluted EPS was $0.23, up 92% YoY.

• FY 2026 revenue guidance was reduced to $3.80B–$3.90B amid order-timing uncertainty; Non-GAAP diluted EPS guidance is $2.80–$3.10, including acquisition and licensing costs.

Financial highlights

• Q3 total revenue was $1,024.6M vs. $776.1M YoY; net product revenue was $1,013.1M vs. $760.8M.

• GAAP net loss was $122.8M vs. $30.7M; Non-GAAP income was $45M vs. $22M. GAAP diluted EPS was $(0.63), while Non-GAAP diluted EPS was $0.23.

• GAAP operating loss was $82.1M; Non-GAAP operating income was $137M, with a 13.4% margin vs. 2.8% a year earlier.

• Q3 GAAP R&D was $181M, acquired IPR&D $288M and SG&A $334M; Non-GAAP R&D was $167M and SG&A $249M.

Outlook and guidance

• FY 2026 revenue guidance is $3.80B–$3.90B, down from $3.875B–$3.925B; the revision reflects uncertainty in orders from one international customer, not patient demand.

• FY 2026 Non-GAAP diluted EPS guidance is $2.80–$3.10, down from $4.90–$5.10; Alesta and BMN 450 are expected to reduce EPS by ~$1.55 and $0.32, respectively.

• Alesta and BMN 450 are expected to generate FY 2026 pre-tax charges of ~$320M and $83M, respectively.

• A large international VOXZOGO order expected in Q3 shifted to Q4; multiple orders from one customer have uncertain timing.