BioMarin shares fall 6.1% after hours despite Q3 profit beat

BioMarin (BMRN) said in a press release that third-quarter revenue rose 32% from a year earlier to $1.02 billion, and that non-GAAP diluted earnings reached 23 cents per share.

Shares fell 6.1% in after-hours trading as of 5:16 p.m. ET, from a regular-session close of $57.46.

The company said it was the first quarter in which revenue exceeded $1 billion. Growth came mainly from GALAFOLD and POMBILITI + OPFOLDA, which BioMarin acquired on April 27 through its purchase of Amicus Therapeutics.

"BioMarin delivered a strong quarter, with revenue growth of 32%, driven by a more diversified portfolio following the acquisition of Amicus Therapeutics earlier this year," said CEO Alexander Hardy.

Here's how the company did:

• Non-GAAP diluted EPS: 23 cents vs. 12 cents a year earlier
• Total revenues: $1.02 billion vs. $776 million a year earlier
• GAAP diluted EPS: loss of 63 cents vs. loss of 16 cents a year earlier
• Non-GAAP income: $45 million vs. $22 million a year earlier

GAAP net loss widened to $123 million from $31 million, the company said. It cited intangible asset amortization, interest on debt issued to fund part of the Amicus deal, and integration and restructuring costs.

Segment results

Metabolic Conditions revenue rose 44% to $744 million, the company said. Growth was driven by the Amicus products and higher VIMIZIM revenue.

VIMIZIM revenue grew 18% to $216 million on timing of large international orders. VOXZOGO revenue rose 12% to $245 million, as the number of children treated globally increased 17%.

NAGLAZYME revenue fell 11% to $108 million. The company said more than 75% of VOXZOGO revenue came from outside the U.S., and a large international order previously expected in the third quarter is now anticipated in the fourth quarter.

2026 guidance

The company cut its full-year 2026 total revenue forecast to $3.80 billion to $3.90 billion, from $3.88 billion to $3.93 billion given on Aug. 6.

It also cut its non-GAAP diluted EPS forecast to $2.80 to $3.10, from $4.90 to $5.10. The company attributed the revenue change to uncertainty in the timing of multiple orders from a single international customer.

Metabolic Conditions revenue guidance moved to $2.68 billion to $2.75 billion, from $2.73 billion to $2.78 billion. VOXZOGO guidance moved to $975 million to $1.03 billion, from $1.00 billion to $1.05 billion.

Costs and charges

The company expects the Alesta acquisition and the BMN 450 license agreement to bring pre-tax charges of $320 million and $83 million for 2026. It said those charges would reduce both GAAP and non-GAAP diluted EPS by about $1.55 and 32 cents for the full year.

BioMarin continues to expect about $220 million of non-GAAP cost synergies from Amicus to be fully realized in 2028.