Key Takeaways:
BioMarin reported Q2 revenue of $989.7 million, up 20 percent year over year, beating consensus by 6.5 percent.
"This quarter, we executed strongly across our portfolio while rapidly integrating Amicus into BioMarin's operations," Chief Executive Officer Alexander Hardy said.
Non-GAAP diluted EPS came in at $1.20, beating the $0.95 consensus by 26.6 percent. Adjusted operating income reached $360 million, a 36.4 percent margin. The company raised full-year revenue guidance to $3.9 billion at the midpoint and adjusted EPS to $5.00.
Shares rose 3.7 percent to $63.75 after the report. The company expects Q4 to be its strongest quarter of 2026, with VOXZOGO on track to become its first $1 billion product.
The Amicus acquisition, which closed in April, added GALAFOLD and POMBILITI plus OPFOLDA to BioMarin's portfolio. On a pro forma basis, GALAFOLD revenue grew approximately 10 percent year over year in Q2, while POMBILITI and OPFOLDA rose more than 65 percent. The company projects peak revenue of $1.4 billion for GALAFOLD and $1.2 billion for POMBILITI and OPFOLDA.
BioMarin expects approximately $220 million in annual cost synergies, fully realized by 2028, representing about a 50 percent reduction from Amicus's 2025 non-GAAP operating expenses of $432 million. Chief Financial Officer Brian Mueller said the acquisition remains modestly dilutive in 2026 but close to breakeven, with substantial earnings accretion beginning in 2027.
VOXZOGO revenue grew 14 percent year over year, with double-digit growth in both U.S. and international markets. Approximately 90 percent of U.S. children on VOXZOGO remained on treatment as of the end of July, with fewer than 100 patient switches since a competitor launched in February. More than half of new U.S. patient starts were in children ages two and younger.
The company submitted a supplemental new drug application for VOXZOGO in hypochondroplasia, targeting a global addressable population of approximately 14,000 patients. The Amicus deal also added BMN 820, a Phase III oral CCR2 inhibitor for focal segmental glomerulosclerosis, with data expected in 2028.
Metabolic Conditions revenue reached $695 million, up 25 percent year over year, with PALYNZIQ growing 27 percent. The company recently received European approval to expand PALYNZIQ's label to adolescents ages 12 and older with PKU.
The guidance increase reflects management's confidence in continued momentum across the portfolio. Investors will watch the Q3 earnings call for updates on the VOXZOGO hypochondroplasia filing and Amicus integration progress.
This article is for informational purposes only and does not constitute investment advice.
