BioMarin Pharmaceutical Inc. reported its financial results for the first quarter of 2026, revealing total revenues of $766.2 million, a 2% increase from $745.1 million in the same period of 2025. The growth was primarily driven by a rise in net product revenues, which reached $760.1 million, up from $734.6 million year-over-year. However, the company experienced a decline in net income, which fell to $105.5 million, compared to $185.7 million in the prior year, resulting in earnings per share of $0.55, down from $0.97.
The financial performance reflects significant changes in operating expenses, which surged to $636.6 million from $521.3 million in the previous year. This increase was largely attributed to higher costs in research and development, which rose to $178.8 million from $158.7 million, and selling, general, and administrative expenses, which increased to $258.3 million from $206.1 million. The company also incurred $15 million in interest expenses, a substantial rise from $2.9 million in the prior year, due to the issuance of new debt.
In terms of strategic developments, BioMarin completed the acquisition of Amicus Therapeutics in April 2026 for approximately $4.8 billion. This acquisition is expected to enhance BioMarin's portfolio by adding new treatments for lysosomal storage diseases, including GALAFOLD and POMBILITI. The acquisition was financed through a combination of cash and new debt, which increased the company's total long-term debt to approximately $1.5 billion as of March 31, 2026. The company also reported a significant increase in cash and cash equivalents, which rose to $2.2 billion from $1.3 billion at the end of 2025.
Operationally, BioMarin's product adoption rates showed positive trends, with VOXZOGO sales increasing to $219.9 million from $213.7 million, and VIMIZIM sales rising to $210.2 million from $188.3 million. The company also reported a notable increase in sales from Latin America, which grew to $108.2 million from $88.3 million. However, sales of ALDURAZYME and ROCTAVIAN declined, reflecting challenges in order fulfillment and a voluntary market withdrawal, respectively.
Looking ahead, BioMarin anticipates that the Amicus acquisition will drive revenue growth over the next 12 months. The company is focused on integrating the new assets and continuing to advance its product pipeline, including ongoing clinical trials for its investigational therapies. Despite the challenges posed by macroeconomic conditions, BioMarin remains optimistic about its strategic direction and the potential for future growth.
About BIOMARIN PHARMACEUTICAL INC
BioMarin Pharmaceutical Inc. is a global biotechnology company specializing in developing and commercializing therapies for rare genetic diseases. Its core products include enzyme replacement therapies and gene therapies targeting conditions like mucopolysaccharidosis, achondroplasia, phenylketonuria, Batten disease, and hemophilia A. BioMarin serves patients worldwide through direct sales and partnerships, leveraging proprietary biologics, gene therapy platforms, and a strong intellectual property portfolio to address unmet medical needs in specialized markets.
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