-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
BioMarin delivered mixed Q1 2026 results with revenue of $766M (+3% Y/Y), beating consensus by $14M, but Non-GAAP EPS of $0.76 vs $1.13 (-33% Y/Y) missed consensus of $0.91. The quarter was impacted by a $31M NAGLAZYME manufacturing charge and Amicus acquisition costs. The $4.8B Amicus acquisition closed in April, adding GALAFOLD and POMBILITI + OPFOLDA to expand BioMarin's rare disease portfolio. Management raised 2026 revenue guidance to $3.825B-$3.925B, representing 20% Y/Y growth at the midpoint. Multiple pipeline catalysts are expected in 2026, including BMN 401 Phase 3 results for ENPP1 deficiency and VOXZOGO Phase 3 data for hypochondroplasia in Q2, both potentially supporting regulatory submissions in 2H 2026. BMRN expects more than 55% of 2026 revenues in the second half, driving back-end-loaded EPS recognition, in our view. With $2B in cash and $221M Q1 operating cash flow, BioMarin maintains substantial financial flexibility, in our opinion.