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A biotechnology company focused on rare genetic diseases, BioMarin makes enzyme-replacement and gene therapies—including VOXZOGO, the first drug approved to treat achondroplasia (dwarfism) in children—alongside treatments like VIMIZIM and NAGLAZYME used by patients with rare metabolic disorders. Founded in 1997 in Marin County, California, the company's name blends "bio" for biotechnology with "Marin," the county where it got its start. Its early founders deliberately took on rare diseases that bigger drugmakers ignored, and the company has since grown into one of the world's largest rare-disease biotechs.
Amicus acquisition closes, adding $136M in revenue but driving net income down 81% on higher amortization and interest costs.
The Amicus acquisition reshaped BioMarin's quarter. rose 20% to $989.7M, driven by $136.0M from newly acquired products, but fell 81% to $44.8M as $73.5M in intangible and $63.3M in from deal financing overwhelmed the top-line gain. The company is now a different business, carrying $4.3B in debt and a broader portfolio, with its profitability dependent on managing these new costs.
Key takeaways
fell 81% to $44.8M, as $73.5M in and $63.3M in from the Amicus acquisition financing more than offset the increase.
rose 20% to $989.7M, with the April 2026 Amicus acquisition contributing $105.7M from GALAFOLD and $30.3M from POMBILITI and OPFOLDA, alongside higher VOXZOGO and PALYNZIQ volumes.
declined 2.3 points to 79.5%, driven by of the from the Amicus acquisition and the $31.0M charge for an unsuccessful Naglazyme manufacturing campaign in Q1.
Section summaries
Management's Discussion and Analysis
BioMarin Q2 2026 revenue grew 20% to $989.7M driven by Amicus acquisition and VOXZOGO/PALYNZIQ volume, while net income fell 81% to $44.8M on higher acquisition-related costs.
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Total revenues rose 20% to $989.7M in Q2 2026, primarily from the April 2026 Amicus acquisition adding GALAFOLD ($105.7M) and POMBILITI + OPFOLDA ($30.3M), plus higher VOXZOGO and PALYNZIQ volumes.
SG&A expense rose 70% to $395.5M, with general and administrative costs up $143.1M from Amicus integration and , and selling and marketing up $20.1M for new products and VOXZOGO expansion.
Cash and equivalents fell to $874.0M from $2,052.8M at year-end 2025, after using approximately $5.1B net cash for the Amicus acquisition, funded by $2.8B in term loans, $850M in notes, and cash on hand.
What changed
The Amicus acquisition, flagged in the FY 2025 10-K, closed in April 2026, adding GALAFOLD, POMBILITI, and OPFOLDA to the portfolio and transforming the balance sheet with $4.3B in total debt.
VOXZOGO growth decelerated from the $37.5M quarterly addition in Q2 2025 to a smaller increase this quarter, as the product's contribution was overshadowed by the new Amicus products.
The $31.0M Naglazyme manufacturing charge first reported in Q1 2026 continued to pressure this quarter, contributing to the 2.3-point decline.
R&D expense rose 28% to $207.0M, driven by the BMN 401 program acquired with Inozyme and R&D for the two new Amicus products, a shift from the prior year's declining R&D trend after the Roctavian restructuring.
What to watch
Q3 2026 and intangible to gauge the ongoing earnings impact of the $4.3B debt load and acquisition accounting.
Q3 2026 VOXZOGO to see if growth re-accelerates as the hypochondroplasia opportunity develops, now that it is no longer the primary growth driver.
Progress on Amicus integration and any or cost synergy disclosures that would affect the elevated SG&A run-rate.
Any or intangible asset testing outcomes related to the Amicus or Inozyme acquisitions in future filings.
declined 230 to 79.5% in Q2 2026, driven by of acquired from Amicus and a $31.0M charge in Q1 2026 for an unsuccessful NAGLAZYME manufacturing expansion campaign.
R&D expense increased 28% to $207.0M in Q2 2026, mainly from later-stage clinical program BMN 401 and R&D for two Amicus-acquired marketed products, partially offset by lower early pipeline spend from discontinued programs.
SG&A expense surged 70% to $395.5M in Q2 2026, with G&A up $143.1M due to Amicus integration and restructuring charges, and S&M up $20.1M from Amicus products and VOXZOGO global expansion.
dropped 81% to $44.8M in Q2 2026, as higher ($73.5M) and ($63.3M) from Amicus acquisition financing more than offset growth.
Liquidity tightened with total cash and investments falling to $874.0M from $2,052.8M at year-end 2025, after using ~$5.1B net cash for the Amicus acquisition, funded by $2.8B in term loans, $850M in notes, and cash on hand.
Quantitative and Qualitative Disclosures About Market Risk
Our market risks during the six months ended June 30, 2026 have not materially changed from those discussed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025, except as described below. Interest Rate Market Risk Our exposure to market ris…
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Our market risks during the six months ended June 30, 2026 have not materially changed from those discussed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025, except as described below.
Interest Rate Market Risk
Our exposure to market risk for changes in interest rates relates primarily to our cash, cash equivalents, investments, and our variable-rate term loans. The interest rate risk related to our variable-rate term loans arises from these bearing interest based on Secured Overnight Financing Rate (SOFR) or an alternate base rate plus a margin. As of June 30, 2026, our outstanding debt included $2.8 billion of variable-rate debt on Term Facilities. Assuming a 100 basis point increase in the applicable interest rates, annual interest expense on existing variable-rate debt would be expected to increase by approximately $28.0 million. The remaining outstanding debt as of June 30, 2026, was fixed-rate debt and is not exposed to risk related to changes in interest rates.
There were no borrowings under the 2026 Revolving Facility as of June 30, 2026.
Risks center on integrating the Amicus acquisition, executing a broader corporate strategy, and managing substantial debt amid regulatory and competitive pressures.
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The April 2026 Amicus acquisition introduces significant integration risks, including potential failure to realize anticipated cost savings, synergies, or accurately forecast combined financial performance.
The company's new corporate strategy involves expanding VOXZOGO into larger patient populations and advancing a broader pipeline, which requires successfully scaling operations and managing growth.
Substantial indebtedness of $4.3 billion, including $1.5 billion in Notes and $2.8 billion under new Term Facilities, creates refinancing risk and may limit business flexibility.
VOXZOGO and GALAFOLD face competition from other approved therapies and potential generic or entrants, while PALYNZIQ's sales are constrained by a mandated program.
Newly emphasized risks include the impact of potential 100% tariffs on patented pharmaceuticals announced for July 2026 and the effects of recent U.S. government workforce reductions at the FDA.
International operations expose the company to currency fluctuations, geopolitical instability, and reliance on special access programs for initial product sales in some markets.