BioMarin Targets 40% Margin for 2026, Sees $3.7B Revenue from Amicus
BioMarin expects to achieve a 40% non-GAAP operating margin in 2026 excluding the Amicus acquisition, modeling $3.7 billion in revenue and $4.80 EPS from an H2 Amicus contribution. The company forecasts enzyme therapy growth of 7% and skeletal conditions growth of 8%, despite a 3% revenue headwind.
1. Strategy Refresh and Business Development
Since launching a strategic refresh two years ago, CEO Alexander Hardy has elevated business development as a core growth driver, completing the Inozyme acquisition and agreeing to acquire Amicus. Management plans to delever following the Amicus close while pursuing earlier-stage pipeline deals to strengthen its enzyme therapy and skeletal condition franchises.
2. 2026 Financial Outlook and Margin Goal
CFO Brian Mueller outlined the 2026 framework, modeling $3.7 billion in revenue and $4.80 non-GAAP EPS with Amicus contributing in the second half. The outlook includes a roughly 3% headwind from ROCTAVIAN removal, Kuvan erosion and lapsed royalties, yet projects enzyme therapy growth of 7% and skeletal conditions growth of 8%, and targets a 40% operating margin excluding Amicus.
3. Pipeline Advances and Competitive Dynamics
Voxzogo faces new FDA-approved competition, but BioMarin cites 90% patient adherence, long-term durability data and a five-year market lead to support gradual switching. Upcoming catalysts include a hypochondroplasia Phase 3 readout, a weekly-dosed BMN 333 program and a pediatric BMN 401 Phase 3 readout in H1, underpinning multiple growth pillars.