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Don't Panic: The EPS is Just Having a "Moment"

By Nathan Brinkman

Q1 2026 was never going to be BioMarin’s best-looking quarter on paper and we know this at the end of Q4 2025. A $30 million government VOXZOGO order that inflated Q4 2025 and would not repeat leading to a 12% quarter vs. quarter loss in revenue. Add in the Amicus integration and interest costs along with a
$31 million failed capacity expansion project, which both directly hit EPS. The result: a modest revenue miss (revenue $766 million vs. $776 million consensus) and a larger-than-expected EPS miss. Strip out the Amicus costs and the expansion failure, the underlying organic business performed as guided. More importantly, the Amicus Therapeutics acquisition closed April 27, 2026, slightly ahead of the original Q2 target. With the acquisition now closed, BioMarin used Q1 earnings to raise full-year 2026 total revenue guidance by nearly 15% to $3.825–3.925 billion, reflecting a 20% year-over-year growth rate at the midpoint. BioMarin is now a materially larger, more diversified rare disease company than it was three months ago.