BioMarin Pharmaceutical (NASDAQ:BMRN) reports Q3 2026 in line with expectations but full-year sales guidance misses expectations

Biotech company BioMarin Pharmaceutical (NASDAQ:BMRN) met Wall Street’s revenue expectations in Q3 2026, with revenue up 32% year on year to $1.02 billion. On the other hand, the company’s full-year revenue guidance of $3.85 billion at the midpoint came in 1.8% below analysts’ consensus estimates. Its non-GAAP profit of $0.23 per share was significantly above analysts’ consensus estimates.

For more on BioMarin Pharmaceutical, read our free full research report.

"BioMarin delivered a strong quarter, with revenue growth of 32%, driven by a more diversified portfolio following the acquisition of Amicus Therapeutics earlier this year and increased demand for our medicines from patients around the world. For the first time, quarterly revenue exceeded $1 billion, a milestone for BioMarin," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "We are building on this achievement by continuing to expand our pipeline through focused business development. We are excited to add our newest asset, an investigational treatment for Fabry disease, which has the potential to become the first subcutaneous enzyme therapy for this condition. With this fourth new asset added to our pipeline in 2026, we are following through on our commitment to build sustainable growth for the future." Mr. Hardy added, "As we approach 2027, we are well positioned for our next chapter of growth, including the potential launch of VOXZOGO in hypochondroplasia and the continued execution of our financial and innovation strategy."

Revenue growth

Reviewing a company’s long-term revenue performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years. BioMarin Pharmaceutical’s revenue grew at a solid 14.6% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.

Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. BioMarin Pharmaceutical’s annualized revenue growth of 15.2% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong.

This quarter, BioMarin Pharmaceutical’s year-on-year revenue growth of 32% was strong, and its $1.02 billion of revenue was in line with Wall Street’s consensus estimates.

Looking ahead, sell-side analysts expect revenue to grow 18.5% over the next 12 months, according to S&P, an improvement versus the last two years. This projection is noteworthy and suggests its newer products and services will drive faster revenue growth.

Adjusted operating margin

Adjusted operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses, everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies because it excludes non-recurring expenses, interest on debt and taxes.

BioMarin Pharmaceutical has been an efficient company over the last five years. It was one of the more profitable businesses in the healthcare sector, with an average adjusted operating margin of 22.6%.

Looking at the trend in its profitability, BioMarin Pharmaceutical’s adjusted operating margin rose by 3.8 percentage points over the last five years, as its revenue growth gave it operating leverage. More recently, however, the company’s margin has decreased by 2.4 percentage points on a two-year basis. To meet the benchmark, BioMarin Pharmaceutical must prove it can expand its profitability consistently.

This quarter, BioMarin Pharmaceutical generated an adjusted operating margin of 13.4%, up 12.4 percentage points year on year. This increase was a positive development and shows it was more efficient.

Earnings per share

We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.

BioMarin Pharmaceutical’s EPS grew at a strong 12.2% compounded annual growth rate over the last five years. Despite its adjusted operating margin improvement during that time, this performance was lower than its 14.6% annualized revenue growth, indicating that non-fundamental factors such as interest and taxes affected its ultimate earnings.

Examining BioMarin Pharmaceutical’s quality of earnings can provide a better understanding of its performance. A five-year view shows BioMarin Pharmaceutical has diluted its shareholders, growing its share count by 5.7%. This dilution overshadowed its increased operational efficiency and has led to lower per share earnings. Taxes and interest expenses can also affect EPS but don’t tell us as much about a company’s fundamentals.

In Q3, BioMarin Pharmaceutical reported adjusted EPS of $0.23, up from $0.12 in the same quarter last year. This result was well above analysts’ consensus estimates, a positive outcome for shareholders. Over the next 12 months, Wall Street expects BioMarin Pharmaceutical’s full-year EPS to grow 138% from $2.65 to $6.30, according to S&P.

Key takeaways from BioMarin Pharmaceutical’s Q3 results

BioMarin Pharmaceutical’s EPS beat analysts’ consensus estimates, but the full-year outlook left this a weaker quarter overall: both EPS and revenue guidance fell short of Wall Street’s consensus estimates. Shares fell 4.5% to $54.86 immediately after the results.

BioMarin Pharmaceutical underperformed this quarter, but does the stock offer an investment opportunity? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation when deciding whether to invest in this stock. For more on business quality and valuation, read our full research report here (it’s free).