BIOMARIN PHARMACEUTICAL (BMRN) Company Report

BioMarin Pharmaceutical announced a $4.8 billion cash agreement to acquire Amicus on December 22, 2025.
The acquisition brings two marketed rare-disease products (Galafold and Pombiliti + Opfolda) and U.S. rights to DMX-200, contributing approximately $599 million in combined net product revenue over the past four quarters.
The deal is expected to be accretive to Non-GAAP EPS within a year and substantially accretive by 2027, aiming to de-risk growth.
Concurrently, BioMarin ended the development of BMN 349, an oral small molecule in a Phase 1 trial for alpha-1 antitrypsin deficiency (AATD)-associated liver disease.
Following the announcement, BioMarin's shares fell about 3.5% on December 22, 2025, as several Wall Street firms trimmed price targets or downgraded ratings, while HC Wainwright raised its target to $60.

3 days ago

Morningstar

BioMarin Announces Acquisition of Amicus Therapeutics

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin will acquire Amicus Therapeutics in an all-cash transaction valued at $4.8 billion, or $14.50 per share.
The acquisition is expected to close in the second quarter of 2026 and will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing.
The deal is anticipated to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquisition adds two high-growth products, Galafold and POMOP, which each have the potential to reach $1 billion in peak sales and are projected to accelerate BioMarin's revenue growth immediately upon close.
BioMarin targets reducing gross leverage to under 2.5 times within two years from the transaction close, with an estimated gross leverage of 3.0-3.5 times at closing.

5 days ago

Transcript

BioMarin announces acquisition of Amicus Therapeutics

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin announced the acquisition of Amicus Therapeutics for $4.8 billion in an all-cash transaction at $14.50 per share.
The deal, expected to close in the second quarter of 2026, will be financed by cash on hand and approximately $3.7 billion of non-convertible debt.
The acquisition is projected to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquired products, Galafold and POMOP, are expected to accelerate BioMarin's revenue growth, with each having the potential to reach $1 billion in peak sales.
BioMarin aims to reduce its gross leverage to under 2.5x within two years of closing, from an estimated 3.0x-3.5x immediately after close.

5 days ago

Transcript

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

BMRN

M&A

Revenue Acceleration/Inflection

Debt Issuance

BioMarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction for $14.50 per share, representing a 33% premium to Amicus' closing stock price on December 18, 2025.
The acquisition has an equity value of $4.8 billion and will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing. BioMarin is targeting gross leverage of less than 2.5x within two years after close.
The transaction is expected to be accretive to non-GAAP diluted earnings per share in the first year after close and substantially accretive beginning in 2027. It is also anticipated to accelerate BioMarin's revenue growth and strengthen its financial outlook immediately upon close.
The acquisition expands BioMarin's position as a leader in rare diseases, adding two high-growth products, Galafold for Fabry disease and Pombiliti + Opfolda for Late-onset Pompe Disease, which are expected to accelerate and diversify BioMarin's revenues.
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q2 2026, subject to regulatory clearance and Amicus stockholder approval.

5 days ago

Presentation

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin will acquire Amicus Therapeutics in an all-cash transaction valued at $4.8 billion, or $14.50 per share.
The acquisition will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing, with the transaction expected to close in the second quarter of 2026.
The deal is expected to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquired products, Galafold and Pombiliti and Opfolda (POMOP), each have the potential to reach $1 billion in peak sales and are projected to contribute to revenue growth through much of the 2030s.
Pro forma gross leverage is estimated to be between 3.0-3.5 times at closing, with a target to reduce it to under 2.5 times within two years from the transaction close.

5 days ago

Transcript

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

BMRN

M&A

Revenue Acceleration/Inflection

Debt Issuance

BioMarin Pharmaceutical Inc. announced its intent to acquire Amicus Therapeutics for approximately $4.8 billion in an all-cash transaction at $14.50 per share, representing a 33% premium to Amicus's last close.
The acquisition is expected to accelerate BioMarin's revenue growth immediately after close and be accretive to Non-GAAP Diluted EPS in the first 12 months post-close, becoming substantially accretive beginning in 2027.
The transaction will add two marketed, high-growth products, Galafold and Pombiliti + Opfolda, which generated combined net product revenues of $599 million over the past four quarters.
BioMarin plans to finance the acquisition through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing, targeting gross leverage of less than 2.5x within two years after close.
The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances and approval by Amicus's stockholders.

5 days ago

Press Release

BioMarin Details Strategic Reorganization, Pipeline Milestones, and Financial Targets

BMRN

Guidance Update

New Projects/Investments

BioMarin's CEO, Alexander Hardy, outlined a strategic reorganization focused on growth, innovation, and value commitment, including a $500 million cost transformation and a target of 40% non-GAAP operating margin in 2026, up from 19% in 2023.
The company anticipates several key pipeline readouts and regulatory decisions, including top-line results for BMN 351 for Duchenne muscular dystrophy by the end of 2025, Phase III data for Voxogo in hypochondroplasia and the 4.0.1 program at the beginning of 2026, and an FDA action date of February 28, 2026, for Palynziq in adolescents.
BioMarin expressed confidence in Voxogo's continued growth over the next several years, driven by existing achondroplasia markets and a potential hypochondroplasia launch in 2027, with an estimated addressable market of 14,000 patients globally for hypochondroplasia.
The company's business development strategy focuses on genetically defined conditions, leveraging its global footprint across 80 countries and specialized capabilities to acquire assets.

Nov 18, 2025, 10:30 AM

Transcript

BioMarin Provides Pipeline and Financial Strategy Update at Jefferies Conference

BMRN

Guidance Update

New Projects/Investments

Product Launch

BioMarin is targeting a 40% non-GAAP operating margin next year, a significant increase from 19% in 2023, driven by a $500 million cost transformation.
The company anticipates several key pipeline readouts and approvals, including BMN 351 for Duchenne muscular dystrophy top-line results by the end of this year, Voxogo for hypochondroplasia Phase 3 data early next year, and an FDA action date of February 28 of next year for Palynziq in adolescents.
BioMarin expects continued growth for Voxogo, with the hypochondroplasia indication representing an addressable market of 14,000 patients and a potential bolus launch in 2027.
The company has $2 billion in flexibility for business development, focusing on genetically defined conditions where its global footprint and capabilities provide a competitive advantage.
BioMarin is pursuing multiple avenues for intellectual property protection for Voxogo, including orphan drug exclusivity, International Trade Commission litigation, and potential traditional IP litigation in the U.S. and Europe.

Nov 18, 2025, 10:30 AM

Transcript

BioMarin's PALYNZIQ sBLA Accepted for Priority Review by FDA

BMRN

Product Launch

New Projects/Investments

The U.S. Food and Drug Administration (FDA) has accepted BioMarin Pharmaceutical Inc.'s supplemental Biologics License Application (sBLA) for PALYNZIQ (pegvaliase-pqpz) for Priority Review.
This sBLA seeks to expand treatment to adolescents aged 12-17 with phenylketonuria (PKU).
The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of February 28, 2026.
The application is based on positive results from the Phase 3 PEGASUS study, which demonstrated statistically significant blood phenylalanine (Phe) lowering compared to diet alone.
BioMarin also plans to share these data with the European Medicines Agency to expand treatment with PALYNZIQ to adolescents in the European Union.

Oct 29, 2025, 1:00 PM

Press Release

BioMarin Raises 2025 Revenue Guidance, Announces Roctavian Divestment, and Updates 2027 Outlook

BMRN

Guidance Update

M&A

Revenue Acceleration/Inflection

BioMarin raised its full-year 2025 total revenue guidance to $3.15 billion at the midpoint and reaffirmed its Voxzogo revenue outlook to be between $900 million and $935 million. The company also updated its full-year 2025 non-GAAP operating margin guidance to between 26% and 27% and non-GAAP diluted EPS guidance to between $3.50 and $3.60.
The company reported a year-to-date total revenue increase of 11% compared to 2024, driven by strong performance in its global enzyme therapies and skeletal conditions business units, and ended Q3 2025 with approximately $2 billion in cash and investments.
BioMarin announced the decision to pursue options to divest Roctavian to focus on business units aligned with its strategic priorities.
The previously provided 2027 revenue outlook was updated, with the company no longer providing a specific estimate due to market unknowns and potential Voxzogo competition; however, the lower end of its range of estimates is in line with current 2027 top-line consensus (excluding Roctavian), and higher-end scenarios could reach $4 billion (excluding Roctavian).

Oct 27, 2025, 8:30 PM

Transcript

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BIOMARIN PHARMACEUTICAL (BMRN)

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