BIOMARIN PHARMACEUTICAL INC
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
BMRN$56.03-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001048477-26-000016
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001048477-26-000023
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 88 previous paragraphs and 100 current paragraphs.
60 unchanged; 22 reworded; 15 added; 5 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 15 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
•VIMIZIM: higher sales volume due to timing of large international orders; and
Current report
•VOXZOGO: higher sales volume from new patients initiating therapy, primarily outside of the U.S.
Current report
•NAGLAZYME: lower sales volume due to timing of large international orders.
Current report
•VOXZOGO: higher sales volume from new patients initiating therapy, primarily outside of the U.S.;
Current report
•VIMIZIM: higher sales volume due to timing of large international orders; and
Current report
Acquired IPR&D expenses are recorded when incurred and reflect costs of externally-developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use, including upfront and pre-commercialization milestone payments related to various license agreements and the costs of rights to IPR&D projects.
Current report
The increase in Acquired IPR&D for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was due to higher costs paid for BMN 440 in the third quarter of 2026 as compared to costs paid for BMN 401 in the third quarter of 2025. We expect acquired IPR&D to increase in the fourth quarter of 2026 related to the upfront payment for BMN 450. See Note 15 -Subsequent Eventsto our accompanying Condensed Consolidated Financial Statements for additional information.
Current report
The increase in S&M expense for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 was primarily due to spend related to GALAFOLD and POMBILITI + OPFOLDA, which were acquired from Amicus on April 27, 2026, partially offset by lower spend on ROCTAVIAN as a result of our strategic decision in the fourth quarter of 2025 to voluntarily withdraw it from the market. The increase in S&M expense for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 was primarily due to spend related to GALAFOLD, POMBILITI + OPFOLDA, and VOXZOGO, partially offset by lower spend on ROCTAVIAN as mentioned above.
Current report
Provision for (Benefit from) Income Taxes
Current report
Interest Rates on the 2026 Senior Secured Credit Facilities
Removed paragraphs (5)
Previous report
•VOXZOGO: higher sales volume from new patients initiating therapy across all regions; and
Previous report
•VIMIZIM: lower sales volume due to timing of large government orders outside the U.S.; and
Previous report
The increase in S&M expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to expenses associated with commercial products acquired in the Amicus transaction and higher spend related to global expansion of VOXZOGO.
Previous report
In August 2024, we entered into an unsecured revolving credit facility (2024 Revolving Facility) providing for $600.0 million in revolving loan commitments. The 2024 Revolving Facility was intended to finance ongoing working capital needs and for other general corporate purposes. In April 2026, in connection with the entry into the 2026 Senior Secured Credit Facilities, we terminated the 2024 Revolving Facility.
Reworded paragraphs (22)
Previous wording
The increase in Net Product Revenues for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily attributed to the following:
Current wording
The increase in Net Product Revenues for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 was primarily attributed to the following:
Previous wording
The favorable impact for the three and six months ended June 30, 2026 was primarily driven by strengthening of the Euro, partially offset by weakening of the Argentine Peso. The unfavorable impact for the three and six months ended June 30, 2025 was primarily driven by weakening of the Argentine Peso, Brazilian Real and Mexican Peso.
Current wording
The favorable impact for the three and nine months ended September 30, 2026 was primarily driven by strengthening of the Euro, partially offset by weakening of the Argentine Peso and Japanese Yen. The unfavorable impact for the three and nine months ended September 30, 2025 was primarily driven by weakening of the Argentine Peso, Brazilian Real and Mexican Peso, partially offset by strengthening of the Euro.
Previous wording
Cost of sales increased and Gross margin decreased in the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to an increase in sales volume and amortization of acquired inventory fair value step-up associated with the products acquired from Amicus. Cost of sales increased and Gross margin decreased in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in sales volume, a $31.0 million charge recorded in first quarter of 2026 associated with an unsuccessful process qualification campaign to expand NAGLAZYME manufacturing capabilities, and amortization of acquired inventory fair value step-up.
Current wording
Cost of sales increased in the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025, primarily due to an increase in sales volume and amortization of acquired inventory fair value step-up. Gross Margin decreased in the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025, primarily due to unfavorable product mix driven by increased sales of lower-margin products.
Previous wording
The increase in R&D expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to higher spend on BMN 401, a later-stage clinical program acquired in the third quarter of 2025, and an increase in R&D spend for two marketed products acquired from Amicus in April 2026. These increases were partially offset by lower spend on Research and early pipeline due to discontinued programs.
Current wording
The decrease in R&D expense for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 was primarily due to programs discontinued during the year, partially offset by spend related to the marketed products acquired from Amicus. The increase in R&D expense for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 was primarily due to higher spend on BMN 401, a later-stage clinical program that was discontinued in the third quarter of 2026, and spend related to the marketed products acquired from Amicus, partially offset by lower spend on Research and early pipeline due to program discontinuations.
Previous wording
The increase in G&A expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to integration and restructuring charges related to the acquisition of Amicus and incremental administrative costs related to ongoing support of corporate initiatives.
Current wording
The increase in G&A expense for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was primarily due to severance and integration charges related to the acquisition of Amicus and ongoing corporate initiatives.
Previous wording
The increase in Amortization of intangible assets for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to the amortization of the intangible assets acquired from Amicus on April 27, 2026. With the addition on the acquired intangible assets, we expect amortization of intangible assets to increase over the next 12 months.
Current wording
The increase in Amortization of intangible assets for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was primarily due to the amortization of the intangible assets acquired from Amicus on April 27, 2026. With the addition of the acquired intangible assets, we expect amortization of intangible assets to increase over the next 12 months.
Previous wording
The decrease in Interest income for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to lower cash and investment balances as investments were liquidated to fund a portion of the Amicus transaction. We expect Interest income to decrease over the next 12 months due to lower cash and investment balances.
Current wording
The decrease in Interest income for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was primarily due to lower cash and investment balances as investments were liquidated to fund a portion of the Amicus transaction. We expect Interest income to decrease over the next 12 months due to lower cash and investment balances.
Previous wording
The increase in Interest expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to borrowings obtained to finance a portion of the Amicus transaction in April 2026. The increase was also partially attributable to bridge commitment fees that were amortized to interest expense following the termination of the bridge commitment. We expect Interest expense to increase over the next 12 months due to long-term debt financings completed in 2026. See Note 7 - Debt to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Current wording
The increase in Interest expense for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was primarily due to borrowings obtained to finance a portion of the Amicus transaction in April 2026. The increase in Interest expense for the nine months ended September 30, 2026 was also partially attributable to bridge commitment fees that were amortized to Interest expense following the termination of the bridge commitment in the first half of 2026. We expect Interest expense to increase over the next 12 months due to long-term debt financings completed in 2026. See Note 7 - Debt to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Previous wording
Other Income, Net for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was relatively flat. The increase in Other Income, Net for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to gain on sale of marketable securities resulting from the sale of our short-term and long-term investments to fund the Amicus transaction.
Current wording
The decrease in Other Income, Net for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 was primarily due to the absence of insurance proceeds related to damaged goods received in the third quarter of 2025 with no comparable proceeds in 2026. Other Income, Net for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 was relatively flat.
Previous wording
The Provision for Income Taxes for the periods presented was as follows:
Current wording
The Provision for (Benefit from) Income Taxes for the periods presented was as follows:
Previous wording
The decrease in Provision for Income Taxes for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to lower pre-tax income.
Current wording
The decrease in Provision for (Benefit from) Income Taxes for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 was primarily due to lower pre-tax income driven by non-deductible acquired IPR&D charges and expenses attributed to the Amicus acquisition, which include increased interest expense and amortization of the acquired intangible assets. The impact of non-deductible acquired IPR&D on the annual effective tax rate was greater in 2026 as compared to 2025, resulting in a benefit from income taxes for the three months ended September 30, 2026.
Previous wording
The increase in net cash provided by operating activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributed to timing of cash receipts from our customers and a decrease in inventory purchases, partially offset by a decrease in Net Income.
Current wording
The decrease in net cash provided by operating activities in the nine months ended September 30, 2026 compared to September 30, 2025 was primarily attributed to a decrease in Net Income and timing of cash payments to vendors, partially offset by a decrease in inventory purchases and timing of cash receipts from our customers.
Previous wording
The increase in net cash used in investing activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributable to approximately $5.1 billion net cash paid for acquisition of Amicus, partially offset by higher net maturities of marketable securities.
Current wording
The increase in net cash used in investing activities in the nine months ended September 30, 2026 compared to September 30, 2025 was primarily attributable to net cash paid for acquisitions of Amicus and Alesta, partially offset by higher net maturities of marketable securities.
Previous wording
The increase in net cash provided by financing activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributable to proceeds from the secured term loan facilities and the 2034 Notes.
Current wording
The increase in net cash provided by financing activities in the nine months ended September 30, 2026 compared to September 30, 2025 was primarily attributable to proceeds from the secured term loan facilities and the 2034 Notes, offset by partial repayment of term loan facilities.
Previous wording
As of June 30, 2026, we had approximately $4.3 billion (undiscounted) aggregate principal amount of indebtedness, which requires and will require material cash payments for interest and principal. Our indebtedness consisted of:
Current wording
As of September 30, 2026, we had approximately $4.2 billion (undiscounted) aggregate principal amount of indebtedness, which requires and will require material cash payments for interest and principal. Our indebtedness consisted of:
Previous wording
•$800.0 million outstanding under a senior secured term loan A facility maturing in April 2031 (the Term Loan A Facility); and
Current wording
•$790.0 million outstanding under a senior secured term loan A facility maturing in April 2031 (the Term Loan A Facility); and
Previous wording
•$2,000.0 million outstanding under a senior secured term loan B facility maturing in April 2033 (the Term Loan B Facility, and, together with the Term Loan A Facility, the Term Facilities).
Current wording
•$1,995.0 million outstanding under a senior secured term loan B facility maturing in April 2033 (the Term Loan B Facility, and, together with the Term Loan A Facility, the Term Facilities).
Previous wording
In April 2026, we used the net proceeds from the 2034 Notes, borrowings under the Term Facilities and approximately $1.7 billion of cash on hand to fund the consideration payable in connection with the Amicus acquisition, totaling approximately $5.3 billion. As a result of the acquisition financing, the aggregate principal amount of our indebtedness increased from approximately $1.5 billion as of March 31, 2026 to approximately $4.3 billion as of June 30, 2026.
Current wording
In April 2026, we used the net proceeds from the 2034 Notes, borrowings under the Term Facilities and approximately $1.7 billion of cash on hand to fund the consideration payable in connection with the Amicus acquisition, totaling approximately $5.3 billion. As a result of the acquisition financing, the aggregate principal amount of our indebtedness increased from approximately $1.5 billion as of March 31, 2026 to approximately $4.2 billion as of September 30, 2026.
Previous wording
Our increased indebtedness has increased our cash requirements, including fixed-rate interest payments on the 2027 Notes and 2034 Notes, variable-rate interest payments and scheduled principal payments under the Term Facilities. The 2027 Notes mature in May 2027 and, to the extent not converted, repurchased, refinanced or otherwise settled before maturity, will be required to be paid in cash. See also “In addition, our ability to refinance our indebtedness will depend on capital markets and our financial condition at such time” in “Risk Factors” included in Part II, Item 1A of this Quarterly Report.
Current wording
Our increased indebtedness has increased our cash requirements, including fixed-rate interest payments on the 2027 Notes and 2034 Notes, variable-rate interest payments and scheduled principal payments under the Term Facilities. The 2027 Notes mature in May 2027 and, to the extent not converted, repurchased, refinanced or otherwise settled before maturity, will be required to be paid in cash. The Term Loan A Facility requires quarterly principal repayments equal to 1.25% of the original principal amount, with the remaining outstanding principal balance due at maturity. The Term Loan B Facility requires quarterly principal repayments equal to 0.25% of the original principal amount, with the remaining outstanding principal balance due at maturity. See also “In addition, our ability to refinance our indebtedness will depend on capital markets and our financial condition at such time” in “Risk Factors” included in Part II, Item 1A of this Quarterly Report.
Previous wording
Term Loan A Facility is initially 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings and, beginning on the first business day immediately following delivery of the compliance certificate for the first full fiscal quarter ending after April 27, 2026, ranges from 0.00% to 0.75% for alternate base rate borrowings and from 1.00% to 1.75% for term SOFR borrowings, in each case based on our total net leverage ratio. Dollar-denominated borrowings under the 2026 Revolving Facility, if any, bear interest on the same basis and at the same applicable margins as borrowings under the Term Loan A Facility. Interest on alternate base rate borrowings is payable quarterly in arrears on the last business day of March, June, September and December and on the applicable maturity date. Interest on term SOFR borrowings is payable in arrears on the last day of the applicable interest period or, if earlier, on the maturity date of the applicable facility and, for any interest period exceeding three months, every three months after the beginning of such interest period. As a result, our interest expense and cash requirements under the Term Facilities will vary based on changes in applicable benchmark interest rates. See also “Interest Rate Market Risk” in “Quantitative and Qualitative Disclosures About Market Risk” included in Part I, Item 3 of this Quarterly Report.
Current wording
Borrowings under the Term Facilities bear interest, at our option, at either (a) an alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds effective rate then in effect plus 0.50% per annum, (iii) a term Secured Overnight Financing Rate (SOFR) rate determined on the basis of a one-month interest period plus 1.00% per annum and (iv) 1.00%, in each case, plus the applicable margin, or (b) a term SOFR rate based on a one-, three- or six-month interest period, plus the applicable margin. The applicable margin for borrowings under the Term Loan B Facility is 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings. The applicable margin for borrowings under the Term Loan A Facility is initially 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings and, beginning on the first business day immediately following delivery of the compliance certificate for the first full fiscal quarter ending after April 27, 2026, ranges from 0.00% to 0.75% for alternate base rate borrowings and from 1.00% to 1.75% for term SOFR borrowings, in each case based on our total net leverage ratio. Dollar-denominated borrowings under the 2026 Revolving Facility, if any, bear interest on the same basis and at the same applicable margins as borrowings under the Term Loan A Facility. Interest on alternate base rate borrowings is payable quarterly in arrears on the last business day of March, June, September and December and on the applicable maturity date. Interest on term SOFR borrowings is payable in arrears on the last day of the applicable interest period or, if earlier, on the maturity date of the applicable facility and, for any interest period exceeding three months, every three months after the beginning of such interest period. As a result, our interest expense and cash requirements under the Term Facilities will vary based on changes in applicable benchmark interest rates. See also “Interest Rate Market Risk” in “Quantitative and Qualitative Disclosures About Market Risk” included in Part I, Item 3 of this Quarterly Report.
Previous wording
As of June 30, 2026, we had obligations of approximately $854.4 million, of which $361.5 million is expected to be paid in 2026. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services.
Current wording
As of September 30, 2026, we had obligations of approximately $768.8 million, of which $291.1 million is expected to be paid in 2026 and the remainder in 2027. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services.
Previous wording
There have been no significant changes to our critical accounting estimates during the six months ended June 30, 2026, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
Current wording
There have been no significant changes to our critical accounting estimates during the nine months ended September 30, 2026, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The increase in Net Product Revenues for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 was primarily attributed to the following:
Current report — wording carried from elsewhere
•GALAFOLD and POMBILITI + OPFOLDA: revenues from commercial products acquired on April 27, 2026;
Current report — wording carried from elsewhere
These increases were partially offset by the following:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Borrowings under the Term Facilities bear interest, at our option, at either (a) an alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds effective rate then in effect plus 0.50% per annum, (iii) a term Secured Overnight Financing Rate (SOFR) rate determined on the basis of a one-month interest period plus 1.00% per annum and (iv) 1.00%, in each case, plus the applicable margin, or (b) a term SOFR rate based on a one-, three- or six-month interest period, plus the applicable margin. The applicable margin for borrowings under the Term Loan B Facility is 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings. The applicable margin for borrowings under the