BioMarin Pharmaceutical (BMRN) · Q1 2026 results and valuation

At 15.4% growth a year (3-year revenue growth), the model's fair value is $119.59 a share — the stock trades 51% below it. Today's price assumes 6.9% growth a year.

1. Key theme

   As you heard in BioMarin Pharmaceutical's prepared comments, its demand in the first quarter remains strong.

   Source quote

   “As you heard in our prepared comments, our demand in the first quarter remains strong. Our enrollments in Q1 exceeded the average of the second half last year, and that trend continued into April.”

2. Guidance ↑

   BMRN raised Enzyme Therapies revenue guidance to a range of $2.725 billion to $2.775 billion for the full year 2026 due to contributions from Galafold and Pombility.

   Source quote

   “We are raising Enzyme Therapies revenue guidance to a range of $2.725 billion to $2.775 billion for the full year 2026 inclusive of meaningful contributions from Galafold and Pombility...”

3. Guidance

   For Voxzogo, BioMarin Pharmaceutical is maintaining its revenue guidance of $975 million to $1.025 billion, which continues to reflect high single-digit growth at the midpoint.

4. Guidance

   The acquisition accelerates anticipated year-over-year 2026 revenue growth to 20% at the midpoint of the updated guidance.

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Not only were more than half of new patient starts in that zero to two population in the first quarter, but we are also seeing a reduction in the time...”

“Additionally, we have seen an approximate 10% decrease in the average age of children initiating Voxzogo treatment in the under two segment, narrowing the window between diagnosis and treatment starts.”

“As a reminder, ENPP1 deficiency is a rare, serious, and progressive genetic condition affecting vascular, skeletal, and soft tissue systems.”