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BMRN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is BioMarin Pharmaceutical Inc. (BMRN) stock moving?
BioMarin's Q3 2026 showed strong top-line momentum: revenue rose 32% year over year to $1.025B, the first quarter above $1B, with metabolic conditions up 44% and skeletal up 12%. Adjusted EPS of $0.23 beat the $0.12 estimate, while sales were essentially in line (a $1M miss). The company then cut FY2026 guidance: adjusted EPS to $2.80-$3.10 from $4.90-$5.10 (versus a $3.32 consensus) and sales to $3.800-$3.900B from $3.875-$3.925B, citing order timing uncertainty and roughly $283M of acquired IPR&D charges from the Alesta deal (about $1.50 per share). The stock closed at $57.44 on Nov 2, gapped down to open at $53.06 on Nov 3 (about -7.6%), hit a low of $52.00 and closed at $55.66 on about 1.9x its 30-day average volume. It has since recovered to $57.13 on Nov 10, while volume has faded to 1.43M shares, and it remains in the $55-$58 range that has held since Oct 22. Analysts reacted on Nov 3-4 with price target cuts across seven firms. Four keep positive ratings (Morgan Stanley $119 Overweight, Oppenheimer $94 Outperform, Wedbush $89 Outperform, JP Morgan $86 Overweight), while Stifel ($66 Hold), RBC ($60 Sector Perform) and HC Wainwright ($60 Neutral) are neutral. The average target across these seven is about $82, roughly 44% above the Nov 10 close, but the guidance cut weighs on near-term sentiment. Supporting the longer view, BioMarin added a Fabry asset (HM15421/GC1134A) for a $70M upfront payment with up to $405M in milestones, and the VOXZOGO hypochondroplasia PDUFA date is May 30, 2027. No scheduled catalyst falls within the next seven days.
News behind the analysis
- BioMarin Pharmaceutical Lowers FY2026 Adj EPS Guidance from $4.90-$5.10 to $2.80-$3.10 vs $3.32 Est; Lowers FY2026 Sales Guidance from $3.875B-$3.925B to $3.800B-$3.900B vs $3.918B EstBioMarin cut its FY2026 adjusted EPS and sales guidance after Q3, citing order timing uncertainty and acquired IPR&D charges. The new adjusted EPS range sits well below the $3.32 consensus.
- Biomarin Pharmaceutical Q3 Adj. EPS $0.23 Beats $0.12 Estimate, Sales $1.025B Miss $1.026B EstimateQ3 adjusted EPS beat the $0.12 estimate at $0.23, while sales of $1.025B landed just below the $1.026B estimate. Quarterly revenue topped $1 billion for the first time.
- BioMarin Reports Third Quarter 2026 Financial and Operating ResultsTotal revenue rose 32% year over year to $1.025 billion, with metabolic conditions up 44% and skeletal conditions up 12%. The company also flagged a PDUFA action date of May 30, 2027 for VOXZOGO in hypochondroplasia.
- BioMarin Enters Exclusive Worldwide License Agreement for Fabry Disease TherapyBioMarin licensed HM15421/GC1134A, an investigational subcutaneous enzyme replacement therapy for Fabry disease, from GC Biopharma and Hanmi Pharm. The deal carries a $70M upfront payment and up to $405M in milestones.
- Morgan Stanley Maintains Overweight on BioMarin Pharmaceutical, Lowers Price Target to $119Morgan Stanley kept its Overweight rating and cut its price target to $119 after Q3 results. It remains the highest target among the covering analysts.
- Oppenheimer Maintains Outperform on BioMarin Pharmaceutical, Lowers Price Target to $94Oppenheimer maintained its Outperform rating and lowered its price target to $94 following the Q3 report. The move came after the company trimmed full-year guidance.
- RBC Capital Maintains Sector Perform on BioMarin Pharmaceutical, Lowers Price Target to $60RBC Capital kept its Sector Perform rating and lowered its price target to $60. The target sits close to the current share price.
- HC Wainwright & Co. Reiterates Neutral on BioMarin Pharmaceutical, Maintains $60 Price TargetHC Wainwright reiterated its Neutral rating and kept its $60 price target after the Q3 report. The target is unchanged despite the guidance cut.
- Wedbush Trims Price Target on BioMarin Pharmaceutical to $89 From $94Wedbush reduced its price target to $89 from $94 while keeping its Outperform rating. The cut follows the Q3 results and guidance revision.
- JP Morgan Maintains Overweight on BioMarin Pharmaceutical, Lowers Price Target to $86JP Morgan kept its Overweight rating and lowered its price target to $86. It is one of several target cuts issued after the Q3 report.
About BioMarin Pharmaceuticals Inc
BioMarin Pharmaceutical is a San Rafael, California biotech that develops and sells medicines for rare genetic diseases, including enzyme therapies and VOXZOGO for achondroplasia, a common form of dwarfism. It bought Amicus Therapeutics in 2026, adding the Fabry disease drug GALAFOLD and the Pompe disease treatment POMBILITI + OPFOLDA. Quarterly revenue topped about $1 billion for the first time in Q3 2026.
How it makes money
Almost all revenue comes from product sales of specialty rare-disease drugs, with a small amount from royalties. The main products are VOXZOGO (guided to at least about $1 billion in 2026), enzyme replacement therapies for MPS disorders such as VIMIZIM, NAGLAZYME and ALDURAZYME, PALYNZIQ and KUVAN for PKU, and since the Amicus deal GALAFOLD and POMBILITI + OPFOLDA. Its Metabolic Conditions segment grew about 44% year over year in Q3 2026.
What usually moves BMRN
- VOXZOGO sales growth and competition in achondroplasia
- Integrating Amicus and debt taken on for the deal
- Pipeline trial results and acquired R&D charges
- Large order timing in international markets
- Drug pricing and reimbursement policy