Factor Model (net -1.8)
Factor Model
net -1.8 4.2 / 10BioMarin targets 40% margins, $3.7B revenue with Amicus in 2026
Watch: Amicus close timing and early integration milestones in H2 2026—any slippage threatens the revenue and margin guidance anchoring this year's thesis.
BioMarin Pharmaceutical detailed its 2026 guidance at TD Cowen's healthcare conference, targeting 40% operating margins and approximately $3.7 billion in revenue assuming Amicus closes in H2 2026. The company models $4.80 non-GAAP EPS on a combined basis, though Amicus is expected to be slightly dilutive to earnings. Core enzyme and skeletal franchises forecast mid-to-high single-digit growth, but a 3% revenue headwind looms from Roctavian removal, Kuvan erosion, and lapsed royalties—offsetting near-term growth.
The 40% margin target and Amicus integration timeline offer a concrete roadmap to prove the strategic pivot works post-acquisition, validating Bernstein's recent PT raise despite Q4's earnings miss. Hitting these numbers would demonstrate execution capability and justify the M&A bet on scale and diversification.
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