BMRN 3Q26 Results: First $1B Quarter, FY Guide Cut on Timing Not Demand

BMRN delivered its first quarter above $1B in revenue ($1,025M, in line with consensus $1,024M and MSe $1,030M) while cutting FY26 total revenue guidance to $3.8-3.9B (from $3.875-3.925B) on a ~$70M order deferral by a single international customer attributed to timing rather than patient demand. 3Q26 non-GAAP EPS of $0.23 includes ~$1.48 of Alesta IPR&D. Voxzogo revenue of $245M was 6% below consensus ($260M) and 8% below MSe ($268M), with a large international order moved from 3Q to 4Q; more than 75% of revenue was ex-US, and management will stop reporting US switch metrics from 4Q. Galafold $152M was 8% above consensus and Pombiliti + Opfolda $49M was 14% above, with the two contributing $201M in their first full quarter. Management said Amicus cost synergies are running ahead of the August plan and the deal is now accretive within nine months of the April 27 close. We lower FY26-28 Voxzogo 3%/3%/2% and Palynziq 10%/13%/9%, and raise Vimizim and Pombiliti + Opfolda. Price target mov