A month has gone by since the last earnings report for BioMarin Pharmaceutical (BMRN Quick QuoteBMRN - Free Report) . Shares have added about 0.2% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is BioMarin due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for BioMarin Pharmaceutical Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings Miss, Sales Beat Estimates

BioMarin reported first-quarter 2026 adjusted earnings per share of 76 cents, missing the Zacks Consensus Estimate of 94 cents. However, earnings declined 33% year over year. This was largely due to a $31 million charge tied to the company’s unsuccessful campaign to extend Naglazyme manufacturing capabilities, as well as higher operating expenses associated with the acquisition of Amicus Therapeutics.

Total revenues in the first quarter were $766.2 million, up 3% year over year. The figure beat the Zacks Consensus Estimate of $762.4 million.

Quarter in Detail

Net product revenues totaled nearly $760.1 million, up 3.5% year over year on higher revenues from the company’s Enzyme Therapies, as well as Voxzogo.

Royalty and other revenues totaled $6.1 million, down about 42% year over year.

Voxzogo generated sales of $220 million, up 3% year over year. Per the company, this modest upside was expected, as it had previously experienced large orders for the drug in the fourth quarter of 2025. Despite this, Voxzogo sales beat the Zacks Consensus Estimate of $216 million.

BioMarin reports consolidated revenues from five products — Aldurazyme, Brineura, Naglazyme, Palynziq and Vimizim — under a single segment, “Enzyme Therapies.” Sales from this franchise increased 6% year over year to $514 million in the reported quarter, driven by higher product sales of Vimizim, Naglazyme and Brineura.

Palynziq injection sales totaled $90 million in the quarter, down 3% year over year, impacted by order timing in the United States. The drug’s sales missed the Zacks Consensus Estimate of $112 million.

Vimizim sales rose 12% year over year to $210 million, which beat the Zacks Consensus Estimate of $194 million.

Naglazyme sales increased 14% year over year to $130 million. Brineura generated sales of $47 million, up 18%.

Product revenues from Aldurazyme totaled $37 million, down 24% year over year.

Roctavian generated $3 million in sales compared with $11 million in the year-ago period. This downside is attributable to the company’s decision to voluntarily withdraw the product from the market.

Kuvan revenues declined 4% to $24 million due to generic competition.

2026 Guidance

In April 2026, BioMarin announced that it completed the acquisition of Amicus Therapeutics for $4.8 billion. With this transaction, the company now expects to record total revenues in the range of $3.83-$3.93 billion in 2026, up from the previous guidance of $3.33-$3.43 billion. This new guidance, which includes contributions from Amicus’ marketed drugs, suggests growth of 20% at the mid-point of the range. Management expects to generate more than 55% of the overall 2026 revenues in the second half of the year.

While BioMarin reiterated its Voxzogo sales guidance to be in the range of $975 million to $1.03 billion, it now expects enzyme therapies revenues to be between $2.73 billion and $2.78 billion (previously: $2.23-$2.28 billion). Despite the decline in first-quarter sales, BMRN expects Palynziq sales to increase in 2026, primarily boosted by the drug’s recent approval in adolescents with PKU.

Since the company has accounted for the Amicus Therapeutics acquisition as a business combination, it will result in intangible amortization impacting GAAP results over future periods and will be excluded from Non???GAAP results. However, both these results will be impacted by interest expense related to the Amicus financing.

BioMarin has revised its adjusted earnings per share (EPS) to be in the range of $4.85-$5.05 for the year, down from the previous guidance of $4.95-$5.15. While the company expects about two-thirds of this figure to be recognized in the second half of the year, it projects the adjusted EPS in the second quarter to be modestly higher than in the first quarter.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -25.57% due to these changes.

VGM Scores

At this time, BioMarin has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, BioMarin has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

BioMarin belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Illumina (ILMN Quick QuoteILMN - Free Report) , has gained 16.9% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Illumina reported revenues of $1.09 billion in the last reported quarter, representing a year-over-year change of +4.8%. EPS of $1.15 for the same period compares with $0.97 a year ago.

For the current quarter, Illumina is expected to post earnings of $1.24 per share, indicating a change of +4.2% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Illumina. Also, the stock has a VGM Score of C.