Biotech company BioMarin Pharmaceutical (NASDAQ: BMRN) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 19.9% year on year to $989.7 million. The company’s full-year revenue guidance of $3.9 billion at the midpoint came in 0.7% above analysts’ estimates. Its non-GAAP profit of $1.20 per share was 26.6% above analysts’ consensus estimates.

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"This quarter, we executed strongly across our portfolio while rapidly integrating Amicus into BioMarin's operations and advancing plans to accelerate growth for GALAFOLD and POMBILITI + OPFOLDA, and extending the benefit of these medicines to more patients worldwide," said Alexander Hardy, President and Chief Executive Officer of BioMarin.

Company Overview

Pioneering treatments for conditions that often had no previous therapeutic options, BioMarin Pharmaceutical (NASDAQ: BMRN) develops and commercializes therapies that address the root causes of rare genetic disorders, particularly those affecting children.

Revenue Growth

A company’s long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Luckily, BioMarin Pharmaceutical’s sales grew at a solid 12.2% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.

We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. BioMarin Pharmaceutical’s annualized revenue growth of 14.7% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.

This quarter, BioMarin Pharmaceutical reported year-on-year revenue growth of 19.9%, and its $989.7 million of revenue exceeded Wall Street’s estimates by 6.5%.

Looking ahead, sell-side analysts expect revenue to grow 24.4% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and indicates its newer products and services will catalyze better top-line performance.

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Adjusted Operating Margin

BioMarin Pharmaceutical has been an efficient company over the last five years. It was one of the more profitable businesses in the healthcare sector, boasting an average adjusted operating margin of 22.6%.

Looking at the trend in its profitability, BioMarin Pharmaceutical’s adjusted operating margin rose by 4 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming into its more recent performance, however, we can see the company’s margin has decreased by 1.8 percentage points on a two-year basis. If BioMarin Pharmaceutical wants to pass our bar, it must prove it can expand its profitability consistently.

In Q2, BioMarin Pharmaceutical generated an adjusted operating margin profit margin of 36.4%, down 3.6 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.

BioMarin Pharmaceutical’s EPS grew at a solid 7% compounded annual growth rate over the last five years. Despite its adjusted operating margin improvement during that time, this performance was lower than its 12.2% annualized revenue growth, telling us that non-fundamental factors such as interest and taxes affected its ultimate earnings.

Diving into the nuances of BioMarin Pharmaceutical’s earnings can give us a better understanding of its performance. A five-year view shows BioMarin Pharmaceutical has diluted its shareholders, growing its share count by 4.9%. This dilution overshadowed its increased operational efficiency and has led to lower per share earnings. Taxes and interest expenses can also affect EPS but don’t tell us as much about a company’s fundamentals.

In Q2, BioMarin Pharmaceutical reported adjusted EPS of $1.20, down from $1.44 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. Over the next 12 months, Wall Street expects BioMarin Pharmaceutical’s full-year EPS to grow 146% from $2.54 to $6.24.

Key Takeaways from BioMarin Pharmaceutical’s Q2 Results

It was good to see BioMarin Pharmaceutical beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 3.7% to $63.75 immediately after reporting.

Sure, BioMarin Pharmaceutical had a solid quarter, but if we look at the bigger picture, is this stock a buy? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).