BioMarin Pharmaceutical expects substantial cost savings and margin expansion from its acquisition of Amicus Therapeutics, with approximately $280 million of identified GAAP cost reductions and acquired therapies GALAFOLD and POMBILITI + OPFOLDA expected to generate non-GAAP operating margins exceeding 60% by 2030.
BioMarin completed the Amicus acquisition on April 27. The company expects approximately $280 million in GAAP cost reductions and approximately $220 million in non-GAAP reductions to be fully realized in 2028. Those figures represent approximately 50% of Amicus’ reported 2025 GAAP and non-GAAP operating expenses, respectively.
The cost synergies are expected to come primarily from reductions in legacy Amicus labor costs and external spending, particularly in general and administrative functions. BioMarin plans to retain the large majority of sales and marketing capabilities supporting the acquired products’ commercial growth.
BioMarin expects GALAFOLD and POMBILITI + OPFOLDA together to achieve a non-GAAP operating margin above 60% by 2030. The company forecasts peak GALAFOLD revenue of approximately $1.4 billion by the mid-2030s and peak POMBILITI + OPFOLDA revenue of approximately $1.2 billion by the mid-to-late 2030s.
The acquired medicines are already contributing to BioMarin’s top line. Second-quarter total revenue increased 20% to $990 million, with GALAFOLD generating $106 million and POMBILITI + OPFOLDA contributing $30 million following the April closing.
Metabolic Conditions revenue increased 25% year-over-year, driven by the addition of the Amicus products and continued strength from PALYNZIQ. Patient counts increased both year-over-year and sequentially across every therapy marketed by BioMarin.
The broader portfolio is also benefiting from strong demand for VOXZOGO. BioMarin increased its 2026 VOXZOGO revenue guidance to at least $1 billion as the number of children receiving the therapy globally increased more than 20% year-over-year. Most new U.S. patient starts during Q2 were children under two years old.
BioMarin is also targeting gross leverage below 2.5 times by mid-2027, roughly one year earlier than the timetable provided when the Amicus deal was announced.
KEY QUOTES:
“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.”
“With our larger, more diversified commercial portfolio of innovative medicines, we are positioned to deliver additional growth and increased profitability.”
Alexander Hardy, President and CEO of BioMarin
