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ACQUISITIONS
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
On April 27, 2026, the Company completed the acquisition of Amicus, a publicly traded, global, biotechnology company. Under the terms of the merger agreement, the Company acquired all outstanding shares of Amicus common stock, and upon closing, Amicus became a wholly-owned subsidiary of BioMarin. The acquisition is expected to strengthen the Company's commercial portfolio by adding two new treatments to its existing portfolio of medicines that target lysosomal storage diseases: GALAFOLD (migalastat), the first oral treatment for Fabry disease, and POMBILITI (cipaglucosidase alfa-atga) + OPFOLDA (miglustat), a two-component therapy for Pompe disease. In connection with the acquisition, the Company also received U.S. rights to BMN 820 (formerly DMX-200), a potential first-in-class oral CCR2 inhibitor for focal segmental glomerulosclerosis (FSGS), a rare fatal kidney disease in Phase 3 development.
The total purchase consideration for the acquisition of Amicus was $5.3 billion, which consisted of cash consideration paid to former Amicus shareholders, cash payments related to the settlement of equity awards and stock options, the settlement of Amicus’ outstanding debt, and certain seller transaction costs paid by the Company on behalf of Amicus.
The transaction was financed through a combination of cash on hand and non-convertible debt financing. In connection with the acquisition, the Company issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes in February 2026, and obtained senior secured term loan facilities for $2.8 billion in aggregate principal in April 2026. Refer to Note 7 – Debt for additional details.
The transaction has been accounted for as a business combination using the acquisition method of accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their fair value on the acquisition date. The Company recorded acquisition-related costs of $30.4 million and $32.8 million in Selling, General and Administrative (SG&A) on the Company’s Condensed Consolidated Statements of Comprehensive Income during the three and six months ended June 30, 2026, respectively.
Total consideration transferred for the acquisition of Amicus is summarized as follows:

Cash paid to Amicus' shareholders$4,563,463 
Cash settlement towards Amicus’ RSUs and PSUs142,636 
Cash settlement towards pre-combination portion of stock options (1)
62,946 
Transaction expenses settled by the Company on behalf of Amicus121,596 
Amicus debt repayment by the Company on behalf of Amicus (2)
432,920 
Total consideration$5,323,561 
(1)Cash settlement towards the stock options consists of $51.9 million paid for vested stock options and $11.0 million paid for the pre-combination portion of unvested stock options that were accelerated as part of the acquisition. The fair value of the unvested stock options attributable to the post-combination period of $13.0 million is included in SG&A on the Company’s condensed consolidated statements of comprehensive income during the three and six months ended June 30, 2026
(2)Includes cash settlement related to repayment of outstanding debt, prepayment penalty and accrued interest.
The following table summarizes the preliminary purchase price allocation of the assets acquired and liabilities assumed as of April 27, 2026:

Cash and cash equivalents$255,931 
Accounts receivable (1)
123,912 
Inventory469,700 
Other current assets55,052 
Property, plant and equipment25,923 
Intangible assets4,750,000 
Goodwill459,164 
Other assets59,219 
Accounts payable and accrued liabilities(205,466)
Deferred tax liabilities(565,050)
Other long-term liabilities(104,824)
Total assets and liabilities$5,323,561 
(1)    The Company expects to collect all contractual accounts receivable based on information available as of the acquisition date.

The purchase price allocation presented above is preliminary as of June 30, 2026 and remains subject to revision during the measurement period, which extends up to one year from the acquisition date. The preliminary estimates of the fair values assigned to assets acquired and liabilities assumed, including identifiable intangible assets, deferred income taxes, and other acquired assets and assumed liabilities, are based on information available as of the filing date. As the Company obtains additional information and completes its valuation analyses, it may record adjustments to these preliminary amounts, with a corresponding adjustment to goodwill.
Intangible Assets
The fair values of the commercialized pharmaceutical products and in-process R&D (IPR&D) were determined using the multi-period excess earnings method. This approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return. The discount rate used to determine the fair values of commercialized pharmaceutical products and IPR&D were 12.0% and 12.5%, respectively. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 fair value measurements.
The following table presents details of the purchased intangible assets acquired:
Estimated Useful Life (in Years)Fair Value
Commercialized pharmaceutical product – GALAFOLD11$3,000,000 
Commercialized pharmaceutical product – POMBILITI + OPFOLDA121,450,000 
IPR&D - BMN 820Indefinite300,000 
Total intangible assets$4,750,000 
The amortization expense related to acquired intangible assets for the three and six months ended June 30, 2026 was $69.0 million.
Inventory
The fair value of inventory acquired includes approximately $228.0 million step-up for GALAFOLD and POMBILITI + OPFOLDA. The fair value was primarily determined based on the estimated selling price of finished goods less the cost to complete the manufacturing process and selling effort. The amortization of the inventory step-up is recognized as a component of
Cost of Sales on the Company’s Consolidated Statements of Comprehensive Income as the inventory is sold. The amortization expense related to inventory step-up for the three and six months ended June 30, 2026 was $11.7 million.
Leases
The Company recorded lease liabilities of approximately $53.8 million, which represent the present value of remaining lease payments over the respective lease terms, with a corresponding right-of-use assets of approximately $46.1 million, which represent the estimated fair value based on current market rental rates. As of June 30, 2026, the right-of-use assets are presented in Other assets on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2026, the current portion of the lease liabilities is presented in Accounts payable and accrued liabilities whereas the non-current portion is presented in Other long-term liabilities on the Company’s Condensed Consolidated Balance Sheets.
Goodwill
The recognized goodwill is primarily attributed to a deferred tax liability associated with the acquired intangible assets and inventory step-up. Goodwill recognized for Amicus is not deductible for tax purposes.
Results of Operations and Pro forma Financial Information
The following table presents revenues and net earnings for Amicus since the acquisition date of April 27, 2026 through June 30, 2026:
Amount
Total revenue$136,006 
Net loss$(91,932)

The unaudited pro forma results of operations for BioMarin as if the acquisition had occurred on January 1, 2025 are presented in the table below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Total revenue$1,038,914 $980,098 $1,984,908 $1,850,492 
Net income (loss)$(208,458)$97,347 $(200,907)$78,599 
These unaudited pro forma results were based on estimates and assumptions, which the Company believes are reasonable. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition and the cost of financing the acquisition had taken place at the beginning of fiscal 2025. The unaudited pro forma information includes adjustments such as inventory step-up, amortization for intangible assets acquired, stock-based compensation expense, interest expense for acquisition financing, transaction costs and related income tax effects.
The significant nonrecurring adjustments reflected in the unaudited pro forma information above include the impact of (i) transaction costs of $47.1 million, (ii) post-combination stock-based compensation expense of $13.0 million, and (iii) commitment fee of $22.8 million relating to bridge loan commitment, all of which have been recognized as if incurred on the assumed acquisition date of January 1, 2025.