BioMarin's Q1 2026 balance sheet reflects a company in active transformation, with recovery posture materially altered by the April 2026 Amicus Therapeutics acquisition which closed after the period end. As of March 31, 2026, reported total assets were $8.59B against total liabilities of $2.38B, yielding book equity of $6.21B. Under liquidation haircuts, the picture deteriorates substantially. Cash and cash equivalents of $2.22B recover at par, but the $850M restricted cash equivalents (2034 Notes proceeds held in escrow) were earmarked for the Amicus acquisition that closed in April 2026 and are therefore no longer available to general creditors post-close. Accounts receivable of $904M recover at approximately $813-858M (90-95% haircut range). Inventory of $1.27B, composed predominantly of work-in-process ($1.05B) and finished goods ($121M), recovers at roughly $764M at 60%; WIP-heavy biopharmaceutical inventory is particularly illiquid in liquidation. PP&E gross of $2.05B against accumulated depreciation of $1.09B yields net book value of $958M, recovering at 50-70%, or approximately $479-671M. Intangibles net of $205M and goodwill of $196M recover at zero. Deferred tax assets of $1.50B net are non-transferable in liquidation and recover at zero. The MFFAIS CLV of negative $999K and OLV of $2.18B bracket the actual liquidation range, with the going-concern franchise value primarily embedded in revenue-generating drug approvals and pipeline assets that carry zero recovery under the liquidation lens. Critically, the March 31, 2026 balance sheet does not reflect the Amicus acquisition: total indebtedness increased from $1.5B to approximately $4.3B post-close, with $2.0B Term Loan B (matures April 2033) and $800M Term Loan A (matures April 2031) added, plus the $600M revolving facility. This liability stack expansion is disclosed in MD&A and subsequent events but is not tagged in this period's XBRL. Purchase obligations of $593.6M (of which $327.8M due in 2026) remain face-value claims in liquidation. The ROCTAVIAN program generated $241M in restructuring charges in 2025 (inventory write-off $119M, long-lived asset impairments $119M) which already reduced the tangible asset base entering this quarter. Filing discusses the post-period $2.8B in additional senior secured term loan debt in MD&A but does not separately tag these obligations in XBRL, consistent with their subsequent-event status.
▼ Community Notes