2025 Total Revenue of $634M, up 17% Year-over-Year at CER
Cash Position of $294M, a $44M Increase in 2025
Proposed Acquisition by BioMarin Expected to Close in Q2 2026, Subject to Closing Conditions
PRINCETON, N.J., Feb. 20, 2026 (GLOBE NEWSWIRE) -- Amicus Therapeutics (Nasdaq: FOLD), a leading, global biotechnology company with a clear and compelling mission to develop and deliver transformative medicines for people living with rare diseases, today announced financial results for the full year ended December 31, 2025.
Full-Year 2025 Financial Highlights:
- Total revenues for the full year 2025 were $634.2 million, reflecting strong operational growth measured at constant exchange rates (CER)1 of 17% and a currency tailwind of ~$14 million. Fourth quarter total revenues were $185.2 million up 24%, or 20% at CER1.
| (in thousands) | Three Months Ended December 31, | Year over Year % Growth | Twelve Months Ended December 31, | Year over Year % Growth | |||||||||||
| 2025 | 2024 | Reported | at CER1 | 2025 | 2024 | Reported | at CER1 | ||||||||
| Galafold® | $150,239 | $127,497 | 18% | 14% | $521,702 | $458,054 | 14% | 12% | |||||||
| Pombiliti® + Opfolda® | $34,974 | $22,209 | 57% | 51% | $112,508 | $70,241 | 60% | 56% | |||||||
| Net Product Revenues | $185,213 | $149,706 | 24% | 20% | $634,210 | $528,295 | 20% | 17% | |||||||
- Galafold (migalastat) net product sales for the full year 2025 were $521.7 million, representing a year-over-year increase of 14%, or 12% at CER1. Fourth quarter net product sales were $150.2 million. Growth was driven by continued commercial execution in all markets, net new patient starts, and strong compliance.
- Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat) net product sales for the full year 2025 were $112.5 million, representing a year-over-year increase of 60%, or 56% at CER1. Fourth quarter net product sales were $35.0 million. Growth was driven by high commercial demand from established and newly launched countries.
- Total GAAP operating expenses of $528.5 million for the full year 2025 increased by 17% as compared to $450.5 million for the full year 2024. Total non-GAAP operating expenses2 were up 24% to $431.9 million for the full year 2025 as compared to $347.8 million for the full year 2024.
- GAAP net loss of $27.1 million, or $0.09 per share basic and diluted, was achieved in the full year 2025, compared to a GAAP net loss of $56.1 million, or $0.18 per share basic and diluted, for the full year 2024. GAAP net income was $1.7 million, or $0.01 per share basic and diluted, for the fourth quarter 2025, compared to a net income of $14.7 million, or $0.05 per share basic and diluted, for the fourth quarter 2024.
- Non-GAAP net income2,3 was $96.8 million, or $0.31 per share basic and diluted, for the full year 2025, compared to non-GAAP net income of $73.9 million, or $0.24 per share basic and diluted, for the full year 2024. Non-GAAP net income was $31.6 million, or $0.10 per share basic and diluted, for the fourth quarter 2025, compared to a net income of $29.2 million, or $0.10 per share basic and $0.09 per share diluted, for the fourth quarter 2024.
- Cash, cash equivalents, and marketable securities increased to $293.5 million at December 31, 2025, as compared to $249.9 million at December 31, 2024.
Corporate Updates:
- Proposed acquisition of Amicus by BioMarin. In December 2025, Amicus entered into a definitive agreement to be acquired by BioMarin Therapeutics for $14.50 per share in an all-cash transaction for a total equity value of approximately $4.8 billion. The agreement has been unanimously approved by the Boards of Directors of both companies and the Amicus Board of Directors unanimously recommended that Amicus’ stockholders vote to adopt the agreement. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances, approval by the stockholders of Amicus and other customary closing conditions.
- On January 21, 2026, Amicus and BioMarin each filed a Premerger Notification and Report Form under the HSR Act with the Antitrust Division of the U.S. Department of Justice and the U.S Federal Trade Commission (the "FTC") in connection with the Merger. On February 11, 2026, the FTC granted early termination of the waiting period under the HSR Act.
- Two oral presentations and 19 posters highlighting Amicus’ development programs in Fabry disease and Pompe disease presented at the 22nd Annual WORLDSymposium™. New data from clinical and real world evidence studies support the growing body of evidence for Galafold and Pombiliti + Opfolda.
1 In order to illustrate underlying performance, Amicus discusses its results in terms of constant exchange rate (CER) growth. This represents growth calculated as if the exchange rates had remained unchanged from those used in the comparative period.
2 Full reconciliation of GAAP results to the Company’s non-GAAP adjusted measures for all reporting periods appear in the tables to this press release.
3 Amicus defines non-GAAP Net (Loss) Income as GAAP Net (Loss) Income excluding the impact of share-based compensation expense, changes in fair value of contingent consideration, loss on impairment of assets, depreciation and amortization, acquisition related income (expense), loss on extinguishment of debt, restructuring charges and income taxes.
Conference Call and Webcast
Given the pending acquisition of Amicus by BioMarin, Amicus is not providing financial guidance for 2026 and will not be hosting its quarterly conference call to discuss its financial results. Earnings materials are available publicly on the Investor Relations page of its website at ir.amicusrx.com.
About Galafold
Galafold® (migalastat) 123 mg capsules is an oral pharmacological chaperone of alpha-Galactosidase A (alpha-Gal A) for the treatment of Fabry disease in adults who have amenable galactosidase alpha gene (GLA) variants. In these patients, Galafold works by stabilizing the body’s own dysfunctional enzyme so that it can clear the accumulation of disease substrate. Globally, Amicus Therapeutics estimates that approximately 35 to 50 percent of people living with Fabry disease may have amenable GLA variants, though amenability rates within this range vary by geography. Galafold is approved in more than 40 countries around the world, including the U.S., EU, U.K., and Japan.
U.S. INDICATIONS AND USAGE
Galafold is indicated for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene (GLA) variant based on in vitro assay data.
This indication is approved under accelerated approval based on reduction in kidney interstitial capillary cell globotriaosylceramide (KIC GL-3) substrate. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
U.S. IMPORTANT SAFETY INFORMATION
ADVERSE REACTIONS: The most common adverse reactions reported with Galafold (≥10%) were headache, nasopharyngitis, urinary tract infection, nausea and pyrexia. USE IN SPECIFIC POPULATIONS: There is insufficient clinical data on Galafold use in pregnant women to inform a drug-associated risk for major birth defects and miscarriage. Advise women of the potential risk to a fetus. It is not known if Galafold is present in human milk. Therefore, the developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for Galafold and any potential adverse effects on the breastfed child from Galafold or from the underlying maternal condition. Galafold is not recommended for use in patients with severe renal impairment or end-stage renal disease requiring dialysis. The safety and effectiveness of Galafold have not been established in pediatric patients. To report Suspected Adverse Reactions, contact Amicus Therapeutics at 1-877-4AMICUS or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. For additional information about Galafold, including the full U.S. Prescribing Information, please visit https://www.amicusrx.com/pi/Galafold.pdf.
About Pombiliti + Opfolda
Pombiliti + Opfolda, is a two-component therapy that consists of cipaglucosidase alfa-atga, a bis-M6P-enriched rhGAA that facilitates high-affinity uptake through the M6P receptor while retaining its capacity for processing into the most active form of the enzyme, and the oral enzyme stabilizer, miglustat, that’s designed to reduce loss of enzyme activity in the blood.
U.S. INDICATIONS AND USAGE
POMBILITI in combination with OPFOLDA is indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase [GAA] deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT).
SAFETY INFORMATION
HYPERSENSITIVITY REACTIONS INCLUDING ANAPHYLAXIS: Appropriate medical support measures, including cardiopulmonary resuscitation equipment, should be readily available. If a severe hypersensitivity reaction occurs, POMBILITI should be discontinued immediately and appropriate medical treatment should be initiated. INFUSION-ASSOCIATED REACTIONS (IARs): If severe IARs occur, immediately discontinue POMBILITI and initiate appropriate medical treatment. RISK OF ACUTE CARDIORESPIRATORY FAILURE IN SUSCEPTIBLE PATIENTS: Patients susceptible to fluid volume overload, or those with acute underlying respiratory illness or compromised cardiac or respiratory function, may be at risk of serious exacerbation of their cardiac or respiratory status during POMBILITI infusion. See PI for complete Boxed Warning. CONTRAINDICATION: POMBILITI in combination with Opfolda is contraindicated in pregnancy. EMBRYO-FETAL TOXICITY: May cause embryo-fetal harm. Advise females of reproductive potential of the potential risk to a fetus and to use effective contraception during treatment and for at least 60 days after the last dose. Adverse Reactions: Most common adverse reactions ≥ 5% are headache, diarrhea, fatigue, nausea, abdominal pain, and pyrexia. Please see full PRESCRIBING INFORMATION, including BOXED WARNING, for POMBILITI (cipaglucosidase alfa-atga) LINK and full PRESCRIBING INFORMATION for OPFOLDA (miglustat) LINK.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq: FOLD) is a leading, global biotechnology company with a clear and compelling mission: to develop and deliver transformative medicines for people living with rare diseases. With extraordinary patient focus, Amicus strives to redefine expectations in rare disease. For more information please visit the company’s website at www.amicusrx.com, and follow on LinkedIn.
Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We use these non-GAAP measures as key performance measures for the purpose of evaluating operational performance and cash requirements internally. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. When we provide our expectation for non-GAAP operating expenses and profitability on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains or losses. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Forward Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the proposed acquisition of Amicus by BioMarin (the “Transaction”), prospects and timing of the potential regulatory and pricing approval of our products, and commercialization plans. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved or that the conditions to the consummation of the Transaction will be satisfied. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. For example, statements regarding the goals, progress, timing, and outcomes of discussions with regulatory authorities and pricing and reimbursement authorities, are based on current information. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation: uncertainties as to the ability to obtain stockholder approval for the Transaction; the possibility that competing offers will be made; the possibility that various closing conditions for the Transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transaction; the effects of the Transaction on relationships with employees, other business partners or governmental entities; the potential that regulatory authorities may not grant or may delay approval for our product candidates; the potential that required regulatory inspections may be delayed or not be successful and delay or prevent product approval; the potential that we may not be successful in negotiations with pricing and reimbursement authorities; the potential that we may not be successful in commercializing Galafold and/or Pombiliti and Opfolda in Europe, the UK, the US and other geographies; the potential that the Dimerix license agreement for DMX-200 may not be successful, including without limitation expectations of the timing of the Phase 3 clinical trial evaluating DMX-200; the likelihood of success of such clinical trial; the prospects for FDA approval of DMX-200 for FSGS or other indications; the estimated prevalence of FSGS; the achievement of any milestone and timing of any payments associated with milestones and the success of any efforts to commercialize DMX-200, including any projections of future financial performance or payments; the potential that we may not be able to manufacture or supply sufficient commercial products; and the potential that we will need additional funding to complete the manufacturing and commercialization of our products. With respect to statements regarding corporate financial guidance and financial goals and the expected attainment of such goals and projections of the Company's revenue, GAAP and non-GAAP profitability and cash position, actual results may differ based on market factors and the Company's ability to execute its operational and budget plans. In addition, all forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2025, to be filed today. These risks, as well as other risks associated with the Transaction, are further discussed in the Proxy Statement filed with the U.S. Securities and Exchange Commission on February 2, 2026, in connection with the Transaction. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
CONTACT:
Investors:
Amicus Therapeutics
Andrew Faughnan
Vice President, Investor Relations
afaughnan@amicusrx.com
(609) 662-3809
Media:
Amicus Therapeutics
Brendan McEvoy
Executive Director, External Communications
bmcevoy@amicusrx.com
(609) 662-5005
FOLD-G
TABLE 1
| Amicus Therapeutics, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts) | |||||||||||
| Years ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Net product sales | $ | 634,210 | $ | 528,295 | $ | 399,356 | |||||
| Cost of goods sold | 72,929 | 52,943 | 37,326 | ||||||||
| Gross profit | 561,281 | 475,352 | 362,030 | ||||||||
| Operating expenses: | |||||||||||
| Research and development | 135,843 | 109,362 | 152,381 | ||||||||
| Selling, general, and administrative | 383,487 | 323,379 | 275,270 | ||||||||
| Changes in fair value of contingent consideration payable | — | — | 2,583 | ||||||||
| Loss on impairment of assets | 1,702 | — | 1,134 | ||||||||
| Restructuring charges | — | 9,188 | — | ||||||||
| Depreciation and amortization | 7,460 | 8,547 | 7,873 | ||||||||
| Total operating expenses | 528,492 | 450,476 | 439,241 | ||||||||
| Income (loss) from operations | 32,789 | 24,876 | (77,211 | ) | |||||||
| Other (expense) income: | |||||||||||
| Interest income | 3,317 | 5,407 | 7,078 | ||||||||
| Interest expense | (46,159 | ) | (49,598 | ) | (50,149 | ) | |||||
| Loss on extinguishment of debt | — | — | (13,933 | ) | |||||||
| Other (expense) income | 10,244 | (9,441 | ) | (15,886 | ) | ||||||
| Income (loss) before income tax | 191 | (28,756 | ) | (150,101 | ) | ||||||
| Income tax expense | (27,301 | ) | (27,350 | ) | (1,483 | ) | |||||
| Net loss attributable to common stockholders | $ | (27,110 | ) | $ | (56,106 | ) | $ | (151,584 | ) | ||
| Net loss attributable to common stockholders per common share — basic and diluted | $ | (0.09 | ) | $ | (0.18 | ) | $ | (0.51 | ) | ||
| Weighted-average common shares outstanding — basic and diluted | 308,363,768 | 304,380,502 | 295,164,515 | ||||||||
TABLE 2
| Amicus Therapeutics, Inc. Consolidated Balance Sheets (in thousands, except share and per share amounts) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 214,010 | $ | 213,752 | |||
| Investments in marketable securities | 79,526 | 36,194 | |||||
| Accounts receivable, net | 115,307 | 101,099 | |||||
| Inventories, net | 228,819 | 118,782 | |||||
| Prepaid expenses and other current assets | 38,511 | 34,909 | |||||
| Total current assets | 676,173 | 504,736 | |||||
| Operating lease right-of-use assets, net | 21,138 | 22,278 | |||||
| Property and equipment, less accumulated depreciation of $31,821 and $28,775 at December 31, 2025 and 2024, respectively | 27,108 | 29,383 | |||||
| Intangible assets, less accumulated amortization of $9,085 and $5,802 at December 31, 2025 and 2024, respectively | 13,915 | 17,198 | |||||
| Goodwill | 197,797 | 197,797 | |||||
| Other non-current assets | 13,739 | 13,641 | |||||
| Total Assets | $ | 949,870 | $ | 785,033 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 28,630 | $ | 12,947 | |||
| Accrued expenses and other current liabilities | 200,457 | 127,300 | |||||
| Operating lease liabilities | 8,741 | 8,455 | |||||
| Total current liabilities | 237,828 | 148,702 | |||||
| Long-term debt | 392,660 | 390,111 | |||||
| Operating lease liabilities | 40,962 | 45,078 | |||||
| Other non-current liabilities | 4,179 | 7,097 | |||||
| Total liabilities | 675,629 | 590,988 | |||||
| Stockholders' equity: | |||||||
| Common stock, $0.01 par value, 500,000,000 shares authorized, 310,853,963 and 299,041,653 shares issued and outstanding at December 31, 2025 and 2024, respectively | 3,037 | 2,944 | |||||
| Common stock in treasury, at cost; 7,390 shares as of December 31, 2025 | (71 | ) | — | ||||
| Additional paid-in capital | 3,014,456 | 2,926,115 | |||||
| Accumulated other comprehensive gain (loss): | |||||||
| Foreign currency translation adjustment | 24,120 | 5,302 | |||||
| Unrealized loss on available-for-sale securities | (11 | ) | (207 | ) | |||
| Warrants | — | 71 | |||||
| Accumulated deficit | (2,767,290 | ) | (2,740,180 | ) | |||
| Total stockholders' equity | 274,241 | 194,045 | |||||
| Total Liabilities and Stockholders' Equity | $ | 949,870 | $ | 785,033 | |||
TABLE 3
| Amicus Therapeutics, Inc. Reconciliation of Non-GAAP Financial Measures (in thousands) (Unaudited) | |||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Total operating expenses - as reported GAAP | $ | 142,719 | $ | 118,899 | $ | 528,492 | $ | 450,476 | |||
| Research and development: | |||||||||||
| Share-based compensation | 3,391 | 3,640 | 12,156 | 15,969 | |||||||
| Selling, general and administrative: | |||||||||||
| Share-based compensation | 23,199 | 15,577 | 75,254 | 68,936 | |||||||
| Loss on impairment of assets | — | — | 1,702 | — | |||||||
| Restructuring Charges | — | — | — | 9,188 | |||||||
| Depreciation and amortization | 1,897 | 2,041 | 7,460 | 8,547 | |||||||
| Total operating expense adjustments to reported GAAP | 28,487 | 21,258 | 96,572 | 102,640 | |||||||
| Total operating expenses - as adjusted | $ | 114,232 | $ | 97,641 | $ | 431,920 | $ | 347,836 | |||
TABLE 4
| Amicus Therapeutics, Inc. Reconciliation of Non-GAAP Financial Measures (in thousands, except share and per share amounts) (Unaudited) | ||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| GAAP net income (loss) | $ | 1,690 | $ | 14,739 | $ | (27,110 | ) | $ | (56,106 | ) | ||||
| Share-based compensation | 26,590 | 19,217 | 87,410 | 84,905 | ||||||||||
| Depreciation and amortization | 1,897 | 2,041 | 7,460 | 8,547 | ||||||||||
| Loss on impairment of assets | — | — | 1,702 | — | ||||||||||
| Restructuring charges | — | — | — | 9,188 | ||||||||||
| Income tax expense (benefit) | 1,453 | (6,805 | ) | 27,301 | 27,350 | |||||||||
| Non-GAAP net income | $ | 31,630 | $ | 29,192 | $ | 96,763 | $ | 73,884 | ||||||
| Non-GAAP net income attributable to common stockholders per common share — basic | $ | 0.10 | $ | 0.10 | $ | 0.31 | $ | 0.24 | ||||||
| Non-GAAP net income attributable to common stockholders per common share — diluted | $ | 0.10 | $ | 0.09 | $ | 0.31 | $ | 0.24 | ||||||
| Weighted-average common shares outstanding — basic | 309,028,669 | 306,136,125 | 308,363,768 | 304,380,502 | ||||||||||
| Weighted-average common shares outstanding — diluted | 314,355,232 | 310,146,355 | 310,679,173 | 308,463,764 | ||||||||||
