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BMRN Earnings Review

BioMarin’s Q3 revenue rose 32% to $1.02 billion after the Amicus acquisition, while lower 2026 guidance and $2.8 billion of net debt weighed on earnings.

BMRN $11B
Cestrian Capital Research 1 click

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On December 4, TOYO Co., Ltd’s $TOYO Ethiopian cells start paying a 15% U.S. tariff, unless Commerce approves its request for relief. Section 232 of the Trade Expansion Act of 1962 lets the U.S. president restrict imports that threaten national security. On August 6, 2026, a proclamation added a 15% tariff, from December 4, on the ingots, wafers, cells, and modules made from polysilicon, for Ethiopia and most other countries, plus minimum import prices of $0.22 per watt (/W) for cells and $0.38/W for modules. The proclamation also created an onshoring program, run by Commerce, that grants relief to companies building U.S. polysilicon, wafer, or cell plants, as long as construction under an approved plan begins by January 20, 2029. Section 232 helps $TOYO’s Texas panels but hurts its Ethiopian cells: 1) Texas modules: Imported panels will face the $0.38/W minimum import price from December 4, above the $0.33/W average in Q2 2026 for U.S. utility-scale modules, per the Solar Energy Industries Association (SEIA) and Wood Mackenzie. 2) Ethiopian cells: $TOYO’s cells are imports too, so from December 4, 2026, they pay the 15% tariff and must clear the $0.22/W minimum price. Rhone Resch, $TOYO’s Chief Strategy Officer, said at its October 6 Analyst Day that using Ethiopian cells means $TOYO’s Texas panels are “not a purely U.S. product,” and that $TOYO has presented Commerce a term sheet for onshoring relief tied to its planned Texas cell plant, though he said many such agreements probably won’t come until after December 4. Notably, Jeffrey Kessler, Commerce’s Under Secretary for Industry and Security, praised $TOYO at its October 6 ribbon-cutting in Texas for “committing to use exclusively US polysilicon,” and his department approves onshoring plans. Still, 30% of the polysilicon in $TOYO’s Ethiopian cells comes from Malaysia. CEO Takahiko Onozuka said on the Q2 call that $TOYO anticipates its Ethiopian cells “will be eligible for the relief under the framework now taking shape.” But he also said in the August 19 release that $TOYO expects an impact on its H2 2026 results, “though the magnitude is not yet certain.” So Section 232 should lift prices for $TOYO’s Texas panels, but it taxes the Ethiopian cells those panels are made from unless Commerce approves $TOYO’s term sheet. I won’t be comfortable with Section 232 until Commerce approves the term sheet, and Resch expects many such agreements only after the tariff starts on December 4.

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Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 1 click
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

Altria: Dutiful

Altria raised 2026 adjusted EPS guidance to $5.66 to $5.74 and authorized more buybacks, while on! loses share as cigarette margins hold.

MO $130B
Invariant 2 clicks

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 3 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $404M
The Oak Bloke 2 clicks

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