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Monday, November 2, 2026

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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

From X

@kevin__mak

Kevin Mak on X

$QURE A bunch has been written about today's AMT130 news by people far more scientifically credible than me, so I'll just summarize to say my opinion is that the data was directionally bearish but only mildly. I think the reaction to the news was overblown. If you gave me the press release and conference call ahead of time and asked me to guess "what does the price trade to", I'd say around $32. Lots of people have complained about the type and quality of disclosure and messaging from the company but I want to highlight something I noticed that I think has been missed. My experience this morning was that the actual press release process was entirely mishandled. Here's what I think happened: 7:05AM ET is the "typical release time" for QURE. So naturally when they setup an interview with Stat News and Bloomberg the night before, they likely communicated this "embargo time". So at 7:05AM, the pre-written articles from Stat and Bloomberg hit the newswires. Bloomberg's article was particularly poorly done, with exceptionally little detail beyond the "-44% not stat sig" datapoint. (They later "updated" their news article to be more robust). But this awful article was essentially first to hit the headlines, and obviously thousands of bots and machines are scraping Bloomberg, and trading off it. Naturally one would want to "check for more data beyond two articles", but for some reason, at 7:05AM, there was no Press Release from QURE. This was likely a mistake (either by QURE or by the wire company). In the screenshot (and link) below, you'll see the timestamp of the official wire including ALL of the data. So investors were "left in the dark" for a full 7 minutes. https://t.co/zp4lmZqFfe Does 7 minutes really matter? To a long term investor, certainly not. But it matters to algo traders, who leave footprints of price action, which affect sentiment, so it does matter. Also, it leaves me unsettled that they're possibly getting some of the most basic things wrong. I get their jobs are stressful and there's a lot on the line here, that's why you have to dot your i's, cross your t's, because everything matters. To be clear, I don't know for a fact who's error this was, but I'd speculate it was the company. (Here's a normal press release from the company timestamped at 7:05AM ET. There are many other examples on the site that corroborate the 7:05 ET pattern) https://t.co/miNzObOZP7 Disclosure: Creek Drive and its affiliated funds hold a long position in QURE. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information.

Investor Letters

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Microsoft: The $250 Billion Club

Microsoft’s widening gap between M365 Commercial revenue growth and seat growth eases concerns over Copilot monetization across its 400…

MSFT $4T
TSOH Investment Research 3 clicks
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 3 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 4 clicks

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