A Business at a Glance
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BIOMARIN PHARMACEUTICAL INC
BMRN
$11.5B
Mkt Cap
$59.33
+0.78%
BIOMARIN PHARMACEUTICAL INC (BMRN) has a current P/E ratio of 33.0, compared to its historical median P/E of 30.3. The stock is currently considered Fair based on its historical valuation range.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a market capitalization of $11.5B. It is classified as a large-cap stock.
BIOMARIN PHARMACEUTICAL INC (BMRN) does not currently pay a regular dividend.
Based on historical P/E analysis, BIOMARIN PHARMACEUTICAL INC (BMRN) appears fair. The current P/E of 33.0 is 9% above its historical median of 30.3. The estimated fair value CAGR (P/E method) is -6.8%.
BIOMARIN PHARMACEUTICAL INC (BMRN) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
BIOMARIN PHARMACEUTICAL INC (BMRN) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
BioMarin Pharmaceutical is a global rare disease biotechnology company focused on delivering medicines for genetically defined conditions, with eight commercial therapies and a strong clinical pipeline. The company operates through two primary business units: enzyme therapies and skeletal conditions, generating revenue through a combination of direct product sales and royalties. BioMarin's enzyme therapies portfolio includes treatments for mucopolysaccharidosis disorders, phenylketonuria, and neuronal ceroid lipofuscinosis, while its skeletal conditions business is anchored by VOXZOGO for achondroplasia, the most common form of disproportionate short stature. The company employs a capital-efficient commercial model leveraging its global infrastructure and rare disease expertise, with approximately 73% of VOXZOGO revenues generated outside the United States, reflecting differentiated international reach and the ability to execute at scale across diverse healthcare systems. BioMarin's competitive moat is built on its extensive clinical evidence packages, established relationships with healthcare providers and patient advocacy groups, and proven ability to identify and develop category-defining medicines for serious genetic conditions. The company pursues growth through a combination of internal research programs, strategic partnerships, and acquisitions of external assets, with recent acquisitions including Inozyme Pharma for enzyme replacement therapy BMN 401 and the pending acquisition of Amicus Therapeutics to add Galafold and Pombiliti/Opfolda for Fabry and Pompe diseases.
【Accelerated growth through integration】 Management expects 2026 to be a transformational year driven by the integration of Amicus Therapeutics, which is anticipated to accelerate year-over-year revenue growth to approximately 20% at the midpoint following the transaction close in the second quarter. The company is pursuing rapid integration of Galafold and Pombiliti/Opfolda to increase diagnosis and treatment rates for Fabry and Pompe disease patients, with initial priorities focused on driving diagnosis in Fabry and switching in Pompe. Multiple significant pipeline milestones are anticipated in 2026, including phase III data readouts for VOXZOGO in hypochondroplasia and BMN 401 in ENPP1 deficiency in the second quarter, as well as potential regulatory submissions and approvals for these programs targeting 2027 launches. The company expects enzyme therapies to deliver robust growth in 2026 supported by the addition of Amicus products, while VOXZOGO is anticipated to continue its trajectory toward blockbuster status with strong patient demand and new patient starts increasing across all regions, though revenue timing is expected to be weighted toward the second half of the year consistent with historical patterns.
| Metric | Target | Period |
|---|---|---|
| Total Revenue | $3.825 billion to $3.925 billion | FY2026 |
| Enzyme Therapies Revenue | $2.725 billion to $2.775 billion | FY2026 |
| VOXZOGO Revenue | $975 million to $1.025 billion | FY2026 |
| Non-GAAP Diluted Earnings Per Share | $4.85 to $5.05 | FY2026 |
Total Revenue (FY2026): “Adding these high-growth products to our enzyme therapies portfolio increases our full-year total revenue guidance to a range of $3.825 billion to $3.925 billion, with the midpoint representing approximately 20% year-over-year growth in 2026.”
Enzyme Therapies Revenue (FY2026): “We are raising enzyme therapies revenue guidance to a range of $2.725 billion-$2.775 billion for the full-year 2026, inclusive of meaningful contributions from Galafold and Pombiliti and Opfolda, resulting in approximately 30% growth at the midpoint.”
VOXZOGO Revenue (FY2026): “For Voxzogo, we are maintaining our revenue guidance of $975 million to $1.025 billion, which continues to reflect high single-digit growth at the midpoint.”
Non-GAAP Diluted Earnings Per Share (FY2026): “On non-GAAP diluted earnings per share guidance, we are updating the guidance range to $4.85 to $5.05.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 2.9B | 2.4B | 2.1B | 1.8B |
| Net Income | 269M | 349M | 427M | 168M | 142M | -64M |
| EPS | $1.40 | $1.80 | $2.21 | $0.87 | $0.75 | $-0.35 |
| Free Cash Flow | 767M | 725M | 487M | 63M | 55M | 209M |
| ROIC | 9.4% | 8.4% | 10.4% | 4.7% | 4.6% | -1.5% |
| Gross Margin | - | 77.7% | 79.7% | 78.0% | 76.0% | 74.5% |
| Debt/Equity | 0.23 | 0.11 | 0.11 | 0.23 | 0.25 | 0.27 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 315M | 409M | 484M | 186M | 161M | -82M |
| Operating Margin | 9.7% | 12.7% | 17.0% | 7.7% | 7.7% | -4.5% |
| ROE | 4.3% | 5.9% | 8.0% | 3.5% | 3.2% | -1.5% |
| Shares Outstanding | 193M | 194M | 193M | 193M | 189M | 183M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 749M | 890M | 1.1B | 1.3B | 1.5B | 1.7B | 1.9B | 1.8B | 2.1B | 2.4B | 2.9B | 3.2B | 3.2B |
| Gross Margin | 83.7% | 82.9% | 42.2% | 81.6% | 78.9% | 78.9% | 71.8% | 74.5% | 76.0% | 78.0% | 79.7% | 77.7% | N/A |
| R&D | 462M | 635M | 662M | 611M | 696M | 715M | 628M | 629M | 650M | 747M | 747M | 922M | 942M |
| SG&A | 302M | 402M | 477M | 554M | 604M | 681M | 738M | 759M | 823M | 892M | 1.0B | 1.2B | 1.2B |
| EBIT | -93M | -111M | -803M | -15M | -124M | -100M | -43M | -82M | 161M | 186M | 484M | 409M | 315M |
| Op. Margin | -12.4% | -12.4% | -71.9% | -1.1% | -8.3% | -5.9% | -2.3% | -4.5% | 7.7% | 7.7% | 17.0% | 12.7% | 9.7% |
| Net Income | -134M | -172M | -630M | -117M | -77M | -24M | 854M | -64M | 142M | 168M | 427M | 349M | 269M |
| Net Margin | -17.9% | -19.3% | -56.4% | -8.9% | -5.2% | -1.4% | 45.9% | -3.5% | 6.8% | 6.9% | 15.0% | 10.8% | 8.3% |
| Non-Recurring | 0 | 0 | 599M | 0 | 50M | 25M | 53M | 0 | 108M | 39M | 30M | 125M | 125M |
| Returns on Capital | |||||||||||||
| ROIC | -6.4% | -6.6% | -19.4% | -0.6% | -2.1% | -0.7% | 23.6% | -1.5% | 4.6% | 4.7% | 10.4% | 8.4% | 9.4% |
| ROE | -9.3% | -8.7% | -24.4% | -4.2% | -2.7% | -0.8% | 23.6% | -1.5% | 3.2% | 3.5% | 8.0% | 5.9% | 4.3% |
| ROA | -5.7% | -5.5% | -16.3% | -2.7% | -1.7% | -0.5% | 16.2% | -1.1% | 2.3% | 2.5% | 6.2% | 4.8% | 3.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -70M | -219M | -228M | -8.8M | 20M | 48M | 85M | 305M | 176M | 159M | 573M | 828M | 874M |
| Free Cash Flow | -187M | -447M | -376M | -208M | -124M | -97M | -29M | 209M | 55M | 63M | 487M | 725M | 767M |
| Owner Earnings | -203M | -378M | -459M | -237M | -224M | -217M | -210M | -766K | -122M | -152M | 275M | 567M | 613M |
| CapEx | 117M | 228M | 148M | 199M | 145M | 145M | 114M | 96M | 121M | 97M | 85M | 103M | 107M |
| Maint. CapEx | 46M | 47M | 97M | 88M | 96M | 105M | 105M | 108M | 102M | 104M | 96M | 80M | 74M |
| Growth CapEx | 71M | 180M | 51M | 111M | 49M | 40M | 9.1M | 0 | 19M | 0 | 0 | 23M | 33M |
| D&A | 46M | 47M | 97M | 88M | 96M | 105M | 105M | 108M | 102M | 104M | 96M | 80M | 74M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 715.7% | 300.5% | 133.9% | 31.4% | 68.8% | 60.7% | 14.9% | 12.4% | 12.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 86M | 112M | 135M | 140M | 149M | 160M | 190M | 197M | 196M | 207M | 202M | 181M | 187M |
| Debt Repayment | 674K | 163K | 0 | 26K | 375M | 0 | 375M | 0 | 0 | 0 | 495M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -302M | 70M | -106M | -221M | -984M | -682M | -851M | -969M | -1.2B | -1.3B | -2.0B | -2.7B | -3.9B |
| Cash & Equiv. | 875M | 397M | 408M | 598M | 494M | 437M | 649M | 587M | 725M | 755M | 943M | 1.3B | 5.3B |
| Long-Term Debt | 643M | 662M | 661M | 814M | 830M | 6.7M | 4.0M | 2.0M | 184K | 77K | 756K | 436K | 1.4B |
| Debt/Equity | 0.42 | 0.28 | 0.25 | 0.42 | 0.28 | 0.30 | 0.28 | 0.27 | 0.25 | 0.23 | 0.11 | 0.11 | 0.23 |
| Interest Coverage | -2.5 | -2.9 | -20.3 | -0.3 | -2.8 | -4.3 | -1.5 | -5.4 | 10.1 | 10.7 | 38.2 | 37.6 | 17.9 |
| Equity | 1.5B | 2.4B | 2.8B | 2.8B | 3.0B | 3.1B | 4.1B | 4.3B | 4.6B | 5.0B | 5.7B | 6.1B | 6.2B |
| Total Assets | 2.5B | 3.7B | 4.0B | 4.6B | 4.4B | 4.7B | 5.8B | 6.0B | 6.4B | 6.8B | 7.0B | 7.6B | 8.6B |
| Total Liabilities | 947M | 1.3B | 1.3B | 1.8B | 1.5B | 1.6B | 1.7B | 1.7B | 1.8B | 1.9B | 1.3B | 1.5B | 2.4B |
| Intangibles | 157M | 684M | 554M | 518M | 492M | 457M | 417M | 389M | 339M | 295M | 255M | 214M | 205M |
| Retained Earnings | -850M | -1.0B | -1.5B | -1.6B | -1.7B | -1.7B | -862M | -931M | -789M | -622M | -195M | 154M | 260M |
| Working Capital | 1.2B | 644M | 982M | 1.4B | 1.5B | 1.0B | 1.8B | 1.7B | 2.2B | 1.8B | 2.6B | 3.2B | 3.8B |
| Current Assets | 1.4B | 1.1B | 1.4B | 2.2B | 2.1B | 1.9B | 2.3B | 2.3B | 2.8B | 3.0B | 3.2B | 4.0B | 4.6B |
| Current Liabilities | 236M | 445M | 439M | 817M | 523M | 933M | 493M | 546M | 589M | 1.2B | 607M | 759M | 793M |
| Per Share Data | |||||||||||||
| EPS | -0.92 | -1.07 | -3.81 | -0.67 | -0.44 | -0.13 | 4.50 | -0.35 | 0.75 | 0.87 | 2.21 | 1.80 | 1.40 |
| Owner EPS | -1.39 | -2.36 | -2.78 | -1.36 | -1.28 | -1.18 | -1.10 | -0.00 | -0.65 | -0.79 | 1.42 | 2.93 | 3.17 |
| Book Value | 10.49 | 14.95 | 16.72 | 16.08 | 16.91 | 17.02 | 21.61 | 23.30 | 24.39 | 25.70 | 29.29 | 31.40 | 32.14 |
| Cash Flow/Share | -0.48 | -1.37 | -1.38 | -0.05 | 0.12 | 0.26 | 0.45 | 1.66 | 0.93 | 0.83 | 2.97 | 4.27 | 1.77 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 145.6M | 160.6M | 165.4M | 174.7M | 175.5M | 183.4M | 189.8M | 183.1M | 188.7M | 192.7M | 193.1M | 193.8M | 193.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 19.3 | N/A | 135.7 | 111.6 | 30.3 | 33.3 | 42.5 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 78.4 | 349.5 | 299.1 | 26.5 | 16.0 | 14.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 127.0 | 103.5 | 25.6 | 26.0 | 24.1 |
| Price/Book | 8.7 | 7.0 | 5.0 | 5.6 | 4.9 | 5.0 | 4.0 | 3.8 | 4.2 | 3.8 | 2.3 | 1.9 | 1.8 |
| Price/Sales | 13.7 | 21.1 | 12.9 | 11.8 | 10.8 | 8.9 | 9.3 | 8.0 | 7.8 | 7.5 | 5.5 | 3.6 | 3.5 |
| FCF Yield | -1.4% | -2.6% | -2.7% | -1.3% | -0.8% | -0.6% | -0.2% | 1.3% | 0.3% | 0.3% | 3.8% | 6.2% | 6.7% |
| Market Cap | 13.3B | 16.9B | 13.9B | 15.8B | 14.7B | 15.7B | 16.6B | 16.4B | 19.2B | 18.7B | 12.9B | 11.6B | 11.5B |
| Avg. Price | 70.50 | 116.87 | 86.95 | 88.75 | 92.13 | 82.56 | 91.51 | 80.59 | 86.51 | 93.86 | 80.91 | 59.38 | 59.33 |
| Year-End Price | 91.53 | 105.30 | 84.15 | 90.48 | 83.60 | 85.59 | 87.58 | 89.43 | 101.74 | 97.13 | 66.89 | 59.95 | 59.33 |
BIOMARIN PHARMACEUTICAL INC passes 3 of 9 quality checks, indicating weak fundamentals.
BIOMARIN PHARMACEUTICAL INC trades at 33.0x trailing earnings, compared to its 15-year median P/E of 30.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 26.5x. The company's 5-year average ROIC is 5.3% with a gross margin of 77.2%. At current prices, the estimated annualized return to fair value is +33.1%.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a net profit margin of 10.8%. This is a healthy margin.
BIOMARIN PHARMACEUTICAL INC (BMRN) generated $725 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a debt-to-equity ratio of 0.11. This indicates a conservatively financed balance sheet.
BIOMARIN PHARMACEUTICAL INC (BMRN) reported earnings per share (EPS) of $1.80 in its most recent fiscal year.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a return on equity (ROE) of 5.9%. This indicates moderate shareholder returns.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a 5-year average gross margin of 77.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for BIOMARIN PHARMACEUTICAL INC (BMRN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BIOMARIN PHARMACEUTICAL INC (BMRN) has a book value per share of $31.40, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a transformational year driven by the integration of Amicus Therapeutics, which is anticipated to accelerate year-over-year revenue growth to approximately 20% at the midpoint following the transaction close in the second quarter. The company is pursuing rapid integration of Galafold and Pombiliti/Opfolda to increase diagnosis and treatment rates for Fabry and Pompe disease patients, with initial priorities focused on driving diagnosis in Fabry and switching in Pompe. Multiple significant pipeline milestones are anticipated in 2026, including phase III data readouts for VOXZOGO in hypochondroplasia and BMN 401 in ENPP1 deficiency in the second quarter, as well as potential regulatory submissions and approvals for these programs targeting 2027 launches. The company expects enzyme therapies to deliver robust growth in 2026 supported by the addition of Amicus products, while VOXZOGO is anticipated to continue its trajectory toward blockbuster status with strong patient demand and new patient starts increasing across all regions, though revenue timing is expected to be weighted toward the second half of the year consistent with historical patterns.
Based on recent SEC filings and earnings calls, BIOMARIN PHARMACEUTICAL INC (BMRN) has provided the following forward guidance: Total Revenue: $3.825 billion to $3.925 billion (FY2026); Enzyme Therapies Revenue: $2.725 billion to $2.775 billion (FY2026); VOXZOGO Revenue: $975 million to $1.025 billion (FY2026); Non-GAAP Diluted Earnings Per Share: $4.85 to $5.05 (FY2026).