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BioMarin Pharmaceutical Inc.

BMRN Healthcare Biotechnology

BioMarin Pharmaceutical Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 12.9% from fiscal 2024.

Revenue
+32.0%
EPS
−296.6%
Free cash flow
−52.3%
Total debt
+599.5%

Quarter to September 2026, against a year earlier

55.68 0.44 −0.78%
Market cap
$10.9B
P/E
0.0×
Fwd P/E
32.7×
Dividend yield
—
F-score
5/9
Altman Z
5.67
Beneish M
−2.49
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2012 →

Insider Decisions last twelve months

Sold, $m 4.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 1 — 1 — — — 1 — —
Insider Ownership 1.30%

Capital & Financial Ratios $m

Size
Market Cap 10,870.00
Revenue ttm 3,655.13
Net income ttm (19.11)
Free cash flow ttm 557.86
Net debt Q 3,437.68
Valuation
P/E 0.00
Forward P/E 32.70
Price / sales 2.97
Forward P/S Powerpack
Price / FCF 19.96
Price / book 1.74
Financial health
Current ratio Q 2.44 (at or above 1.5: strong)
Debt / equity Q 0.67
Interest coverage Q (1.48)
Growth
Revenue growth Q +32.02% (above 0%: growing)
Operating income growth Q −75.79% (below 0%: shrinking)
EPS, this year +66.89% (at or above 15%: strong)
EPS, next year A +111.59% (at or above 15%: strong)
Revenue, next year A +21.78% (at or above 10%: strong)
EPS, past 5 yrs −16.86% (below 0%: weak)
EPS, next 5 yrs A +62.21% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.9×, against a ten-year median of 8.2×; over the ten years it ranged from 3.1× in 2026 to 16.8× in 2016.
P/S against its own 10 years 0.66%
10-year low 10-year high
P/B against its own 10 years 4.66%
10-year low 10-year high
EV/Sales against its own 10 years 11.55%
10-year low 10-year high
EV/FCF against its own 10 years 21.45%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,074 1,138 1,561 736
Receivables 634 661 908 1,076
Inventory 1,107 1,233 1,299 1,796
Other 141 202 186 312
2,956 3,232 3,953 3,921
2023 2024 2025 Q'26
Payables 683 607 759 946
ST’ Debt 494 — — 659
Other — — — —
1,177 607 759 1,605

Compound Annual Growth %

10y 5y 3y
Sales 13.73% 11.60% 15.40%
Cash Flow 0.00% 57.52% 67.59%
Earnings 0.00% (16.39%) 35.08%
Book Value 9.75% 8.19% 9.76%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.09 Actual 0.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.25 0.46 Beat by 0.21
Q1 FY26 0.94 0.76 Miss by 0.18
Q2 FY26 0.96 1.20 Beat by 0.24
Q3 FY26 −0.09 0.23 Beat by 0.32
Q4 FY26 1.61 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.54 0.23 (0.63) — —
’25 0.95 1.23 (0.16) (0.24) 1.80
’24 0.46 0.55 0.55 0.64 2.21
’23 0.27 0.29 0.21 0.11 0.87
’22 0.63 0.15 (0.04) 0.00 0.75
’21 0.09 0.07 (0.20) (0.32) (0.35)
’20 0.44 (0.16) 4.01 0.12 4.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 766 990 1,025 — —
’25 745 825 776 875 3,221
’24 649 712 746 747 2,854
’23 596 595 581 646 2,419
’22 519 534 505 538 2,096
’21 486 502 409 450 1,846
’20 502 429 477 452 1,860
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 221 168 188 — —
’25 174 185 369 100 828
’24 47 119 221 186 573
’23 (74) 70 136 27 159
’22 (45) 56 158 7 176
’21 114 83 97 11 305
’20 (15) 28 86 (13) 85
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 200 134 160 — —
’25 158 168 335 57 717
’24 23 97 200 165 485
’23 (99) 47 112 (9) 52
’22 34 28 122 (36) 148
’21 85 57 77 (33) 185
’20 8 (6) 66 (53) 15
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.7% a year for ten years.

Implied
15.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,117 1,314 1,491 1,704 1,860 1,846 2,096 2,419 2,854 3,221 3,655 +12.5% 3,923 4,508 4,870 +14.8%
Gross margin, % 81.23 81.59 78.86 78.91 71.82 74.52 76.00 78.01 79.67 77.73 75.95 (3.5) pt
EBT (831) (36) (143) (95) (49) (75) 150 189 542 482 44 n/m
EBT margin, % (74.41) (2.73) (9.57) (5.56) (2.63) (4.08) 7.14 7.79 18.98 14.98 1.19 +89.4 pt
Net income (630) (117) (77) (24) 854 (64) 142 168 427 349 (19) n/m
Per share, $
Per share, $ Revenue 6.73 7.53 8.42 9.52 10.29 10.10 11.31 12.88 15.02 16.80 18.88 +10.7%
Earnings (3.80) (0.67) (0.44) (0.13) 4.75 (0.35) 0.76 0.89 2.25 1.82 (0.09) n/m
Cash flow (1.37) (0.05) 0.11 0.27 0.47 1.67 0.95 0.85 3.01 4.32 3.50 n/m
Capex (0.89) (0.43) (0.53) (0.77) (0.39) (0.65) (0.15) (0.57) (0.46) (0.58) (0.61) (4.7%)
Free cash flow (2.27) (0.48) (0.42) (0.50) 0.08 1.01 0.80 0.28 2.55 3.74 2.88 n/m
Book value 16.67 16.10 16.76 17.44 22.71 23.33 24.85 26.36 29.77 31.74 32.32 +7.4%
Shares, m 166 174 177 179 181 183 185 188 190 192 193 +1.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 18.58 0.00 130.66 110.17 29.21 32.65 0.00 32.1
P/S 12.76 12.09 10.11 8.88 8.52 8.75 8.89 7.61 4.38 3.54 2.97 8.6
P/B 5.15 5.65 5.08 4.85 3.86 3.79 4.05 3.72 2.21 1.87 1.74 4.0
EV/Sales 12.66 11.92 10.19 8.94 8.53 8.79 8.80 7.62 4.36 3.39 3.91 8.5
EV/FCF (40.24) 687.66 300.41 (168.97) 1,058.08 87.58 124.87 356.84 25.63 15.24 26.27 244.7
Cash, $m
Cash, $m Operating cash flow (228) (9) 20 48 85 305 176 159 573 828 677 n/m
Capex (148) (74) (95) (138) (70) (119) (28) (108) (87) (111) (119) (3.2%)
Free cash flow (376) (83) (74) (90) 15 185 148 52 485 717 558 n/m
Balance, $m
Balance, $m Working capital 982 1,391 1,533 1,010 1,850 1,728 2,163 1,779 2,625 3,194 2,316 +14.0%
Net debt (106) (221) (254) 94 22 75 (199) 13 (543) (963) 3,438 +27.7%
Shareholders’ equity 2,766 2,809 2,968 3,122 4,106 4,266 4,603 4,952 5,658 6,087 6,256 +9.2%
Returns, %
Returns, % ROA (16.26) (2.70) (1.70) (0.52) 16.21 (1.08) 2.29 2.54 6.17 4.79 (0.20) +21.1 pt
ROIC (18.88) (0.36) (2.84) (1.95) (0.66) (1.19) 2.28 2.34 5.92 5.00 0.73 +23.9 pt
ROE (24.39) (4.20) (2.67) (0.78) 23.63 (1.53) 3.19 3.51 8.05 5.94 (0.31) +30.3 pt
People
People Employees 2,293 2,581 2,849 3,001 3,059 3,045 3,082 3,401 3,040 3,221 — +3.8%
Revenue/emp, $m 0.49 0.51 0.52 0.57 0.61 0.61 0.68 0.71 0.94 1.00 — +8.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

BioMarin Pharmaceutical develops, manufactures and sells medicines for rare diseases, particularly conditions with a genetic cause. Its customers include specialty pharmacies, hospitals, government agencies and distributors; physicians prescribe its medicines to patients. BioMarin was founded in 1997 and is headquartered in Novato, California. Alexander Hardy is its president and chief executive.

Its skeletal conditions business includes VOXZOGO, a daily injection for children with achondroplasia, a condition that affects bone growth. Its enzyme therapies include VIMIZIM and NAGLAZYME for inherited disorders in which the body lacks enzymes needed to break down certain substances. PALYNZIQ and KUVAN treat phenylketonuria, an inherited metabolic condition.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 3,221 100.00%
Gross margin 77.73%
Operating margin 12.71%
Pre-tax margin 14.98%

Revenue by segment since 2012

BioMarin Pharmaceutical Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TECH Bio-Techne Corp $11.4B 62.2× 54.2× +1.33% (above 0%: growing) n/m −6.83% (below 0%: shrinking) 65.82% 23.13% Compare
SMMT Summit Therapeutics PLC $11.3B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −112.80% (below 0%: shrinking) 0.00% 0.00% Compare
KYMR Kymera Therapeutics, Inc. $10.9B — (loss-making) — (loss-making) +466.40% (above 0%: growing) n/m −186.64% (below 0%: shrinking) 100.00% 0.00% Compare
BMRN BioMarin Pharmaceutical Inc. $10.9B — (loss-making) 32.7× +32.02% (above 0%: growing) n/m −52.25% (below 0%: shrinking) 79.95% (8.01%)
PCVX Vaxcyte, Inc. $9.8B — (loss-making) — — n/m −92.55% (below 0%: shrinking) 0.00% 0.00% Compare
TGTX TG Therapeutics, Inc. $8.9B 19.1× 62.4× +70.27% (above 0%: growing) −73.68% (below 0%: shrinking) +427.05% (above 0%: growing) 82.86% 9.02% Compare
IBRX ImmunityBio, Inc. $8.5B — (loss-making) — (loss-making) +93.91% (above 0%: growing) n/m +13.38% (above 0%: growing) 99.42% (120.41%) Compare
TWST Twist Bioscience Corporation $7.9B — (loss-making) — (loss-making) +23.24% (above 0%: growing) n/m −7.23% (below 0%: shrinking) 52.76% (30.65%) Compare
CAI Caris Life Sciences,�Inc. $7.4B 77.7× 254× +26.99% (above 0%: growing) −40.33% (below 0%: shrinking) −140.21% (below 0%: shrinking) 0.00% 7.01% Compare
Median of peers $9.3B 62.2× 62.4× +26.99% — −49.89% 59.29% 0.00%

All 621 Biotechnology stocks →

From the latest earnings call

Updated

  • CEO Alexander Hardy said BioMarin had submitted an application to expand Voxogo’s use to hypochondroplasia and planned an update with third-quarter results.
  • CFO Brian Mueller said the Amicus acquisition remained modestly dilutive to 2026 earnings, while BioMarin expected cost synergies to contribute more in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.03%
Held by the ten largest 56.11%
Holder Shares Stake Change
BlackRock 20.45m 10.56% +626.91k
Vanguard 18.97m 9.80% +500.23k
Dodge & Cox 14.84m 7.67% +283.17k
PRIMECAP Management 14.19m 7.33% −3.82k
Norges Bank 8.21m 4.24% +8.21m
State Street 7.80m 4.03% +505.88k
VIKING GLOBAL INVESTORS LP 7.62m 3.94% +554.49k
Vestal Point Capital, LP 6.03m 3.11% +2.45m
AQR Capital Management 5.68m 2.93% −1.97m
Fidelity (FMR) 4.82m 2.49% +1.26m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.93m 12.21m 67.77

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 9.80%
BlackRock, Inc. 9.10%
PRIMECAP Management Company 8.20%
Dodge & Cox 7.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

BioMarin Pharmaceutical Inc. (BMRN) Latest News

3 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · InvestorsHub

2 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Associated Press
Impact 3 · · StockStory
Impact 3 · · PR Newswire

29 Oct

Impact 4 · · PR Newswire
Impact 3 · · Insider Monkey

26 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 4 · · Zacks

14 Oct

Impact 4 · · PR Newswire

9 Oct

Impact 4 · · PR Newswire

8 Oct

Impact 4 · · Simply Wall St.

7 Oct

Impact 3 · · Zacks

5 Oct

Impact 3 · · PR Newswire

2 Oct

Impact 4 · · PR Newswire

1 Oct

Impact 4 · · hospitalmanagement.net
Impact 4 · · pharmaceutical-technology.com

30 Sep

Impact 3 · · Business Wire

19 Sep

Impact 4 ·
Impact 3 ·

18 Sep

Impact 4 · · MarketBeat

12 Sep

Impact 3 ·

9 Sep

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4 Sep

Impact 4 · · Stocktwits
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3 Sep

Impact 4 ·

BMRN metrics, ten years each

stockrow.com/BMRN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com