BioMarin Pharmaceutical Inc. (BMRN) vs Madrigal Pharmaceuticals, Inc. (MDGL)

BioMarin Pharmaceutical Inc. and Madrigal Pharmaceuticals, Inc. are both Biotechnology companies. BioMarin Pharmaceutical Inc. and Madrigal Pharmaceuticals, Inc. are of similar size ($12.0B and $11.9B). Madrigal Pharmaceuticals, Inc. has negative trailing earnings, so its P/E is not meaningful; BioMarin Pharmaceutical Inc. trades at 159×. Madrigal Pharmaceuticals, Inc. grew revenue faster over the last twelve months: 149.0% against 11.2%. BioMarin Pharmaceutical Inc. has the higher net margin (2.14% vs −25.3%) and the higher return on invested capital (0.97% vs −787.3%). Across the 18 metrics below, BioMarin Pharmaceutical Inc. leads on 12 and Madrigal Pharmaceuticals, Inc. on 6.

Valuation

Metric BMRN MDGL Biotechnology median
P/E 158.58 n/m 7.88
P/S 3.42 11.73 11.47
P/B 1.84 28.75 2.52
Price to free cash flow 16.08 n/m 21.16
EV/EBITDA 50.32 n/m 0.74
EV/Sales 4.39 11.34 10.73
Earnings yield 0.63% (2.50%) (28.84%)
Free cash flow yield 6.22% (1.39%) (23.03%)

Profitability

Metric BMRN MDGL Biotechnology median
Gross margin 76.12% 91.48% 65.16%
Operating margin 4.38% (25.13%) 0.00%
Net margin 2.14% (25.32%) 0.00%
Free cash flow margin 21.28% (16.07%) 0.00%
Return on equity 1.18% (53.31%) (57.72%)
Return on assets 0.76% (28.77%) (49.22%)
Return on invested capital 0.97% (787.33%) 0.00%

Growth

Metric BMRN MDGL Biotechnology median
Revenue growth (TTM) 11.20% 149.04% 5.64%
EPS growth (last fiscal year) (18.55%) 41.32% —
Revenue growth, 5-year CAGR 11.60% — 8.40%
Net income growth, 5-year CAGR (16.39%) 0.00% 0.00%

Health

Metric BMRN MDGL Biotechnology median
Debt to equity 0.66 0.65 0.00
Current ratio 2.39 3.20 4.73
Net debt to EBITDA (1.99) 2.21 0.96

Dividend

Metric BMRN MDGL Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric BMRN MDGL Biotechnology median
Market cap 11.96b 11.86b 162.10m

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