BioMarin Pharmaceutical Inc. (BMRN) vs Vaxcyte, Inc. (PCVX)

BioMarin Pharmaceutical Inc. and Vaxcyte, Inc. are both Biotechnology companies. BioMarin Pharmaceutical Inc. and Vaxcyte, Inc. are of similar size ($10.9B and $10.3B). Vaxcyte, Inc. has negative trailing earnings, so its P/E is not meaningful; BioMarin Pharmaceutical Inc. trades at 144×. BioMarin Pharmaceutical Inc. has the higher net margin (2.14% vs 0.00%) and the higher return on invested capital (0.97% vs −57.3%). Across the 15 metrics below, BioMarin Pharmaceutical Inc. leads on 12 and Vaxcyte, Inc. on 3.

Valuation

Metric BMRN PCVX Biotechnology median
P/E 143.89 n/m 8.50
P/S 3.10 n/m 9.71
P/B 1.67 3.33 2.13
Price to free cash flow 14.59 n/m 20.82
EV/EBITDA 46.69 n/m 0.64
EV/Sales 4.08 n/m 9.21
Earnings yield 0.69% (11.99%) (33.15%)
Free cash flow yield 6.85% (9.73%) (25.50%)

Profitability

Metric BMRN PCVX Biotechnology median
Gross margin 76.12% 0.00% 65.16%
Operating margin 4.38% 0.00% 0.00%
Net margin 2.14% 0.00% 0.00%
Free cash flow margin 21.28% 0.00% 0.00%
Return on equity 1.18% (36.51%) (56.36%)
Return on assets 0.76% (33.03%) (48.04%)
Return on invested capital 0.97% (57.30%) 0.00%

Growth

Metric BMRN PCVX Biotechnology median
Revenue growth (TTM) 11.20% — 6.02%
EPS growth (last fiscal year) (18.55%) (48.16%) 30.26%
Revenue growth, 5-year CAGR 11.60% — 9.41%
Net income growth, 5-year CAGR (16.39%) 0.00% 0.00%

Health

Metric BMRN PCVX Biotechnology median
Debt to equity 0.66 0.00 0.00
Current ratio 2.39 5.72 4.72
Net debt to EBITDA (1.99) 1.71 0.96

Dividend

Metric BMRN PCVX Biotechnology median
Dividend yield — — 0.09%
Payout ratio — — —

Size

Metric BMRN PCVX Biotechnology median
Market cap 10.85b 10.27b 135.18m

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