BioMarin Pharmaceutical (BMRN)
NASDAQ:BMRN
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BioMarin Pharmaceutical
(NASDAQ:BMRN)
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Rating:68Neutral
Price Target:
$64.00
▲(15.13% Upside)
Action:DowngradedDate:03/16/26
The score is driven primarily by solid financial fundamentals (strong revenue growth, high gross margins, improving cash generation and low historical leverage), partially offset by 2025 margin/FCF softness. Technical signals are mixed-to-weak in the near term, valuation looks demanding at ~33x earnings with no dividend support, and recent updates add both strategic upside (Amicus deal/financing) and clinical risk (partial VOXZOGO Phase 2 dosing halt).
Positive Factors
Sustained Revenue Growth & High Gross Margins
Multi-year top-line growth combined with persistently high gross margins indicates a scalable, high-value product portfolio. Durable revenues across enzyme therapies and Voxzogo yield recurring cash inflows that support reinvestment, commercialization and long-term R&D funding.
Negative Factors
Margin Compression and Profit Decline
A meaningful drop in net margin and profits signals rising operating costs and investment pressure that can persist through integration and expansion phases. Sustained margin erosion would reduce free cash conversion and limit resources available for organic growth or future M&A.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth & High Gross Margins
Multi-year top-line growth combined with persistently high gross margins indicates a scalable, high-value product portfolio. Durable revenues across enzyme therapies and Voxzogo yield recurring cash inflows that support reinvestment, commercialization and long-term R&D funding.
Read all positive factors
BioMarin Pharmaceutical (BMRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.69B
Dividend YieldN/A
Average Volume (3M)2.37M
Price to Earnings (P/E)32.7
Beta (1Y)0.50
Revenue Growth12.31%
EPS Growth60.21%
CountryUS
Employees3,040
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.24
Shares Outstanding192,323,360
10 Day Avg. Volume2,292,162
30 Day Avg. Volume2,370,747
Financial Highlights & Ratios
PEG Ratio-1.71
Price to Book (P/B)1.87
Price to Sales (P/S)3.54
P/FCF Ratio15.72
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue3.10
Enterprise Value/Gross Profit4.02
Enterprise Value/Ebitda17.43
Forecast
1Y Price Target
$91.14Price Target Upside63.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)4.28
Revenue Forecast (FY)$3.62B
BioMarin Pharmaceutical Business Overview & Revenue Model
Company Description
BioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucop...
How the Company Makes Money
BioMarin makes money primarily by selling its FDA- and internationally approved rare-disease medicines to hospitals, specialty pharmacies, and other healthcare channels, with patient access typically funded by government programs and private insur...
BioMarin Pharmaceutical Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business units, highlighting which products or services drive the most sales and indicating areas of growth or potential risk.
Breaks down revenue across different business units, highlighting which products or services drive the most sales and indicating areas of growth or potential risk.
Data provided by:
The Fly
The FlyBioMarin Pharmaceutical Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive commercial and operational performance: record revenues, strong YOY growth for Voxzogo and enzyme therapies, improved profitability (non-GAAP EPS and operating cash flow), clear near-term R&D catalysts, and strategic acquisitions that should expand the portfolio and future revenues. Headwinds were acknowledged and quantified — notably the Roctavian withdrawal and related charges, one-time Q4 order timing effects leading to a weaker Q1, lower royalty expectations, routine market-access renegotiations in select countries, and modest near-term dilution and costs tied to the Amicus acquisition. Management provided concrete 2026 guidance (excluding Amicus post-close contributions) and explained assumptions for competitive scenarios. Overall, positives (robust growth, cash generation, pipeline catalysts, and strategic M&A) outweigh the defined near-term and one-time negatives.Positive Updates
Record Annual Revenue and Strong Top-Line Growth
Total 2025 revenues grew 13% year-over-year to a record $3.22 billion; Q4 2025 revenue was $875 million, up 17% YoY.
Negative Updates
Roctavian Withdrawal and One-Time Charges
BioMarin withdrew Roctavian from the market and recorded approximately $240 million in special GAAP items in Q4 2025; about half of that was an inventory write-off that is not adjusted out of non-GAAP income.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong Top-Line Growth
Total 2025 revenues grew 13% year-over-year to a record $3.22 billion; Q4 2025 revenue was $875 million, up 17% YoY.
Read all positive updates
Company Guidance
The company guided 2026 (ex‑Amicus) to enzyme therapies revenue of $2.225–$2.275 billion and Voxzogo revenue of $975–$1,025 million, royalty (KUVAN/Roctavian) revenue of $100–$125 million (a ~3% headwind to total growth), and total revenues of $3.325–$3.425 billion; 2026 non‑GAAP diluted EPS is expected to be $4.95–$5.15 (inclusive of ~ $0.25/share of pre‑close Amicus integration and interest costs), with an organic non‑GAAP operating margin of ~40% (the Amicus deal is expected to be modestly dilutive in 2026 and could push margin slightly below 40%). Management emphasized quarterly dynamics (Q1 is expected to be the lowest revenue and EPS quarter, with Voxzogo and total revenue roughly on par with Q1 2025 and back‑half weighting similar to 2025), noted they secured ~ $3.7 billion of debt financing for Amicus, and framed the outlook against 2025 results (full‑year 2025 revenue $3.22 billion, +13% YoY; Q4 revenue $875 million, +17% YoY; Voxzogo FY2025 $927 million, +26%; enzyme therapies FY2025 +9%; FY2025 non‑GAAP EPS $3.15; underlying EPS growth ~34%; operating cash flow $828 million, +45% YoY).BioMarin Pharmaceutical Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
77
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.22B | 2.85B | 2.42B | 2.10B | 1.85B |
| Gross Profit | 2.48B | 2.27B | 1.89B | 1.59B | 1.38B |
| EBITDA | 572.94M | 650.53M | 306.77M | 265.36M | 47.43M |
| Net Income | 348.90M | 426.86M | 167.65M | 141.56M | -64.08M |
Balance Sheet | |||||
| Total Assets | 7.59B | 6.99B | 6.84B | 6.38B | 6.00B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 1.14B | 1.07B | 1.29B | 1.01B |
| Total Debt | 642.87M | 649.47M | 1.10B | 1.09B | 1.09B |
| Total Liabilities | 1.51B | 1.33B | 1.89B | 1.77B | 1.74B |
| Stockholders Equity | 6.09B | 5.66B | 4.95B | 4.60B | 4.27B |
Cash Flow | |||||
| Free Cash Flow | 724.96M | 475.42M | 62.57M | 54.94M | 185.31M |
| Operating Cash Flow | 827.99M | 572.84M | 159.26M | 175.90M | 304.54M |
| Investing Cash Flow | -414.24M | 136.49M | -111.24M | -20.03M | -366.31M |
| Financing Cash Flow | -42.39M | -526.45M | -18.73M | -18.65M | -48.00K |
BioMarin Pharmaceutical Technical Analysis
Negative
55.59
Price Trends
58.38
Negative
56.91
Negative
56.57
Negative
Market Momentum
-1.36
Positive
39.66
Neutral
17.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMRN, the sentiment is Negative. The current price of 55.59 is below the 20-day moving average (MA) of 58.27, below the 50-day MA of 58.38, and below the 200-day MA of 56.57, indicating a bearish trend. The MACD of -1.36 indicates Positive momentum. The RSI at 39.66 is Neutral, neither overbought nor oversold. The STOCH value of 17.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BMRN.
BioMarin Pharmaceutical Risk Analysis
BioMarin Pharmaceutical disclosed 54 risk factors in its most recent earnings report. BioMarin Pharmaceutical reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioMarin Pharmaceutical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $11.64B | 12.74 | -8.82% | ― | 4.14% | -179.96% | |
68 Neutral | $10.69B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
67 Neutral | $5.53B | 8.85 | -362.44% | ― | 97.54% | ― | |
62 Neutral | $5.04B | -10.43 | -65.80% | ― | ― | -27.70% | |
54 Neutral | $12.05B | ― | -296.82% | ― | ― | -348.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.92B | -3.94 | -1024.42% | ― | 20.63% | 8.09% |
* Healthcare Sector Average
BMRN
BioMarin Pharmaceutical
55.59
-15.89
-22.23%
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SMMT
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BioMarin Pharmaceutical Corporate Events
Business Operations and StrategyProduct-Related Announcements
BioMarin Halts VOXZOGO Dosing in Select Phase 2 Trials
Negative
Mar 16, 2026
On March 16, 2026, BioMarin announced it would discontinue dosing and enrollment in its Phase 2 VOXZOGO trials for Turner syndrome, SHOX-deficiency and aggrecan-deficiency after several slipped capital femoral epiphysis events were reported in two...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
BioMarin Raises $850 Million Notes for Amicus Acquisition
Positive
Feb 12, 2026
On February 12, 2026, BioMarin Pharmaceutical Inc. closed a private offering of $850 million in 5.500% senior unsecured notes due 2034 at an issue price of 100%, with gross proceeds placed in escrow pending completion of its planned acquisition of...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
BioMarin Secures Major Debt Financing for Amicus Acquisition
Positive
Jan 29, 2026
On January 29, 2026, BioMarin Pharmaceutical Inc. priced a private offering of $850 million in 5.500% senior unsecured notes due 2034, with closing expected around February 12, 2026, and concurrently completed syndication of a new $2 billion senio...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
BioMarin Announces Major Debt Financing for Amicus Acquisition
Positive
Jan 26, 2026
On January 26, 2026, BioMarin Pharmaceutical announced a planned private offering of $850 million in senior unsecured notes due 2034 and the launch of syndication for a new $2 billion senior secured term loan B facility, alongside an existing $800...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.