BioMarin Pharmaceutical (BMRN) AI Stock Analysis

• Market Cap: $11.87B
• Dividend Yield: N/A
• Average Volume (3M): 2.15M
• Price to Earnings (P/E): 34.6
• Beta (1Y): 0.46
• Revenue Growth: 12.31%
• EPS Growth: 60.21%
• Country: US
• Employees: 3,040
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.24
• Shares Outstanding: 192,114,350
• 10 Day Avg. Volume: 2,629,731
• 30 Day Avg. Volume: 2,148,534
• PEG Ratio: -1.71
• Price to Book (P/B): 1.87
• Price to Sales (P/S): 3.54
• P/FCF Ratio: 15.72
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 3.46
• Enterprise Value/Gross Profit: 4.49
• Enterprise Value/Ebitda: 19.45
• 1Y Price Target: $86.50
• Price Target Upside: 40.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 18
• EPS Forecast (FY): 4
• Revenue Forecast (FY): $3.62B

• Rating: 74 Outperform
• Price Target: $70.00 ▲(13.40% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is primarily supported by strong financial performance (multi-year revenue growth, high gross margins, strong cash generation, and a conservatively leveraged balance sheet) and a constructive earnings outlook with clear 2026 guidance. Technicals also support the score with price above major moving averages and positive momentum. The main constraint is valuation, with a higher P/E and no dividend yield indicated, alongside near-term headwinds and integration/dilution risks referenced in guidance.

Positive Factors

Sustained revenue growth and high gross margins

Multi-year revenue expansion to $3.22B and persistent ~75–80% gross margins reflect durable demand for premium rare-disease therapies. High gross margins support reinvestment in R&D and commercialization, underpinning long-term profitability and competitive product economics across geographies.

Robust operating cash flow and free cash flow

Strong OCF and FCF in 2025 provide durable funding for R&D, M&A, and balance-sheet flexibility. Consistent cash generation reduces reliance on equity financing for strategic investments and supports the company's ability to integrate acquisitions and absorb near-term one‑time charges.

Portfolio diversification via Amicus acquisition

Adding established rare-disease franchises and late-stage assets meaningfully diversifies revenue streams and reduces single-product risk. The deal expands therapeutic coverage, extends IP protections and should bolster medium-term revenue visibility and cash flow once integration and synergies are realized.

Negative Factors

Recent margin compression and lower net income

Declining net margin and falling net income signal rising operating costs, one‑time charges, or investment intensity that could persist. Lower bottom-line conversion reduces retained earnings and may constrain long-term return on equity and capacity to self‑fund future growth without strategic tradeoffs.

Large debt financing tied to Amicus deal increases leverage risk

The sizable $3.7B debt package structurally raises leverage and interest expense, increasing financial rigidity and covenant exposure. Management targets deleveraging, but execution risk remains; higher leverage can limit strategic flexibility and raise refinancing risk if cash flow underperforms.

Competitive and royalty headwinds for key products

Emerging competitors and lower royalty forecasts create structural pressure on growth cadence and pricing power for Voxzogo and partnered products. Competitive entrants and market-access renegotiations can erode long-term revenue durability and require sustained investment in evidence generation and market defense.

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 mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company's commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.

How the Company Makes Money

BioMarin generates revenue primarily through the sale of its proprietary biopharmaceutical products. The company has a diversified revenue model, with key revenue streams coming from the sale of its approved therapies, which are often priced at a premium due to their specialized nature and the rarity of the conditions they address. In addition to direct product sales, BioMarin benefits from collaborations and partnerships with other pharmaceutical companies and research institutions, which can include licensing agreements and co-development deals. These partnerships not only provide additional funding and resources for research and development but can also lead to shared revenue from successful product launches. Furthermore, the company's focus on expanding its product pipeline and entering new markets is expected to drive future growth, enhancing its earnings potential.

BioMarin Pharmaceutical Financial Statement Overview

Summary

Strong multi-year revenue growth ($1.85B in 2021 to $3.22B in 2025) with consistently high gross margins (~75–80%) and materially improved profitability versus earlier losses. Balance sheet is a key strength with low and improving leverage (debt-to-equity ~0.10 in 2025) and strong capitalization, while cash generation is solid (2025 OCF $828M; FCF $725M). Offsetting factors are 2025 net margin and net income decline (15.0% to 10.8%; $427M to $349M) and softer FCF growth in 2025.

Income Statement

Revenue has grown steadily from $1.85B (2021) to $3.22B (2025), with strong and stable gross margins (~75–80%), supporting a solid underlying business model. Profitability has improved meaningfully versus earlier losses (2021), but net margin declined from 15.0% (2024) to 10.8% (2025) and net income fell ($427M to $349M), suggesting rising costs and/or investment pressure. Overall: strong top-line trajectory and high gross profitability, tempered by some recent margin compression.

Balance Sheet

Leverage is conservative and improving: debt-to-equity fell from ~0.26 (2020–2021) to ~0.10 (2025), while equity increased to $6.09B on $7.59B of assets, indicating a well-capitalized balance sheet. Returns on equity are positive but modest (5.7% in 2025, down from 7.5% in 2024), reflecting solid stability but not exceptional profitability efficiency. Key strength is low financial risk; key weakness is only mid-level returns.

Cash Flow

Cash generation strengthened significantly versus 2022–2023, with operating cash flow rising to $828M (2025) and free cash flow to $725M—healthy in absolute dollars and supportive of flexibility. However, free cash flow declined in 2025 (down ~12.8% year over year), and free cash flow is slightly below net income in 2025 (about 0.88x), indicating earnings are not fully translating into incremental free cash at the same pace recently. Overall: strong cash production with some recent softness in free-cash-flow growth.

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	597.18M	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

• Technical Analysis Sentiment: Positive
• Last Price: 61.73
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMRN, the sentiment is Positive. The current price of 61.73 is above the 20-day moving average (MA) of 59.85, above the 50-day MA of 58.38, and above the 200-day MA of 56.57, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 56.47 is Neutral, neither overbought nor oversold. The STOCH value of 41.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMRN.

BioMarin Pharmaceutical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BMRN	74 Outperform	$11.87B	34.64	5.94%	―	12.31%	60.21%
JAZZ	69 Neutral	$11.70B	-31.83	-8.47%	―	4.14%	-179.96%
PTCT	65 Neutral	$5.64B	8.81	―	―	97.54%	―
IMVT	62 Neutral	$5.64B	-10.34	-69.35%	―	―	-27.70%
SMMT	54 Neutral	$12.86B	-11.48	-206.10%	―	―	-348.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RARE	46 Neutral	$2.26B	-4.01	-656.54%	―	20.63%	8.09%

BioMarin Pharmaceutical Corporate Events

BioMarin Raises $850 Million Notes for Amicus Acquisition

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 Amicus Therapeutics. The notes are jointly and severally guaranteed by certain BioMarin subsidiaries, including Amicus and some of its subsidiaries once the deal closes, and are governed by an indenture that imposes customary covenants limiting additional debt, dividends, asset sales, and mergers.

BioMarin plans to combine the note proceeds with borrowings under new $2 billion term loan B and $800 million term loan A senior secured facilities, plus cash on hand, to fund the Amicus purchase price and related financing and transaction costs. The company also expects to establish a $600 million senior secured revolving credit facility, from which it may draw up to $150 million for fees and expenses, and it must redeem the notes at par plus accrued interest if the Amicus acquisition is not completed by December 19, 2026 or certain other events occur, underscoring that this sizable debt raise is tightly linked to the execution of its expansion strategy.

The most recent analyst rating on (BMRN) stock is a Buy with a $113.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.

BioMarin Secures Major Debt Financing for Amicus Acquisition

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 senior secured term loan B facility alongside an $800 million term loan A facility and a $600 million senior secured revolving credit facility, all arranged in connection with its pending acquisition of Amicus Therapeutics. BioMarin plans to use the note proceeds, together with borrowings under the new term facilities and cash on hand, to fund the Amicus acquisition and related fees, with the note proceeds held in escrow until the deal closes and subject to mandatory redemption if the transaction is not completed by December 19, 2026, a financing structure that significantly increases the company’s leverage but secures the capital needed to execute a major expansion of its rare-disease portfolio and operational scale.

The most recent analyst rating on (BMRN) stock is a Buy with a $62.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.

BioMarin Announces Major Debt Financing for Amicus Acquisition

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 million term loan A and a new $600 million revolving credit facility, all tied to its pending acquisition of Amicus Therapeutics. The company plans to use proceeds from the notes, the term facilities, and cash on hand to fund the Amicus purchase and related fees, with note proceeds held in escrow and subject to mandatory redemption if the deal is not completed by December 19, 2026; the notes will be guaranteed by key subsidiaries and governed by restrictive covenants, underscoring a significant increase in leverage and a more complex capital structure as BioMarin finances a transformative acquisition in the rare-disease space.

The most recent analyst rating on (BMRN) stock is a Buy with a $98.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.

BioMarin Ends Development of BMN 349 AATD Therapy

On December 19, 2025, BioMarin Pharmaceutical Inc., a biopharmaceutical company focused on therapies for rare genetic and metabolic diseases, announced it would discontinue development of BMN 349, an oral therapeutic candidate for Alpha-1 antitrypsin deficiency-associated liver disease. The decision to halt this program removes a potential future product from BioMarin’s pipeline in the AATD liver disease space, signaling a strategic shift in its research and development focus that may prompt investors and stakeholders to reassess expectations for the company’s near- to mid-term portfolio mix and growth drivers.

The most recent analyst rating on (BMRN) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.

BioMarin to Acquire Amicus, Expanding Rare Disease Portfolio

On December 19, 2025, BioMarin Pharmaceutical agreed to acquire Amicus Therapeutics in an all-cash deal valuing Amicus at approximately $4.8 billion, or $14.50 per share, a premium of up to 58% over recent trading averages. The transaction, unanimously approved by both boards and recommended by Amicus’ directors, is expected to close in the second quarter of 2026, subject to shareholder approval and antitrust clearances, and will be financed through a mix of cash and about $3.7 billion in new non-convertible debt backed by a bridge facility from Morgan Stanley. The acquisition will add Amicus’ marketed rare disease drugs Galafold for Fabry disease and Pombiliti + Opfolda for Pompe disease, as well as U.S. rights to late-stage kidney disease candidate DMX-200, immediately expanding and diversifying BioMarin’s rare disease portfolio and revenue base. BioMarin forecasts that the deal will accelerate long-term revenue growth, be accretive to non-GAAP earnings per share within 12 months of closing and substantially accretive from 2027, while targeting gross leverage below 2.5x within two years. In a related move that strengthens the combined company’s intellectual property position, Amicus also resolved U.S. patent litigation over Galafold, granting generic rivals licenses that allow entry no earlier than January 30, 2037, thereby extending expected U.S. market exclusivity for the drug and underpinning its projected contribution to BioMarin’s growth and cash flow profile.

The most recent analyst rating on (BMRN) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.

BioMarin Names New Chief Accounting Officer

On December 11, 2025, BioMarin Pharmaceutical announced the appointment of Rashmi Ramchandani as its Vice President, Chief Accounting Officer, effective January 19, 2026. Ms. Ramchandani, a seasoned executive with extensive experience in accounting and finance across organizations such as Gilead Sciences, Deloitte, and McKesson Corporation, will also take on the role of principal accounting officer, succeeding Brian Mueller, who remains BioMarin’s CFO. Along with her appointment, the company outlined a comprehensive compensation package for Ms. Ramchandani, reflecting its strategic commitment to onboarding experienced talent to strengthen its financial management and operational foundations.

The most recent analyst rating on (BMRN) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.