BioMarin Pharmaceutical (BMRN)
NASDAQ:BMRN
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BioMarin Pharmaceutical
(NASDAQ:BMRN)
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Rating:70Outperform
Price Target:
$59.00
▲(7.98% Upside)
Action:UpgradedDate:05/04/26
The score is driven primarily by strong financial fundamentals (growth, high gross margins, low leverage, solid cash generation) and a constructive earnings call with raised 2026 revenue guidance tied to the Amicus acquisition. These positives are tempered by weak current technical momentum (below key moving averages with negative MACD) and a relatively high P/E without dividend yield support.
Positive Factors
Sustained revenue growth & high gross margins
Multi-year top-line expansion combined with persistently high gross margins indicates durable product pricing power and a scalable specialty biologics model. This supports ongoing R&D and commercialization investment and underpins long-term cash flow generation even as new assets are integrated.
Negative Factors
Margin compression and lower net income
Recent margin erosion and lower net income reflect rising cost of sales and higher operating spend. If sustained, this trend can limit reinvestment capacity, reduce return on equity and compress free cash flow conversion, weakening long-term profitability resilience during portfolio expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth & high gross margins
Multi-year top-line expansion combined with persistently high gross margins indicates durable product pricing power and a scalable specialty biologics model. This supports ongoing R&D and commercialization investment and underpins long-term cash flow generation even as new assets are integrated.
Read all positive factors
BioMarin Pharmaceutical (BMRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.55B
Dividend YieldN/A
Average Volume (3M)1.77M
Price to Earnings (P/E)25.8
Beta (1Y)0.53
Revenue Growth12.53%
EPS Growth-49.09%
CountryUS
Employees3,040
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.82
Shares Outstanding192,323,360
10 Day Avg. Volume1,498,930
30 Day Avg. Volume1,773,896
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 Cap0.92
Enterprise Value/Revenue3.01
Enterprise Value/Gross Profit3.91
Enterprise Value/Ebitda16.95
Forecast
1Y Price Target
$92.06Price Target Upside68.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)3.93
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:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook driven by the recent Amicus acquisition, upgraded 2026 revenue guidance (~20% total revenue growth and ~30% Enzyme Therapies growth at midpoint), strong underlying patient demand (Voxzogo patients +20% y/y; Enzyme Therapies +6% y/y), and multiple near‑term clinical catalysts. Near‑term softness in reported Q1 revenue, a $31M one‑time manufacturing charge, higher operating expenses and modest 2026 EPS dilution are notable headwinds, but management attributes much of the revenue softness to order timing and positions acquisition dilution as temporary with accretion expected within 12 months and substantial accretion in 2027. Overall, the positives (deal, guidance lift, patient growth, pipeline milestones) outweigh the one‑time charges and timing issues.Positive Updates
Amicus Acquisition Closed
Acquisition of Amicus completed, adding Galafold (Fabry) and Pombility / Opfolda (Pompe). Management expects the deal to accelerate growth and expand the commercial portfolio; incorporated Amicus P&L starting last week with plans to provide a detailed integration roadmap and peak revenue views on the Q2 call.
Negative Updates
One-Time Manufacturing Charge Impacting Q1 Margins
A $31 million charge in Q1 related to an unsuccessful process qualification campaign to extend Naglazyme manufacturing capability increased cost of sales, reduced margins, and negatively impacted Q1 results; company says commercial supply was not affected and expects this to be offset in full‑year 2026 non‑GAAP EPS guidance.
Read all updates
Q1-2026 Updates
Positive
Negative
Amicus Acquisition Closed
Acquisition of Amicus completed, adding Galafold (Fabry) and Pombility / Opfolda (Pompe). Management expects the deal to accelerate growth and expand the commercial portfolio; incorporated Amicus P&L starting last week with plans to provide a detailed integration roadmap and peak revenue views on the Q2 call.
Read all positive updates
Company Guidance
BioMarin updated its 2026 guidance after Q1 results ($766M revenue; Q1 non‑GAAP diluted EPS $0.76), raising Enzyme Therapies revenue to $2.725–$2.775B (≈30% YoY at the midpoint) and total company revenue to $3.825–$3.925B (≈20% YoY at the midpoint), while maintaining Voxzogo guidance of $975–$1,025M (high‑single‑digit midpoint growth) and setting full‑year non‑GAAP diluted EPS at $4.85–$5.05; Q1 was hit by a $31M cost‑of‑sales charge and pre‑close Amicus costs that together reduced EPS by ~$0.20, the Amicus P&L is included from close (eight months in 2026) with base Amicus expenses less initial 2026 synergies, the acquisition is expected to be slightly dilutive in 2026 but accretive within 12 months and substantially accretive in 2027, management expects >55% of 2026 revenues and roughly two‑thirds of 2026 EPS to be realized in H2 (Q2 EPS modestly above Q1), and due diligence cited peak revenue potential of roughly $1B each for Galafold and Pombility/Opfolda.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
54.64
Price Trends
58.06
Negative
57.27
Negative
56.56
Negative
Market Momentum
-0.79
Positive
42.88
Neutral
21.65
Neutral
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 54.64 is below the 20-day moving average (MA) of 55.36, below the 50-day MA of 58.06, and below the 200-day MA of 56.56, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 42.88 is Neutral, neither overbought nor oversold. The STOCH value of 21.65 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $14.34B | 9.98 | 0.71% | ― | 9.20% | -94.01% | |
70 Outperform | $10.55B | 25.76 | 4.41% | ― | 12.53% | -49.09% | |
62 Neutral | $5.52B | -11.35 | -362.44% | ― | 114.51% | ― | |
62 Neutral | $5.84B | -10.43 | -65.80% | ― | ― | -2.53% | |
53 Neutral | $2.55B | -2.85 | -1024.42% | ― | 13.33% | -3.82% | |
52 Neutral | $13.85B | -19.40 | -340.55% | ― | ― | -384.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BMRN
BioMarin Pharmaceutical
54.60
-5.22
-8.73%
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PTCT
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66.57
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25.93
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-27.93%
SMMT
Summit Therapeutics
17.85
-6.80
-27.59%
IMVT
Immunovant
28.67
14.37
100.49%
BioMarin Pharmaceutical Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
BioMarin Completes Amicus Acquisition, Expands Rare Disease Portfolio
Positive
Apr 27, 2026
On April 27, 2026, BioMarin completed its previously announced all-cash acquisition of Amicus Therapeutics for $14.50 per share, valuing the target at about $4.8 billion and converting all eligible Amicus equity and equity-based awards into cash. ...
Business Operations and StrategyM&A Transactions
BioMarin set to acquire Amicus after regulatory clearance
Positive
Apr 23, 2026
BioMarin Pharmaceutical Inc. and its wholly owned subsidiary Lynx Merger Sub 1, Inc. previously agreed on December 19, 2025, to merge Merger Sub into Amicus Therapeutics, Inc., with Amicus to survive as a wholly owned subsidiary of BioMarin. On Ap...
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...
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.