BioMarin Pharmaceutical Inc
BMRNHealthcare|Biotechnology|USA
$56.02
-0.20 (-0.35%)
DCF (FCF)
$37.55
Tangible Book
$29.52
Graham Number
$45.74
Earnings Power
$19.68
Financials
Financial Snapshot
Market Cap
$10.77B
Enterprise Value
$954.7M
Revenue (TTM)
$3.22B
Net Income (TTM)
$348.9M
Cash & Equivalents
$1.56B
Net Cash/Share
$0.28
Free Cash Flow (TTM)
$717.0M
Operating CF (TTM)
$828.0M
Debt/Equity
0.1
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $789.7M | $1.40B | $1.08B | $753.8M | $1.07B | $1.01B | $1.29B | $1.07B | $1.14B | $1.56B | $1.56B | |
| Operating Cash Flow | $-227.8M | $-8.8M | $20.2M | $48.3M | $85.4M | $304.5M | $175.9M | $159.3M | $572.8M | $828.0M | $828.0M | |
| Free Cash Flow | $-376.2M | $-208.0M | $-124.4M | $-115.1M | $-52.2M | $185.3M | $44.4M | $51.6M | $475.4M | $717.0M | $717.0M | |
| Capital Expenditure | $-148.4M | $-199.2M | $-144.6M | $-163.4M | $-137.5M | $-119.2M | $-131.5M | $-107.6M | $-97.4M | $-111.0M | $-111.0M | |
| Financing Cash Flow | $727.1M | $507.1M | $-388.0M | $-74.7M | $181.1M | $-48.0K | $-18.6M | $-18.7M | $-526.4M | $-42.4M | $-42.4M |
R&D Spending
R&D (TTM)
$921.9M
R&D Intensity
28.6%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.31B | $1.49B | $1.70B | $1.86B | $1.85B | $2.10B | $2.42B | $2.85B | $3.22B | $3.22B | |
| R&D Expense | $661.9M | $610.8M | $696.3M | $715.0M | $628.1M | $628.8M | $649.6M | $746.8M | $747.2M | $921.9M | $921.9M | |
| R&D % of Revenue | 59.3% | 46.5% | 46.7% | 42.0% | 33.8% | 34.1% | 31.0% | 30.9% | 26.2% | 28.6% | 28.6% | |
| SG&A | $476.6M | $554.3M | $604.4M | $680.9M | $737.7M | $759.4M | $823.2M | $892.4M | $1.01B | $1.15B | $1.15B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.31B | $1.49B | $1.70B | $1.86B | $1.85B | $2.10B | $2.42B | $2.85B | $3.22B | $3.22B | |
| Cost of Goods Sold | $209.6M | $241.8M | $315.3M | $359.5M | $524.3M | $470.5M | $503.0M | $532.1M | $580.2M | $717.4M | $717.4M | |
| Gross Profit | $907.2M | $1.07B | $1.18B | $1.34B | $1.34B | $1.38B | $1.59B | $1.89B | $2.27B | $2.50B | $2.50B | |
| R&D | $661.9M | $610.8M | $696.3M | $715.0M | $628.1M | $628.8M | $649.6M | $746.8M | $747.2M | $921.9M | $921.9M | |
| SG&A | $476.6M | $554.3M | $604.4M | $680.9M | $737.7M | $759.4M | $823.2M | $892.4M | $1.01B | $1.15B | $1.15B | |
| Operating Income | $-204.3M | $-139.7M | $-155.0M | $-104.8M | $-91.8M | $-74.3M | $57.4M | $185.8M | $474.2M | $409.5M | $409.5M | |
| Interest Expense | $-36.1M | $-39.0M | $-43.7M | $-21.4M | $-27.5M | $-14.7M | $-13.8M | $-17.3M | $-12.7M | $-10.9M | $-10.9M | |
| Pretax Income | $-831.0M | $-35.9M | $-142.7M | $-94.8M | $-49.0M | $-75.3M | $149.6M | $188.6M | $541.8M | $482.5M | $482.5M | |
| Net Income | $-630.2M | $-117.0M | $-77.2M | $-23.8M | $854.0M | $-64.1M | $141.6M | $167.6M | $426.9M | $348.9M | $348.9M | |
| EPS (Diluted) | -3.81 | -0.67 | -0.44 | -0.13 | 4.50 | -0.35 | 0.75 | 0.87 | 2.21 | 1.80 | 1.78 | |
| EBITDA | $-698.0M | $91.0M | $-3.4M | $31.9M | $83.7M | $47.4M | $265.4M | $310.3M | $650.9M | $572.9M | $572.9M | |
| Shares Out. (M) | 166.22 | 174.43 | 177.27 | 179.04 | 191.68 | 182.85 | 188.96 | 191.59 | 196.71 | 197.39 | 198.90 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $408.3M | $598.0M | $494.0M | $437.4M | $649.2M | $587.3M | $724.5M | $755.1M | $942.8M | $1.31B | $1.31B | |
| Marketable Securities | $381.3M | $797.9M | $590.3M | $316.4M | $416.2M | $426.6M | $567.0M | $318.7M | $194.9M | $248.9M | $248.9M | |
| Total Current Assets | $1.42B | $2.21B | $2.06B | $1.94B | $2.34B | $2.27B | $2.75B | $2.96B | $3.23B | $3.95B | $3.95B | |
| Total Assets | $4.02B | $4.63B | $4.43B | $4.69B | $5.85B | $6.00B | $6.38B | $6.84B | $6.99B | $7.59B | $7.59B | |
| Total Current Liabilities | $439.3M | $816.5M | $523.2M | $932.5M | $492.5M | $546.5M | $588.9M | $1.18B | $607.0M | $759.0M | $759.0M | |
| Long-Term Debt | $660.8M | $813.5M | $830.4M | $486.2M | $1.08B | $1.08B | $1.08B | $593.1M | $595.1M | $597.2M | $597.2M | |
| Total Liabilities | $1.26B | $1.82B | $1.46B | $1.57B | $1.74B | $1.74B | $1.77B | $1.89B | $1.33B | $1.51B | $1.51B | |
| Stockholders' Equity | $2.77B | $2.81B | $2.97B | $3.12B | $4.11B | $4.27B | $4.60B | $4.95B | $5.66B | $6.09B | $6.09B | |
| Retained Earnings | $-1.52B | $-1.64B | $-1.69B | $-1.72B | $-861.6M | $-930.8M | $-789.2M | $-621.6M | $-194.7M | $154.2M | $154.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-227.8M | $-8.8M | $20.2M | $48.3M | $85.4M | $304.5M | $175.9M | $159.3M | $572.8M | $828.0M | $828.0M | |
| Capital Expenditure | $-148.4M | $-199.2M | $-144.6M | $-163.4M | $-137.5M | $-119.2M | $-131.5M | $-107.6M | $-97.4M | $-111.0M | $-111.0M | |
| Free Cash Flow | $-376.2M | $-208.0M | $-124.4M | $-115.1M | $-52.2M | $185.3M | $44.4M | $51.6M | $475.4M | $717.0M | $717.0M | |
| Investing Cash Flow | $-484.0M | $-305.5M | $264.4M | $-31.0M | $-53.6M | $-366.3M | $-20.0M | $-111.2M | $136.5M | $-414.2M | $-414.2M | |
| Financing Cash Flow | $727.1M | $507.1M | $-388.0M | $-74.7M | $181.1M | $-48.0K | $-18.6M | $-18.7M | $-526.4M | $-42.4M | $-42.4M | |
| Issuance of Stock | $712.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $-50.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $481.7M | $0.00 | $0.00 | $585.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-26.0K | $-375.0M | $-5.1M | $-381.9M | $-3.0M | $0.00 | $0.00 | $-495.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $134.6M | $140.3M | $148.8M | $159.9M | $189.7M | $197.3M | $196.3M | $207.1M | $201.6M | $181.4M | $181.4M | |
| Net Change in Cash | $11.3M | $189.7M | $-104.0M | $-56.5M | $211.7M | $-61.9M | $137.3M | $30.6M | $187.7M | $368.8M | $368.8M |
Dilution Tracker
Shares Outstanding
199M
5-Year Share Growth
+8.8%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 166.22 | 174.43 | 177.27 | 179.04 | 191.68 | 182.85 | 188.96 | 191.59 | 196.71 | 197.39 | 198.90 | |
| YoY Change % | — | 4.9% | 1.6% | 1.0% | 7.1% | -4.6% | 3.3% | 1.4% | 2.7% | 0.3% | 0.8% | |
| Stock Issuance | $712.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $-50.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $134.6M | $140.3M | $148.8M | $159.9M | $189.7M | $197.3M | $196.3M | $207.1M | $201.6M | $181.4M | $181.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 81.2% | 81.6% | 78.9% | 78.9% | 71.8% | 74.5% | 76.0% | 78.0% | 79.7% | 77.7% | 77.7% | |
| Operating Margin % | -18.3% | -10.6% | -10.4% | -6.2% | -4.9% | -4.0% | 2.7% | 7.7% | 16.6% | 12.7% | 12.7% | |
| Net Margin % | -56.4% | -8.9% | -5.2% | -1.4% | 45.9% | -3.5% | 6.8% | 6.9% | 15.0% | 10.8% | 10.8% | |
| EBITDA Margin % | -62.5% | 6.9% | -0.2% | 1.9% | 4.5% | 2.6% | 12.7% | 12.8% | 22.8% | 17.8% | 17.8% | |
| FCF Margin % | -33.7% | -15.8% | -8.3% | -6.8% | -2.8% | 10.0% | 2.1% | 2.1% | 16.7% | 22.3% | 22.3% | |
| ROE % | -24.4% | -4.2% | -2.7% | -0.8% | 23.6% | -1.5% | 3.2% | 3.5% | 8.0% | 5.9% | 5.9% | |
| ROA % | -16.3% | -2.7% | -1.7% | -0.5% | 16.2% | -1.1% | 2.3% | 2.5% | 6.2% | 4.8% | 4.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)31.47
Historical15.98 / 76.34 / 1143.38
Industry Med.27.95
P/S3.40
Historical3.25 / 8.47 / 16.51
Industry Med.9.84
P/B1.77
Historical1.63 / 3.89 / 8.47
Industry Med.2.92
EV/EBITDA17.14
Historical-5156.23 / 67.59 / 6007.59
Industry Med.12.92
EV/Revenue3.05
Historical2.91 / 8.59 / 16.77
Industry Med.8.79
P/FCF15.21
Historical12.14 / 96.01 / 711.43
Industry Med.35.03
Intrinsic Value Models
DCF (FCF Based)
$37.55
Tangible Book
$29.52
Net Current Assets
$12.720
Graham Number
$45.74
Peter Lynch Value
$78.75
Median P/S Value
$143.06
Net-Net Working Capital
$7.20
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | 19.49 | At Loss | 137.99 | 110.83 | 29.74 | 33.02 | 31.47 | |
| PS Ratio | 12.33 | 11.84 | 10.12 | 8.88 | 9.03 | 8.75 | 9.33 | 7.64 | 4.53 | 3.64 | 3.40 | |
| PB Ratio | 5.17 | 5.58 | 5.11 | 4.87 | 3.88 | 3.81 | 4.19 | 3.67 | 2.22 | 1.88 | 1.77 | |
| EV/EBITDA | -20.34 | 169.93 | -4428.59 | 479.68 | 190.76 | 344.16 | 71.89 | 58.68 | 18.44 | 18.28 | 17.14 | |
| EV/Revenue | 12.71 | 11.77 | 10.01 | 8.98 | 8.58 | 8.84 | 9.10 | 7.53 | 4.21 | 3.25 | 3.05 |
Analyst Estimates & Quality
Altman Z-Score
5.48
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.49
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $3,632M | $4,076M | $4,448M |
| Net Income | $847M | $1,135M | $1,377M |
| EPS | 4.11 | 5.50 | 6.87 |
| Book Value per Share | 39.19 | 46.20 | 0.00 |
| Operating Cash Flow per Share | 5.93 | 6.44 | 0.00 |
| Operating CF | $1,179.46M | $1,279.90M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| VOXZOGO | $926.9M |
| ALDURAZYME | $208.5M |
| BRINEURA | $186.4M |
| KUVAN | $99.5M |
| NAGLAZYME | $485.4M |
| PALYNZIQ | $433.3M |
| ROCTAVIAN | $35.6M |
| Royalty and other revenues | $53.5M |
| VIMIZIM | $792.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $1.10B |
| ALDURAZYME net product revenues marketed by Sanofi | $208.5M |
| Europe | $874.3M |
| Latin America | $435.5M |
| Rest of World | $544.5M |
| Royalty and other revenues | $53.5M |