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Biomarin Pharmaceutical Inc (BMRN) stock

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NASDAQ: BMRN Nasdaq Biotechnology

B Fundamentals grade

Biomarin Pharmaceutical Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$57

Cash-flow model

Base case. Range ~$39–$80 across our lower- and higher-growth cases (8.1%–18.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 2% below our base value.

Price used: $55.80, November 3, 2026

Biomarin Pharmaceutical Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds282 adding, 273 cuttingOf 75 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Biomarin Pharmaceutical files

Where Biomarin Pharmaceutical stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.41bn, up 11.2% on a year earlier, faster than 9.9% a quarter earlier. Free-cash-flow margin fell to 21.7% from 22.7% a year earlier. Operating margin narrowed to 4.4% from 25.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $50.17 a share, against a share price of $55.98. At that price, our model says the market is pricing in about 14.8% a year of cash-flow growth for five years, close to the 13.0% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Biomarin Pharmaceutical Inc's trailing-twelve-month revenue grew 11.2% year on year, with a free-cash-flow margin of 21.7%. Where it stands out: free-cash-flow margin of 21.7% ranks 21 of 176 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$57 per share in the base case (~$39–$80 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.2% while net income fell 88.9%: a 95pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 21.7% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.

Things to watch

  • Margins narrowing. Operating margin is down 21.0 points on a year ago.
  • High earnings multiple. The shares trade at 155 times the last 12 months' earnings, so expectations are demanding.
  • Gross margin slipping. Gross margin is down 3.4 points on a year ago.
  • Short interest rising. Shares sold short rose 20% in a month to 6.2% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.20 against an average estimate of $0.95: beat by 25.8%
Revenue
$990m, up 19.9% on a year earlier
Share reaction
-4.1% in the first session after the results on October 6, 2026, against +0.3% for the S&P 500
Guidance given
total Revenues $3,875m to $3,925m (Full-Year 2026); metabolic Conditions Revenue $2,725m to $2,775m (Full-Year 2026)
Next report
November 2, 2026; average EPS estimate -$0.11

Biomarin Pharmaceutical's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week+0.8%
  • 1 month-2.4%
  • This year-3.3%
  • 1 year+5.6%
  • 5 years-33.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
4.4%
Net margin
2.1%
EPS (TTM, diluted)
$0.37

Growth

Revenue growth
+11.2%
Change in growth rate
+1.3 pts
Share count change
+1.0%

Cash

Free cash flow (TTM)
$738M
FCF margin
21.7%
Stock pay % of revenue
6.3%

Earnings

Last results
November 2, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Partnership
  3. Announcement
  4. Results
  5. Leadership
  6. Regulatory
  7. Agreement
  8. Announcement
  9. Leadership
  10. Results
  11. Insider trade
  12. Deal
  13. Announcement
  14. Announcement
  15. Agreement
  16. Deal
  17. Results
  18. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Biomarin Pharmaceutical Inc valuation models and calculator

What the price is pricing in

The share price implies about 14.2% a year of cash-flow growth for five years.That is close to the 13.0% a year revenue growth Biomarin Pharmaceutical has delivered.

  • Priced in14.2%
  • Last 12 months11.2%
  • 3 years a year15.1%
  • 5 years a year13.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($55.80, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$57
Price used
$55.80close November 3, 2026
Implied change
▲ +2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Biomarin Pharmaceutical Inc's free cash flow after stock-based pay with after-tax interest added back ($429M, FY2026 Q2 TTM), growing 21% and 13.8% in the next two years (forecasts, guidance and its record), then back to 13.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$39–~$80 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Biomarin Pharmaceutical Inc's free cash flow after stock-based pay ( $429M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Biomarin Pharmaceutical Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$57 ~$39–$80 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$80 ~$76–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$15 ~$9.5–$25 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$7.1 ~$6.1–$8.6 Left out: out of range vs price (0.12x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$65 ~$57–$80 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Biomarin Pharmaceutical Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$26$41$61$87$121
8.5% $7$15$26$41$59$83
10% $2$9$17$28$42$60

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$104.76$82.84$89.17$85.15$84.55$87.69$88.35$103.49$96.42$65.73$59.43$57.44
Market value$16.8bn$13.8bn$15.6bn$15.1bn$15.1bn$16.8bn$16.2bn$19.6bn$18.5bn$12.9bn$11.7bn$11.3bn
+ Net debt (− = net cash)$265m$275m$576m$376m$433m$451m$513m$375m$345m−$343m−$712m$3.4bn
Enterprise value$17.0bn$14.0bn$16.1bn$15.5bn$15.6bn$17.3bn$16.7bn$19.9bn$18.8bn$12.6bn$11.0bn$14.7bn
Multiples
Price / sales 18.8x12.3x11.8x10.1x8.9x9.0x8.8x9.3x7.6x4.5x3.6x3.3x
Price / earnings —————19.7x—138.1x110.2x30.3x33.6x155.1x
Price / free cash flow ——————77.3xn/mn/m26.5x16.2x15.3x
EV / EBITDA ——n/m—n/mn/mn/m75.8x64.9x21.7x22.5x71.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Biomarin Pharmaceutical's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.3% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 78.7%, moving by 2.9 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.1%; its worst year was -17.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.5% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 2.5% over five years; stock-based pay has been a median 9.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.51 +11% $3.9bn +22%
Next $6.45 +84% $4.5bn +15%

Next year's EPS estimate has moved +0.8% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −28.9% on 90 days ago. In the last 30 days, 1 analyst raised Biomarin Pharmaceutical Inc's forecast and 5 cut it.

Consensus EPS forecast Biomarin Pharmaceutical Inc, last 90 days
$3.00 $4.00 $5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.93 Current fiscal year, 60 days ago: $5.03 Current fiscal year, 30 days ago: $4.36 Current fiscal year, 7 days ago: $3.51 Current fiscal year, Now: $3.51 $3.51 Next fiscal year, 90 days ago: $6.39 Next fiscal year, 60 days ago: $6.50 Next fiscal year, 30 days ago: $7.17 Next fiscal year, 7 days ago: $6.39 Next fiscal year, Now: $6.45 $6.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.93$6.39
60 days ago $5.03$6.50
30 days ago $4.36$7.17
7 days ago $3.51$6.39
Now $3.51$6.45

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.95 $1.20 +25.8%
Mar 2026 $0.91 $0.76 −16.9%
Dec 2025 $0.56 $0.46 −17.9%
Sept 2025 $0.34 $0.12 −64.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total Revenues Full-Year 2026 $3,875m to $3,925m Raised
    “Total Revenues $3,825 to $3,925 $3,875 to $3,925 21%” source
  • Non-GAAP Diluted EPS Full-Year 2026 $4.90 to $5.10 Non-GAAP Raised
    “Non-GAAP Diluted EPS (2)(3)(4) $4.85 to $5.05 $4.90 to $5.10 59%” source
  • Metabolic Conditions Revenue Full-Year 2026 $2,725m to $2,775m Maintained
    “Metabolic Conditions $2,725 to $2,775 Unchanged 31%” source
  • Combined Company Tax Rate (Non-GAAP EPS guidance assumption) Full-Year 2026 about 22% Non-GAAP
    “Non-GAAP Diluted EPS guidance assumes a combined company tax rate of 22%.” source
  • Non-GAAP Weighted-Average Diluted Shares Outstanding assumption Full-Year 2026 about 200m Non-GAAP
    “Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.” source
  • Annualized Interest Expense related to Amicus financing annualized basis about $200m
    “Based on current rates, interest expense associated with the financing is estimated at approximately $200 million on an annualized basis, with Term Loans and Senior Notes scheduled to mature after 2030.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Biomarin Pharmaceutical Inc's revenue by +21.0% next year and +13.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+23.8%, weight 56%) , management guidance (+23.1%, weight 19%) and the company's own record (+13.1%, weight 25%) . How the weights are set.

Analyst recommendations

28 analysts, Nov 2026
Buy2175%
Hold725%
Sell00%

Monthly trend

  1. Nov 2026516728
  2. Oct 2026614727
  3. Sep 2026614727

Counts of recommendations published by analysts covering Biomarin Pharmaceutical Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.2%
of tradable shares
Days to cover
5.25
at average volume
Short interest, 1 month
+20%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
3,221
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.2%

$53.57 on October 31, 2025 to $57.44

ThenNowEffect
Revenue (last 12 months) $3.1bn $3.4bn +11.2%
Net margin 21.5% 2.1% −90.0%
P/E multiple 15.9x 155.1x +875.0%
Share count 195m 197m −1.0%

Biggest factor: net margin.

Last 3 years −27.8%

$79.59 on November 3, 2023 to $57.44

ThenNowEffect
Revenue (last 12 months) $2.2bn $3.4bn +52.5%
Net margin 4.5% 2.1% −52.1%
P/E multiple 151.8x 155.1x +2.2%
Share count 191m 197m −3.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BMRN+1%+17%−7%−32%−10%−3%
Industry peers (median)−36%−57%−18%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BMRN50%67%42%42%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BMRN−21%−23%−35%−37%−29%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from July 20, 2020 to May 18, 2026. Getting back needed a 164% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$49.67 – $70.24
From 52-week high
−18.2%
vs 50-day average
−4.9%
vs 200-day average
−1.7%
Volatility (1 year)
35%
Beta vs S&P 500
0.36

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±3.7%
After a week
3 up, 8 down
typical move ±5.5%
After a month
7 up, 3 down
typical move ±7.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 6, 2026 −4.1% +0.3% −5.5% —
August 6, 2026 +6.5% +0.5% +14.4% +11.0%
May 4, 2026 −1.5% +0.4% −2.7% +1.1%
February 23, 2026 −2.3% −0.3% −6.8% −15.6%
January 26, 2026 +1.1% +0.9% +3.1% +9.3%
January 12, 2026 −6.4% 0.0% −4.5% +2.3%
October 27, 2025 −1.8% +1.4% −3.0% +3.3%
October 7, 2025 −1.7% +0.2% −5.6% −5.1%
August 4, 2025 +6.5% +1.0% −2.3% +1.4%
May 1, 2025 −2.6% +2.2% −6.1% −10.4%
February 19, 2025 +6.0% −0.2% +6.1% +10.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Biomarin Pharmaceutical Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Biomarin Pharmaceutical Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Biomarin Pharmaceutical Inc
$2B $2.5B $3B $3.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.3B Revenue (TTM), FY23 Q4: $2.4B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.2B Revenue (TTM), FY26 Q2: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.3B
FY23 Q4 $2.4B
FY24 Q1 $2.5B
FY24 Q2 $2.6B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $3B
FY25 Q2 $3.1B
FY25 Q3 $3.1B
FY25 Q4 $3.2B
FY26 Q1 $3.2B
FY26 Q2 $3.4B
Revenue growth, TTM YoY Biomarin Pharmaceutical Inc
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 15.0% Revenue growth, TTM YoY, FY23 Q4: 15.4% Revenue growth, TTM YoY, FY24 Q1: 13.7% Revenue growth, TTM YoY, FY24 Q2: 15.8% Revenue growth, TTM YoY, FY24 Q3: 19.1% Revenue growth, TTM YoY, FY24 Q4: 18.0% Revenue growth, TTM YoY, FY25 Q1: 19.4% Revenue growth, TTM YoY, FY25 Q2: 18.4% Revenue growth, TTM YoY, FY25 Q3: 12.4% Revenue growth, TTM YoY, FY25 Q4: 12.9% Revenue growth, TTM YoY, FY26 Q1: 9.9% Revenue growth, TTM YoY, FY26 Q2: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 15.0%
FY23 Q4 15.4%
FY24 Q1 13.7%
FY24 Q2 15.8%
FY24 Q3 19.1%
FY24 Q4 18.0%
FY25 Q1 19.4%
FY25 Q2 18.4%
FY25 Q3 12.4%
FY25 Q4 12.9%
FY26 Q1 9.9%
FY26 Q2 11.2%
Operating margin (TTM) Biomarin Pharmaceutical Inc
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 6.3% Operating margin (TTM), FY23 Q4: 7.7% Operating margin (TTM), FY24 Q1: 8.6% Operating margin (TTM), FY24 Q2: 10.3% Operating margin (TTM), FY24 Q3: 12.7% Operating margin (TTM), FY24 Q4: 17.0% Operating margin (TTM), FY25 Q1: 21.0% Operating margin (TTM), FY25 Q2: 25.3% Operating margin (TTM), FY25 Q3: 19.9% Operating margin (TTM), FY25 Q4: 12.7% Operating margin (TTM), FY26 Q1: 9.7% Operating margin (TTM), FY26 Q2: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 6.3%
FY23 Q4 7.7%
FY24 Q1 8.6%
FY24 Q2 10.3%
FY24 Q3 12.7%
FY24 Q4 17.0%
FY25 Q1 21.0%
FY25 Q2 25.3%
FY25 Q3 19.9%
FY25 Q4 12.7%
FY26 Q1 9.7%
FY26 Q2 4.4%
FCF margin (TTM) Biomarin Pharmaceutical Inc
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.5% FCF margin (TTM), FY23 Q4: 2.6% FCF margin (TTM), FY24 Q1: 7.4% FCF margin (TTM), FY24 Q2: 8.9% FCF margin (TTM), FY24 Q3: 11.6% FCF margin (TTM), FY24 Q4: 17.1% FCF margin (TTM), FY25 Q1: 21.2% FCF margin (TTM), FY25 Q2: 22.7% FCF margin (TTM), FY25 Q3: 26.9% FCF margin (TTM), FY25 Q4: 22.5% FCF margin (TTM), FY26 Q1: 23.7% FCF margin (TTM), FY26 Q2: 21.7% 21.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.5%
FY23 Q4 2.6%
FY24 Q1 7.4%
FY24 Q2 8.9%
FY24 Q3 11.6%
FY24 Q4 17.1%
FY25 Q1 21.2%
FY25 Q2 22.7%
FY25 Q3 26.9%
FY25 Q4 22.5%
FY26 Q1 23.7%
FY26 Q2 21.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Biomarin Pharmaceutical took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Other income $73M · 2.3%
  3. Cost of revenue $717M · 22.3%
  4. Gross profit $2.5B · 77.7%
  5. Research and development $922M · 28.6%
  6. Selling, general and admin $1.2B · 35.8%
  7. Other operating costs $19.4M · 0.6%
  8. Operating income $409M · 12.7%
  9. Income tax $134M · 4.1%
  10. Net income $349M · 10.8%

Shares of revenue. Source: Biomarin Pharmaceutical's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 325 376 441 501 548 749 890 1,117 1,314 1,491 1,704 1,860 1,846 2,096 2,419 2,854 3,221 3,407
Gross profit 259 306 357 409 460 627 738 907 1,072 1,176 1,345 1,336 1,376 1,593 1,887 2,274 2,504 2,593
EBITDA 37 28 1 −66 −120 −47 −64 −707 73 −28 5 62 26 263 290 581 489 206
Operating income 16 1 −34 −110 −156 −93 −111 −803 −15 −124 −100 −43 −82 161 186 484 409 149
Net income −0 206 −54 −114 −176 −134 −172 −630 −117 −77 −24 854 −64 142 168 427 349 73
Diluted EPS $0.00 $1.73 −$0.48 −$0.95 −$1.28 −$0.92 −$1.07 −$3.81 −$0.67 −$0.44 −$0.13 $4.50 −$0.35 $0.75 $0.87 $2.21 $1.80 $0.37
Growth (year on year)
Revenue +9.5% +15.9% +17.3% +13.5% +9.5% +36.6% +18.8% +25.5% +17.6% +13.5% +14.3% +9.2% −0.8% +13.5% +15.4% +18.0% +12.9% +11.2%
EBITDA −34.8% −24.4% −95.9% — — — — — — −138.1% — — −58.4% — +10.4% +100.1% −15.8% −75.5%
Operating income −58.7% −96.7% — — — — — — — — — — — — +15.4% +160.6% −15.4% −80.8%
Net income −101.6% — −126.2% — — — — — — — — — −107.5% — +18.4% +154.6% −18.3% −88.9%
Diluted EPS −100.0% — −127.7% — — — — — — — — — −107.8% — +16.0% +154.0% −18.6% −89.0%
Margins
Gross margin 79.7% 81.3% 81.0% 81.7% 83.9% 83.7% 82.9% 81.2% 81.6% 78.9% 78.9% 71.8% 74.5% 76.0% 78.0% 79.7% 77.7% 76.1%
EBITDA margin 11.5% 7.5% 0.3% −13.2% −21.9% −6.3% −7.1% −63.3% 5.6% −1.9% 0.3% 3.3% 1.4% 12.5% 12.0% 20.3% 15.2% 6.1%
Operating margin 5.1% 0.1% −7.7% −22.0% −28.4% −12.4% −12.4% −71.9% −1.1% −8.3% −5.9% −2.3% −4.5% 7.7% 7.7% 17.0% 12.7% 4.4%
Net margin −0.2% 54.7% −12.2% −22.8% −32.2% −17.9% −19.3% −56.4% −8.9% −5.2% −1.4% 45.9% −3.5% 6.8% 6.9% 15.0% 10.8% 2.1%
Free-cash-flow margin −0.6% −8.2% −12.4% −5.4% −22.8% −25.0% −50.2% −33.7% −15.8% −8.3% −5.7% −1.6% 11.3% 2.6% 2.6% 17.1% 22.5% 21.7%
Cash flow
Cash from operations 88 19 18 18 −60 −70 −219 −228 −9 20 48 85 305 176 159 573 828 857
Capital spending 90 49 73 45 65 117 228 148 199 145 145 114 96 121 97 85 103 119
Free cash flow −2 −31 −55 −27 −125 −187 −447 −376 −208 −124 −97 −29 209 55 63 487 725 738
Stock-based pay 36 38 44 47 64 86 112 135 140 149 160 190 197 196 207 202 181 215
Free cash flow after stock pay −38 −69 −99 −74 −189 −274 −559 −511 −348 −273 −257 −219 12 −141 −145 286 544 523
Balance sheet
Cash 167 88 46 181 569 875 397 408 598 494 437 649 587 725 755 943 1,312 874
Total debt 497 378 348 348 656 643 662 683 1,174 870 870 1,100 1,100 1,100 1,100 600 600 4,250
Net debt (negative = net cash) 330 289 302 168 87 −233 265 275 576 376 433 451 513 375 345 −343 −712 3,376
Diluted shares 100m 126m 112m 120m 138m 146m 160m 166m 174m 177m 179m 192m 183m 189m 192m 197m 197m 197m
Returned to shareholders
Buybacks — — — — — — — — — 0 0 50 0 0 — — — —
Total returned — — — — — — — — — 0 0 50 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $11.7bn
Short-term assets $4.0bnLonger-term assets $7.8bn
What it owes, and who funded it · $11.7bn
Short-term liabilities $1.7bnLonger-term liabilities $3.7bnShareholders' equity $6.3bn
  • Short-term assets cover short-term liabilities $4.0bn of assets due within a year against $1.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.0bn short-term assets against $3.7bn of longer-dated liabilities.
  • More cash than debt $874m of cash against $4.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $857m of operating cash flow against $4.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $149m against $76m of interest.

From Biomarin Pharmaceutical Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.0%
year over year
R&D spending
29.0%
of revenue
Sales & admin spending
40.2%
of revenue
Days sales outstanding
114 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated BMRN BNTX UTHR NBIX ARGX NTRA Median
Revenue, last 12 months $3.4bn $3.2bn $3.2bn $3.7bn $4.2bn $2.7bn $56m
Revenue growth, last 12 months 11.2% 9.0% 2.5% 38.0% 89.9% 37.8% 12.6%
Revenue growth, 3-year average 15.1% — 14.3% 27.5% — 42.7% 13.7%
Revenue growth, latest quarter 19.9% — −1.9% 41.2% — 37.7% 10.2%
Gross margin 76.1% 77.6% 86.1% 98.2% 89.1% 42.0% 82.9%
Operating margin 4.4% −49.0% 44.4% 24.0% 25.4% −10.7% −189.4%
Operating margin, 3-year average 13.3% −22.6% 46.6% 23.4% — −16.2% −363.5%
Net margin 2.1% −39.6% 41.6% 19.0% 31.1% −7.1% −169.8%
Cash from operations / revenue 25.2% 15.9% 53.4% 28.8% 16.5% 8.4% −168.0%
Free-cash-flow margin 21.7% 9.8% 34.6% 28.1% 16.4% 3.1% −162.4%
Free-cash-flow margin, 3-year average 17.8% −37.0% 34.3% 23.3% — 0.2% −310.0%
Stock pay / revenue 6.3% 3.7% 4.9% 6.4% 6.0% 14.1% 20.0%
Change in share count 1.0% 0.5% −3.1% 1.9% 1.3% 6.5% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 11.2% 12.6% 88 of 172
Change in growth rate Growth +1.3pp -0.1pp 72 of 172
Gross margin Profitability 76.1% 82.4% 46 of 75
Operating margin Profitability 4.4% -189.4% 36 of 175
Net margin Profitability 2.1% -157.3% 37 of 180
Free-cash-flow margin Cash generation 21.7% -145.4% 21 of 176
Stock pay as % of revenue Cash generation 6.3% 19.2% 42 of 179
Long-term debt as % of assets Balance sheet 30.1% 20.6% 53 of 78
Change in share count Balance sheet 1.0% 7.9% 34 of 156
Days sales outstanding Balance sheet 114 days 75 days 70 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $3.2B 98.3% ▲ 12.8%
VOXZOGO $927M 29.3% ▲ 26.1%
VIMIZIM $792M 25.0% ▲ 7.1%
NAGLAZYME $485M 15.3% ▲ 1.2%
PALYNZIQ $433M 13.7% ▲ 22.0%
ALDURAZYME $209M 6.6% ▲ 13.4%
BRINEURA $186M 5.9% ▲ 10.2%
KUVAN $99.5M 3.1% ▼ 17.7%
ROCTAVIAN $35.6M 1.1% ▲ 36.7%
Royalty and Other $53.5M 1.7% ▲ 20.3%

From Biomarin Pharmaceutical Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.2B
Institutions reporting
562
Shares held vs prior quarter
▲ 6.6%
Positions opened / closed
78 / 77

Top buyers and sellers, Q2 2026: 282 institutions bought and 273 sold ; the biggest buyer was Vestal Point Capital, LP (+2.5M shares) and the biggest seller Citadel Advisors LLC (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 20.4M 10.4% ▲ 3.2%
Dodge & Cox $849M 14.8M 7.6% ▲ 1.9%
Primecap Management Co $812M 14.2M 7.3% 0.0%
Vanguard Capital Management LLC $500M 8.7M 4.5% ▲ 1.2%
Vanguard Portfolio Management LLC $495M 8.6M 4.4% ▲ 4.2%
Norges Bank $470M 8.2M 4.2% —
State Street Corp $446M 7.8M 4.0% ▲ 6.9%
Viking Global Investors LP $436M 7.6M 3.9% ▲ 7.9%
Vestal Point Capital, LP $345M 6.0M 3.1% ▲ 68.5%
AQR Capital Management LLC $323M 5.7M 2.9% ▼ 25.8%
FMR LLC $276M 4.8M 2.5% ▲ 35.2%
Dimensional Fund Advisors LP $233M 4.1M 2.1% ▲ 7.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Biomarin Pharmaceutical Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.3M 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $4.3M net selling
Insider Date Trade Shares Price Value
Davis George Eric EVP, Chief Legal Officer September 2, 2026 Sell 17,557 $66.28 $1.2M
Friberg Gregory R EVP, Chief R&D Officer May 7, 2026 Sell 3,281 $53.85 $176,682
Guyer Charles Greg EVP, Chief Technical Officer March 11, 2026 Sell 16,486 $60.46 $996,744
Davis George Eric EVP, Chief Legal Officer February 26, 2026 Sell 26,061 $61.36 $1.6M
Friberg Gregory R EVP, Chief R&D Officer February 26, 2026 Sell 6,326 $60.38 $381,964

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 20 trades and filings

No trades in Biomarin Pharmaceutical Inc disclosed in the last 12 months; 20 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded October 18, 2021, filed November 15, 2021
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $15,001 - $50,000, traded December 30, 2020, filed January 11, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • November 2, 2026
  • October 6, 2026
  • August 6, 2026
  • May 4, 2026
  • February 23, 2026
  • January 26, 2026

Recent SEC filings

Data status

When each part of this page on Biomarin Pharmaceutical Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Biomarin Pharmaceutical Inc in brief

What does Biomarin Pharmaceutical Inc do?
Biomarin Pharmaceutical Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Biomarin Pharmaceutical Inc's stock ticker?
Biomarin Pharmaceutical Inc trades under the ticker BMRN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Biomarin Pharmaceutical Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Biomarin Pharmaceutical Inc reported revenue of $3.4B, 11.2% higher than a year earlier, according to its SEC filings.
What is Biomarin Pharmaceutical Inc's free cash flow?
Biomarin Pharmaceutical Inc's free-cash-flow margin is 21.7% of revenue over the trailing twelve months, ranking 21 of the 176 biotechnology companies we cover.
What is Biomarin Pharmaceutical Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Biomarin Pharmaceutical Inc's free cash flow after stock-based pay gives ~$57 per share in the base case, and ~$39–$80 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Biomarin Pharmaceutical Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dodge & Cox and Primecap Management Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Biomarin Pharmaceutical Inc's market cap?
On November 2, 2026, Biomarin Pharmaceutical Inc's market capitalisation was about $11.3B, with a price-to-earnings ratio of 155.1 and net debt of $3.4B. Market figures come from third-party market data and may be delayed.
How much debt does Biomarin Pharmaceutical Inc have?
Biomarin Pharmaceutical Inc's debt-to-equity ratio is 66.2%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Biomarin Pharmaceutical Inc's competitors?
In our Biotechnology peer group, the companies closest to Biomarin Pharmaceutical Inc are Biontech SE, United Therapeutics Corp, Neurocrine Biosciences Inc, Argenx SE and Natera, Inc. The side-by-side comparison below sets their revenue, margins and growth against Biomarin Pharmaceutical Inc's.
Are insiders buying or selling Biomarin Pharmaceutical Inc stock?
Over the last 12 months, Biomarin Pharmaceutical Inc's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.