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BioMarin Pharmaceutical
(NASDAQ:BMRN)
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Rating:70Outperform
Price Target:
$73.00
▲(10.41% Upside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by solid underlying financial quality (strong cash generation and conservative leverage) and supportive technical momentum (price above major moving averages with positive MACD). These positives are moderated by a sharp recent profitability/ROE decline and a very high P/E valuation, while the earnings call adds support via raised 2026 revenue guidance and a generally positive outlook despite near-term cost and dilution headwinds.
Positive Factors
Strong Cash Generation and Conservative Leverage
Robust operating and free cash flow gives BioMarin capacity to fund research, manufacturing and acquisitions internally. Low leverage further preserves financial flexibility, helping the company absorb development setbacks or invest through changing rare-disease opportunities.
Negative Factors
Sharp Profitability and Return Compression
The steep decline in net margin and ROE shows that strong gross margins are not currently translating into comparable bottom-line returns. Higher development and commercial costs, alongside acquisition expenses, could keep earnings conversion under pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation and Conservative Leverage
Robust operating and free cash flow gives BioMarin capacity to fund research, manufacturing and acquisitions internally. Low leverage further preserves financial flexibility, helping the company absorb development setbacks or invest through changing rare-disease opportunities.
Read all positive factors
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 (BMRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.80B
Dividend YieldN/A
Average Volume (3M)1.72M
Price to Earnings (P/E)172.7
Beta (1Y)0.53
Revenue Growth13.69%
EPS Growth-89.03%
CountryUS
Employees3,221
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.38
Shares Outstanding193,573,760
10 Day Avg. Volume1,546,630
30 Day Avg. Volume1,717,037
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$94.11Price Target Upside42.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)5.04
Revenue Forecast (FY)$3.91B
BioMarin Pharmaceutical Business Overview & Revenue Model
Company Description
BioMarin Pharmaceutical Inc. specializes in creating and bringing to market treatments for individuals suffering from severe and often fatal rare disorders and other critical medical conditions. The company currently markets several key pharmaceut...
How the Company Makes Money
BioMarin makes money primarily through net product revenue from the sale of its approved prescription therapies. Revenue is generated when its medicines are purchased by customers such as specialty pharmacies, wholesalers/distributors, and healthc...
BioMarin Pharmaceutical Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 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
62
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.41B | 3.22B | 2.85B | 2.42B | 2.10B | 1.85B |
| Gross Profit | 2.57B | 2.48B | 2.27B | 1.89B | 1.59B | 1.38B |
| EBITDA | 385.69M | 572.94M | 650.53M | 306.77M | 265.36M | 47.43M |
| Net Income | 72.97M | 348.90M | 426.86M | 167.65M | 141.56M | -64.08M |
Balance Sheet | ||||||
| Total Assets | 11.72B | 7.59B | 6.99B | 6.84B | 6.38B | 6.00B |
| Cash, Cash Equivalents and Short-Term Investments | 874.00M | 1.56B | 1.14B | 1.07B | 1.29B | 1.01B |
| Total Debt | 4.20B | 642.87M | 649.47M | 1.10B | 1.09B | 1.09B |
| Total Liabilities | 5.40B | 1.51B | 1.33B | 1.89B | 1.77B | 1.74B |
| Stockholders Equity | 6.32B | 6.09B | 5.66B | 4.95B | 4.60B | 4.27B |
Cash Flow | ||||||
| Free Cash Flow | 732.88M | 724.96M | 475.42M | 51.65M | 54.94M | 185.31M |
| Operating Cash Flow | 857.09M | 827.99M | 572.84M | 159.26M | 175.90M | 304.54M |
| Investing Cash Flow | -4.75B | -414.24M | 136.49M | -111.24M | -20.03M | -366.31M |
| Financing Cash Flow | 3.55B | -42.39M | -526.45M | -18.73M | -18.65M | -48.00K |
BioMarin Pharmaceutical Technical Analysis
Positive
66.12
Price Trends
61.22
Positive
57.78
Positive
57.44
Positive
Market Momentum
1.67
Positive
54.10
Neutral
16.36
Positive
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 66.12 is above the 20-day moving average (MA) of 65.26, above the 50-day MA of 61.22, and above the 200-day MA of 57.44, indicating a bullish trend. The MACD of 1.67 indicates Positive momentum. The RSI at 54.10 is Neutral, neither overbought nor oversold. The STOCH value of 16.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMRN.
BioMarin Pharmaceutical Risk Analysis
BioMarin Pharmaceutical disclosed 52 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $16.89B | 16.40 | 21.37% | ― | 12.59% | ― | |
70 Outperform | $12.80B | 172.66 | 1.18% | ― | 13.69% | -89.03% | |
60 Neutral | $8.99B | -15.56 | -69.59% | ― | ― | 1.28% | |
54 Neutral | $10.66B | -12.71 | -204.33% | ― | ― | -11.10% | |
53 Neutral | $6.13B | -148.35 | 21.72% | ― | -42.84% | -106.21% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $2.61B | -4.53 | 392.35% | ― | 17.50% | -5.66% |
* Healthcare Sector Average
BMRN
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BioMarin Pharmaceutical Corporate Events
Business Operations and StrategyM&A Transactions
BioMarin to Acquire Alesta Therapeutics, Expanding Skeletal Pipeline
Positive
Aug 18, 2026
On August 17, 2026, BioMarin agreed to acquire Dutch private company Alesta Therapeutics via a cash‑free, debt‑free share purchase, paying $275 million upfront and up to $215 million tied to development milestones, with closing expecte...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
BioMarin Shareholders Approve 2026 Governance and Equity Plan
Positive
Jun 4, 2026
On June 2, 2026, BioMarin Pharmaceutical Inc. held its 2026 Annual Meeting of Stockholders, where investors voted on director elections, auditor ratification, executive pay and an expansion of the company’s equity incentive plan. All ten dir...
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.