One-glance verdict
Undervalued
$169.08 our estimate vs market $58.51
Wall Street consensus: $91.56 (-45.9% lower than our fair-value estimate)
65% below our estimate, below the bear case
Fundamentals snapshot
BioMarin Pharmaceutical Inc.
BMRN · NMS · Healthcare · Biotechnology
Current price
$58.51
52-week range
$49.26 - $70.98
Market cap
$11.33B
Balance sheet
Watch
37.57x Strong cushion
Net debt $3.33B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 5.8% last year.
- Reward Returns 1.2% on equity, ahead of 16% of its peers.
- Risk Stock trades 103.0% above its 5-year average P/E.
- Risk Insider ownership is only 0.3% (peer median: 1.1%).
What this company does
BioMarin Pharmaceutical Inc.
BioMarin Pharmaceutical Inc. creates medicines for rare, serious diseases, like a special enzyme treatment for a condition called MPS IV A. Most of its money comes from selling these hard-to-find therapies, which is important because it means they can keep developing new life-saving drugs for people with very few options.
How the company got here
BioMarin Pharmaceutical Inc. was founded in 1996 with a mission to develop treatments for rare genetic diseases. The company has since focused on creating therapies for conditions that often have limited or no existing treatment options. A key part of its history involves successfully bringing several complex biological treatments to market, addressing unmet medical needs for patients with devastating rare disorders. This focus on niche, high-impact therapies has shaped its growth and strategy over the years.
What it actually does
BioMarin develops and sells medicines for people with rare genetic diseases. These are often lifelong conditions that significantly impact a person's health and quality of life. The company's drugs work by replacing missing enzymes or correcting underlying biological issues caused by genetic mutations. Think of it like providing a specific missing part for the body's machinery that isn't working correctly due to a rare genetic condition. These are typically specialized treatments prescribed by doctors and administered in specific healthcare settings.
Vimizim, Naglazyme, Aldurazyme, and Kuvan
This group of products addresses several rare genetic metabolic disorders. Vimizim and Naglazyme are enzyme replacement therapies used to treat different types of mucopolysaccharidosis (MPS), a group of conditions where the body can't break down certain sugars. Aldurazyme is another enzyme therapy for a different MPS type, while Kuvan is an oral medication for phenylketonuria (PKU), a condition where the body can't process an amino acid called phenylalanine. These therapies aim to manage symptoms and improve the lives of patients with these specific, often severe, inherited diseases. They represent a significant portion of BioMarin's established revenue streams.
Voxzogo
Voxzogo is a groundbreaking treatment for achondroplasia, the most common form of dwarfism. It's a daily injection that helps stimulate bone growth in children with this condition, aiming to increase their final adult height. This product targets a specific genetic pathway involved in skeletal development. Voxzogo has become a key growth driver for BioMarin, addressing a condition with a clear unmet need and demonstrating the company's ability to develop innovative therapies for rare skeletal dysplasias.
Palynziq and Brineura
Palynziq is a treatment for adults with PKU who have uncontrolled blood phenylalanine levels despite other therapies. It works by breaking down phenylalanine in the body. Brineura is used for a rare, fatal neurological disease called Batten disease (specifically, neuronal ceroid lipofuscinosis type 2), helping to slow the loss of motor function in young patients. These therapies highlight BioMarin's commitment to tackling severe and often life-threatening rare conditions with specialized medical interventions.
What management is betting on now
BioMarin's current strategy heavily relies on expanding the reach and impact of its existing successful therapies, particularly Voxzogo, and advancing its pipeline of new treatments. Management is focused on getting these innovative drugs to more patients globally and exploring new indications (uses) for them. They are also investing in research and development to bring forward new therapies for other rare genetic disorders, aiming to replicate the success seen with their current product portfolio. This involves significant investment in clinical trials and regulatory approvals to bring future medicines to market.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$203.02M
FY2024 Q4
$166.10M
FY2025 Q1
$157.63M
FY2025 Q2
$168.17M
FY2025 Q3
$340.24M
FY2025 Q4
$58.92M
FY2026 Q1
$199.73M
FY2026 Q2
$139.29M
Revenue
$989.71M
Net income
$44.76M
Diluted EPS
0.23
Operating cash flow
$168.11M
Free cash flow
$139.29M
Fetching…
Sources
Revenue
$766.21M
Net income
$105.53M
Diluted EPS
0.54
Operating cash flow
$220.65M
Free cash flow
$199.73M
Fetching…
Sources
Revenue
$874.57M
Net income
$-46.57M
Diluted EPS
-0.22
Operating cash flow
$99.64M
Free cash flow
$58.92M
Fetching…
Sources
Revenue
$776.13M
Net income
$-30.74M
Diluted EPS
-0.16
Operating cash flow
$368.69M
Free cash flow
$340.24M
Fetching…
Sources
Revenue
$825.41M
Net income
$240.53M
Diluted EPS
1.23
Operating cash flow
$185.27M
Free cash flow
$168.17M
Fetching…
Sources
Revenue
$745.14M
Net income
$185.69M
Diluted EPS
0.95
Operating cash flow
$174.39M
Free cash flow
$157.63M
Fetching…
Sources
Revenue
$747.31M
Net income
$124.94M
Diluted EPS
0.65
Operating cash flow
$185.63M
Free cash flow
$166.10M
Fetching…
Sources
Revenue
$745.74M
Net income
$106.08M
Diluted EPS
0.55
Operating cash flow
$221.48M
Free cash flow
$203.02M
Fetching…
Sources
Is it cheap or expensive?
Fair value $169.08 vs current price $58.51
Wall Street consensus is the average analyst price target: $91.56 (-45.9% lower than our fair-value estimate).
Our most-likely fair value is $169.08 a share — about 189.0% above today's price of $58.51, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $3.3B. Interest coverage 37.6x.
Net debt
$3.33B
Interest coverage
37.57x
BioMarin Pharmaceutical Inc.'s profit covers its interest bill about 37.6 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Watch
Worse cushion
Baseline
Better cushion
BMRN
BASELINE
BioMarin Pharmaceutical Inc.
Total debt $4.20B Interest coverage 37.57x This is the baseline the peer rows are being compared against.
Total debt $1.98B Interest coverage 342.44x +811% vs BMRN Carries about 9.1x more debt cushion than BMRN.
Total debt $1.06B Interest coverage -17.25x -100% vs BMRN This peer has almost no interest-payment cushion compared with BMRN.
Total debt $3.00B Interest coverage 1.99x -95% vs BMRN Carries about 18.9x less debt cushion than BMRN.
Total debt $461.60M Interest coverage 5.03x -87% vs BMRN Carries about 7.5x less debt cushion than BMRN.
Total debt $37.41M Interest coverage 553.04x +1,372% vs BMRN Carries about 14.7x more debt cushion than BMRN.
What you should know
The case for and against BMRN
3 Rewards
2 Risks
Rewards
-
Revenue grew 5.8% last year.
-
Returns 1.2% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Stock trades 103.0% above its 5-year average P/E.
-
Insider ownership is only 0.3% (peer median: 1.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
158.14x
Forward P/E
9.12x
P/B
1.79x
P/S
3.32x
EV/EBITDA
22.71x
PEG ratio
0.34x
Profitability
How much profit each dollar creates
Gross margin
51.0%
Operating margin
21.2%
Net margin
2.1%
ROE
1.2%
ROA
3.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.66x
Current ratio
2.39x
Quick ratio
1.16x
Total debt
$4.20B
Total cash
$874.00M
Growth
How the business has been compounding
Revenue TTM
$3.41B
Revenue 5Y CAGR
14.9%
EPS TTM
0.37
EPS 5Y CAGR
33.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$857.09M
Free CF TTM
$724.96M
FCF margin
21.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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