BioMarin Pharmaceutical Inc.BMRN
NasdaqGS•Healthcare•Biotechnology
BioMarin Pharmaceutical Inc., a biotechnology company, engages in the development and commercialization of therapies for life-threatening rare diseases and medical conditions in the United States, Europe, Latin America, the Middle East, the Asia Pacific, and internationally. The company's products include VIMIZIM, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; VOXZOGO, a once daily injection analog of c-type natriuretic peptide (CNP) for the treatment of achondroplasia; NAGLAZYME, a recombinant form of N- acetylgalactosamine 4-sulfatase for patients with MPS VI; and PALYNZIQ, a PEGylated recombinant phenylalanine (Phe) ammonia lyase enzyme delivered through subcutaneous injection to reduce blood Phe concentrations. It also develops BRINEURA, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; ALDURAZYME, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase; and KUVAN, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria, an inherited metabolic disease. The company's products under development include BMN 333, a longer-acting CNP for the treatment of multiple growth disorders, such as achondroplasia and hypochondroplasia; and BMN 351, an oligonucleotide for the treatment of duchenne muscular dystrophy. It serves specialty pharmacies, hospitals, non-U.S. government agencies, distributors, and pharmaceutical wholesalers. The company has license and collaboration agreements with and Ares Trading S.A. The company was incorporated in 1996 and is based in San Rafael, California.
BioMarin Pharmaceutical Inc. (BMRN) reported trailing twelve months revenue of $3.24B as of March 2026, a 9.9% increase year-over-year. Quarterly revenue reached $766.21M, reflecting continued top-line momentum.
BioMarin Pharmaceutical Inc. generated $268.74M in TTM net income, with quarterly EBITDA of $146.05M. The operating margin contracted from 30.0% to 16.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.9%) and net margin (13.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 24.9% a year ago, reflecting increased costs or interest expense.
BMRN trades at a P/E of 39.2x (a premium multiple) and a P/S of 3.3x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $199.73M in free cash flow over the trailing twelve months, a 26.7% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $8.59B in total assets with $1.43B in long-term debt against $6.21B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 15.4%. The business may lack pricing power or face rising costs.'
ROE is positive at ~7.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 53.1% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 123.9% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.