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Biotech developing treatments for rare genetic diseases, including enzyme replacement therapies and Voxzogo for achondroplasia (dwarfism).
Biotech developing treatments for rare genetic diseases, including enzyme replacement therapies and Voxzogo for achondroplasia (dwarfism).
Each product treats a small number of patients at a high price per patient, so a few treatment centers and specialists drive sales, often over many years because the conditions are lifelong. Enzyme therapies for rare metabolic diseases built the base, and Voxzogo, a daily injection for children with achondroplasia, is now the main growth driver.
Moat: narrow (IP / patents, regulatory licence, installed base). Pioneer and category leader in ultra-rare enzyme-replacement diseases with small, well-identified patient populations.
Headquarters: San Rafael, California, US · Founded: 1997 · Employees: 3,221
Size BioMarin Pharmaceutical (BMRN) is a United States Health Care company (Biotechnology) with a market value of $10.9B, the 743rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $56.03 on 6 Nov 2026.
Performance Over six months the shares gained 3.6%, against +9.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 19.8% over the last twelve months (peer median +38.0%); the operating margin is 19.2% (peer median 9.4%).
Valuation It trades at 10.3× forward earnings against a peer median of 35.9× (2nd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points below its cost of capital (6.1% WACC).
Credit BioMarin Pharmaceutical has 2 bonds outstanding ($1.45B), rated BB by the agencies and trading like BBB- at a weighted spread of 139 bp.
Short interest Short interest is 6.2% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.69B | $3.24B | $2.84B | $2.42B | $2.05B |
| Revenue growth | — | +14% | +17% | +18% | — |
| Gross profit | $2.63B | $2.51B | $2.22B | $1.84B | $1.50B |
| EBITDA | $974M | $972M | $626M | $299M | $110M |
| Net income | -$19.1M | $349M | $427M | $168M | $142M |
| Free cash flow | $558M | $725M | $487M | $62.6M | $54.9M |
| Capital expenditure | $121M | $111M | $97.4M | $108M | $132M |
| Total debt | $4.21B | $643M | $649M | $1.13B | $1.12B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BioMarin Pharmaceutical BMRN | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| Ultragenyx Pharmaceutical RARE | $1.52B | +22% | +16% | -64% | n/a | n/a |
| Ascendis Pharma A/S ASND | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BMRN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | -4.6% | 7th highest of 21 |
| 6-month return | +3.6% | +9.7% | 6th lowest of 21 |
| Distance from 52-week high | -21.1% | -26.1% | 8th highest of 21 |
| Revenue growth (TTM) | +19.8% | +38.0% | 7th lowest of 18 |
| Operating margin | 19.2% | 9.4% | 7th highest of 18 |
| Forward P/E | 10.3× | 35.9× | 2nd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 18.7% | 4th least demanding of 12 |
| Growth delivered (Del g) | +12.0% | +19.8% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -5.5 pp | -8.7 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -0.3 pp | -3.2 pp | 8th highest of 17 |
| EV / EBITDA | 14.7× | 23.7× | 3rd cheapest of 9 |
| Net debt / EBITDA | 3.6× | -1.1× | most indebted of 9 |
| Bond spread | 139 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | n/a | n/a | n/a |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |
BioMarin Pharmaceutical has 2 bonds outstanding with $1.45B face value. The agencies rate it BB; its bonds trade like BBB-. Weighted yield 6.25%, a spread of 139 bp over government bonds.