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Biomarin Pharmaceutical Inc. (BMRN)
:BMRN
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BioMarin Pharmaceutical
(NASDAQ:BMRN)
Rating:71Outperform
Price Target:
$64.00
▲(15.86%Upside)
Positive Factors
Competitive Advantage
Ascendis offers a potential competitive advantage with the option to co-formulate a growth hormone product with CNP.
Market Potential
BioMarin believes INZ-701 could be a $400-600M opportunity at peak, making it a nice addition to the company's enzyme replacement therapy portfolio.
Product Portfolio Expansion
The acquisition of Inozyme Pharma is seen as a step in the right direction for BioMarin's pipeline expansion.
Negative Factors
Clinical Data Challenges
The data for the competitor's combination approach are still early, uncontrolled, and small in sample size, making it difficult to determine its future role in ACH treatment.
Efficacy Concerns
Concerns that BMRN raised during their earnings call, namely durability of effects and potential of hGH-associated longer-term side effects, are still valid.
BioMarin Pharmaceutical (BMRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.59B
Dividend YieldN/A
Average Volume (3M)2.17M
Price to Earnings (P/E)20.5
Beta (1Y)0.41
Revenue Growth17.99%
EPS Growth152.10%
CountryUS
Employees3,040
SectorHealthcare
Sector Strength46
IndustryBiotechnology
Share Statistics
EPS (TTM)0.95
Shares Outstanding191,775,670
10 Day Avg. Volume2,068,218
30 Day Avg. Volume2,170,679
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)4.17
Price to Sales (P/S)0.00
P/FCF Ratio432.20
Enterprise Value/Market Cap1.84
Enterprise Value/Revenue1.76
Enterprise Value/Gross Profit8.43
Enterprise Value/Ebitda8.42
Forecast
1Y Price Target
$94.27Price Target Upside70.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
BioMarin Pharmaceutical Business Overview & Revenue Model
Company DescriptionBioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company's commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.
How the Company Makes MoneyBioMarin Pharmaceutical makes money primarily through the sale of its proprietary biopharmaceutical products. The company's revenue streams are driven by the commercialization of its approved therapies, which are often high-priced due to their specificity and effectiveness in treating rare diseases. Key revenue-generating products include Vimizim, Naglazyme, and Palynziq, among others. Additionally, BioMarin invests in research and development to expand its product pipeline, which could lead to future revenue opportunities. The company also engages in strategic partnerships and collaborations with other pharmaceutical firms and research institutions to enhance its product offerings and market reach, contributing to its earnings.
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:
Main Street Data
Main Street DataBioMarin Pharmaceutical Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: -11.91%|
Next Earnings Date:Aug 05, 2025
Earnings Call Sentiment Positive
BioMarin reported strong financial performance with notable revenue growth and profitability expansion, supported by successful pipeline progress. However, potential challenges include analyzing exposure to future pharmaceutical tariffs and managing VOXZOGO's revenue dynamics amid global order patterns. The overall sentiment leans towards optimism with strategic growth initiatives and robust financial results.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
BioMarin reported a 15% increase in total revenues for Q1 2025, reaching $745 million compared to the same period last year. VOXZOGO's global revenue also increased by 40% year-over-year.
Profitability Expansion
Non-GAAP earnings per share reached $1.13, representing a 59% year-over-year increase. Non-GAAP operating margin expanded by 11.9 percentage points year-over-year to 35.7%.
Pipeline Progress
Completed enrollment in a pivotal Phase 3 study with VOXZOGO in children with hypochondroplasia, aiming for a launch in 2027. Progress in BMN 351 for Duchenne Muscular Dystrophy and BMN 333, with early clinical results expected later this year.
Enzyme Therapies Growth
Revenue from the Enzyme Therapies business unit grew 8% year-over-year, with PALYNZIQ increasing by 22% compared to Q1 2024.
Geographical Revenue Diversification
Approximately two-thirds of BioMarin’s total revenues originate from outside the United States, providing insulation from US-specific economic conditions.
Negative Updates
Potential Tariff Impact
BioMarin is analyzing potential exposure to pharmaceutical tariffs under multiple scenarios, although they currently have immaterial exposure to US tariffs for China, Mexico, and Canada.
VOXZOGO Revenue Dynamics
Despite patient growth, quarterly revenues for VOXZOGO appear relatively similar quarter-to-quarter due to global order dynamics, with revenue growth expected mostly in the second half of 2025.
Company Guidance
In the BioMarin Pharmaceuticals First Quarter 2025 Conference Call, the company reported a strong financial performance with a 15% increase in revenue, reaching $745 million, and a 59% year-over-year rise in non-GAAP earnings per share, which stood at $1.13. The growth was fueled by VOXZOGO, which saw a 40% increase in global revenue to $214 million, and PALYNZIQ, which grew by 22%. The non-GAAP operating margin expanded to 35.7%, up by 11.9 percentage points from the previous year. The company reiterated its full-year non-GAAP operating margin guidance of 32% to 33%. BioMarin projects full-year 2025 VOXZOGO revenues between $900 million and $950 million, reflecting a 26% increase at the midpoint. The company also highlighted its strategic transformation, ongoing innovation, and robust global presence as key factors positioning it well amidst market uncertainties, with two-thirds of its revenue originating outside the United States.BioMarin Pharmaceutical Financial Statement Overview
Summary
BioMarin demonstrates strong financial performance with significant revenue growth, improved profit margins, and robust cash flow management. The financial stability is highlighted by a low debt-to-equity ratio and strong equity financing, although debt levels need monitoring.Income Statement
BioMarin Pharmaceutical has demonstrated a robust financial performance with strong revenue growth, rising from $2.09 billion in 2022 to $2.93 billion TTM (Trailing-Twelve-Months). The gross profit margin remains healthy, supported by efficient cost management. The net profit margin and EBIT margins have also shown significant improvement, indicating enhanced profitability. The consistent EBITDA margin growth highlights operational efficiency gains.85
Very Positive
Balance Sheet
The company's balance sheet is strong, characterized by a low debt-to-equity ratio, suggesting prudent financial leverage. The equity ratio is impressive, indicating a high level of asset financing through equity. The return on equity has improved substantially, showcasing the company's ability to generate profits from shareholders' investments. However, the company should continue monitoring its debt levels to maintain financial flexibility.78
Positive
Cash Flow
BioMarin Pharmaceutical has demonstrated strong cash flow dynamics with significant growth in free cash flow, reflecting effective capital expenditure management. The operating cash flow to net income ratio is favorable, indicating robust cash generation capabilities. The improved free cash flow to net income ratio further underscores the company's solid cash flow management.82
Very Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 2.94B | 2.85B | 2.42B | 2.10B | 1.85B | 1.86B | Gross Profit |
| 2.32B | 2.27B | 1.84B | 1.61B | 1.38B | 1.34B | EBIT |
| 602.65M | 484.21M | 194.44M | 57.55M | -60.01M | -96.26M | EBITDA |
| 738.30M | 650.86M | 310.28M | 267.51M | 48.03M | -5.85M | Net Income Common Stockholders |
| 523.88M | 426.86M | 167.65M | 141.56M | -64.08M | 854.03M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 1.27B | 1.14B | 1.07B | 1.29B | 1.01B | 1.07B | Total Assets |
| 7.15B | 6.99B | 6.84B | 6.38B | 6.00B | 5.85B | Total Debt |
| 595.65M | 602.71M | 1.10B | 1.08B | 1.08B | 1.08B | Net Debt |
| -453.15M | -340.13M | 340.62M | 358.49M | 491.80M | 425.99M | Total Liabilities |
| 1.35B | 1.33B | 1.89B | 1.77B | 1.73B | 1.74B | Stockholders Equity |
| 5.79B | 5.66B | 4.95B | 4.60B | 4.27B | 4.11B |
| Cash Flow | Free Cash Flow | ||||
| 620.18M | 475.42M | 51.65M | 44.36M | 185.31M | -52.15M | Operating Cash Flow |
| 700.26M | 572.84M | 159.26M | 175.90M | 304.54M | 85.36M | Investing Cash Flow |
| 122.49M | 136.49M | -111.24M | -20.03M | -366.31M | -53.62M | Financing Cash Flow |
| -522.43M | -526.45M | -18.73M | -18.65M | -48.00K | 181.12M |
BioMarin Pharmaceutical Technical Analysis
Negative
55.24
Price Trends
58.91
Negative
63.38
Negative
66.15
Negative
Market Momentum
-1.14
Positive
36.08
Neutral
20.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMRN, the sentiment is Negative. The current price of 55.24 is below the 20-day moving average (MA) of 57.01, below the 50-day MA of 58.91, and below the 200-day MA of 66.15, indicating a bearish trend. The MACD of -1.14 indicates Positive momentum. The RSI at 36.08 is Neutral, neither overbought nor oversold. The STOCH value of 20.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BMRN.
BioMarin Pharmaceutical Risk Analysis
BioMarin Pharmaceutical disclosed 46 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
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $11.28B | 18.48 | 30.22% | ― | 24.49% | 244.87% | |
82 Outperform | $13.60B | 12.10 | 22.69% | ― | 25.11% | 46.46% | |
76 Outperform | $13.16B | 11.64 | 19.94% | ― | 19.85% | 21.16% | |
74 Outperform | $13.32B | 211.23 | 0.47% | ― | 17.13% | -88.78% | |
71 Outperform | $10.59B | 20.50 | 9.64% | ― | 17.99% | 152.10% | |
54 Neutral | $5.24B | 3.26 | -44.35% | 6.48% | 16.78% | -0.10% | |
52 Neutral | $10.31B | ― | 357.68% | ― | 10.69% | 34.71% |
* Healthcare Sector Average
Performance Comparison
BMRN
BioMarin Pharmaceutical
55.24
-28.54
-34.07%
EXEL
Exelixis
40.74
18.54
83.51%
INCY
Incyte
68.27
5.05
7.99%
UTHR
United Therapeutics
291.72
-24.32
-7.70%
ASND
Ascendis Pharma
170.71
42.86
33.52%
GMAB
Genmab
21.56
-4.47
-17.17%
BioMarin Pharmaceutical Corporate Events
Shareholder MeetingsBusiness Operations and Strategy
BioMarin Pharmaceutical Approves Equity Plan Amendment
Positive
May 22, 2025
On May 20, 2025, BioMarin Pharmaceutical Inc. held its Annual Meeting of Stockholders, where stockholders approved an amendment to the 2017 Equity Incentive Plan, increasing the number of shares reserved for issuance by 8,000,000. This amendment, effective immediately, was previously approved by the Compensation Committee, indicating strong internal support for expanding equity incentives. Additionally, stockholders elected ten directors, ratified KPMG LLP as the independent registered public accounting firm, and approved executive compensation, reflecting continued confidence in the company’s leadership and strategic direction.
The most recent analyst rating on (BMRN) stock is a Buy with a $120.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.
M&A TransactionsBusiness Operations and Strategy
BioMarin Acquires Inozyme Pharma for $270 Million
Positive
May 16, 2025
On May 16, 2025, BioMarin Pharmaceutical Inc. announced an agreement to acquire Inozyme Pharma, Inc. for approximately $270 million. This acquisition aims to enhance BioMarin’s enzyme therapy portfolio by adding INZ-701, a late-stage enzyme replacement therapy for ENPP1 Deficiency, a rare genetic condition. The transaction is expected to close in the third quarter of 2025, pending regulatory approval and other conditions. The acquisition is strategically significant for BioMarin, as it aligns with their commitment to advancing treatments for serious genetic conditions, potentially offering the first treatment for ENPP1 Deficiency. The first pivotal data readout for INZ-701 in children is anticipated in early 2026, with a potential launch in 2027, marking a significant step forward in addressing unmet medical needs.
The most recent analyst rating on (BMRN) stock is a Buy with a $120.00 price target. To see the full list of analyst forecasts on BioMarin Pharmaceutical stock, see the BMRN Stock Forecast page.
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.