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BMRN

BioMarin Pharmaceutical Inc.

BMRN

BioMarin Pharmaceutical Inc. • NASDAQ
$55.91 ▲ 0.69% (+0.39)
Market Cap $10.74 B
52w High $73.51
52w Low $50.76
Dividend Yield 0%
P/E 20.78
Volume 1.20M
Outstanding Shares 192.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $776.133M ▼ $682.74M ▲ $-30.744M ▼ -3.961% ▼ $-0.16 ▼ $-5.258M ▼
Q2-2025 $825.41M ▲ $398.433M ▲ $240.532M ▲ 29.141% ▲ $1.25 ▲ $319.11M ▲
Q1-2025 $745.145M ▼ $369.694M ▼ $185.686M ▲ 24.919% ▲ $0.97 ▲ $263.021M ▲
Q4-2024 $747.313M ▲ $449.767M ▲ $124.943M ▲ 16.719% ▲ $0.66 ▲ $195.496M ▲
Q3-2024 $745.74M $443.39M $106.08M 14.225% $0.57 $156.415M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.478B ▲ $7.615B ▲ $1.558B ▲ $6.057B ▲
Q2-2025 $1.432B ▲ $7.456B ▲ $1.429B ▲ $6.027B ▲
Q1-2025 $1.272B ▲ $7.147B ▲ $1.354B ▲ $5.793B ▲
Q4-2024 $1.138B ▲ $6.989B ▲ $1.331B ▼ $5.658B ▲
Q3-2024 $930.444M $6.851B $1.438B $5.413B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.744M ▼ $368.685M ▲ $-330.963M ▼ $-2.169M ▲ $36.292M ▼ $340.238M ▲
Q2-2025 $426.218M ▲ $185.271M ▲ $-12.592M ▲ $-4.603M ▲ $165.013M ▲ $168.17M ▲
Q1-2025 $185.686M ▲ $174.394M ▼ $-28.238M ▼ $-38.779M ▼ $105.961M ▼ $157.626M ▼
Q4-2024 $124.943M ▲ $185.627M ▼ $76.404M ▲ $2.859M ▲ $267.394M ▲ $165.328M ▼
Q3-2024 $106.08M $221.481M $-16.157M $-499.125M $-296.702M $200.305M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $740.00M ▲$730.00M ▼$810.00M ▲$760.00M ▼
Royalty And Other
Royalty And Other
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement BioMarin’s sales have been climbing steadily over the past several years, with growth clearly accelerating more recently. The company has very high gross margins, reflecting strong pricing power in rare-disease drugs and efficient manufacturing. Profitability has improved meaningfully: operating profit has moved from small losses a few years ago to solid positive territory, and net income is now consistently positive (setting aside an unusually strong one-off year earlier in the period). That said, earnings are still moderate relative to revenue, showing that research, development, and commercialization costs remain heavy. Overall, the income statement shows a business that has transitioned from a largely investment phase into one that is increasingly profitable, but still exposed to swings from product launches, trial results, and pricing decisions.

Balance Sheet

Balance Sheet The balance sheet looks sound and has been steadily strengthening. Total assets have grown over time, supported by ongoing investment in drugs and the commercial platform. Shareholders’ equity has increased each year, which generally signals that the company is building value on its balance sheet rather than relying on heavy borrowing. Debt, which had been relatively elevated, has recently come down noticeably, while cash on hand has risen. That combination reduces financial risk and gives BioMarin more flexibility to fund development, manage setbacks, or pursue strategic deals without stretching its finances. Overall leverage appears moderate and moving in the right direction.

Cash Flow

Cash Flow Cash generation has improved clearly. Operating cash flow was positive throughout the period and has stepped up in the most recent year, showing that the core business is now converting more of its sales into cash. After funding capital spending—which has been fairly stable and not overly large—free cash flow has turned meaningfully positive and more robust than in prior years. This suggests BioMarin is moving beyond a period of heavy cash burn into one where it can increasingly fund research, pay down debt, or build cash reserves from internally generated funds. The main risk is that cash flows can still be volatile given the reliance on a limited number of high-value therapies and pipeline milestones.

Competitive Edge

Competitive Edge BioMarin occupies a differentiated niche in biotechnology by focusing on rare and ultra-rare genetic diseases. This “orphan drug” focus typically means limited competition, strong relationships with specialists and patient communities, and the ability to command premium pricing—reflected in its high margins. Its track record as a first mover in several conditions, combined with a deep patent portfolio, specialist manufacturing capabilities, and a global commercial platform tailored to small patient populations, creates meaningful barriers to entry. These strengths give BioMarin a durable competitive edge. Risks to its position include emerging competition in key disease areas, pressure from payers on very expensive therapies, and the challenge of proving long-term benefits and value for new modalities like gene therapy. The company’s reliance on a relatively small set of flagship drugs also concentrates competitive and reimbursement risk.

Innovation and R&D

Innovation and R&D BioMarin’s identity is tightly linked to innovation. It has pioneered enzyme replacement therapies and is now pushing into gene therapy and other advanced approaches, giving it a broad toolkit to address complex genetic diseases. Roctavian, its gene therapy for hemophilia A, illustrates both the upside and the risk: the science is cutting-edge, but commercial uptake and payer acceptance are still developing. The pipeline includes programs targeting growth disorders, liver disease, muscular dystrophy, and other serious conditions, and the company has recently narrowed its focus to the projects it believes have the highest impact and commercial potential. This prioritization can improve returns on R&D but also means fewer “shots on goal.” Overall, BioMarin’s innovation engine is a key source of its moat, but it comes with the usual biotech uncertainties: trial failure, regulatory delay, shifting competitive landscapes, and the need for ongoing high R&D spending to sustain growth.

Summary

BioMarin today looks like a more mature rare-disease biotech: revenue is growing well, margins are high, and profitability and cash generation have improved meaningfully compared with a few years ago. The balance sheet is solid, with rising equity, more cash, and lower debt, giving the company resilience and room to maneuver. Strategically, its focus on orphan indications, strong intellectual property, and specialized global infrastructure give it a defensible position, but success still hinges on continued execution in key products like Voxzogo and Roctavian, as well as the next wave of pipeline assets. Concentration in a small number of high-value therapies and exposure to regulatory and pricing decisions remain central risks. In sum, BioMarin appears financially stronger and more self-sustaining than earlier in the decade, with a meaningful competitive moat built on innovation in rare diseases—balanced by the inherent uncertainty and binary outcomes common to advanced biopharmaceutical development.

NEWS

November 11, 2025 · 9:00 AM UTC

BioMarin to Participate at the Jefferies Global Healthcare Conference on Tuesday, November 18, 2025, at 10:30 AM GMT in London, England

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October 29, 2025 · 9:00 AM UTC

FDA Accepts BioMarin's PALYNZIQ® (pegvaliase-pqpz) Supplemental Biologics License Application for Priority Review to Expand Use to Adolescents Aged 12-17 with Phenylketonuria

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October 27, 2025 · 4:03 PM UTC

BioMarin Reports Third Quarter 2025 Results and Provides Corporate Update

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October 22, 2025 · 4:05 PM UTC

BioMarin to Host Third Quarter 2025 Financial Results Conference Call and Webcast on Monday, October 27, 2025, at 4:30pm ET

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September 6, 2025 · 11:05 AM UTC

BioMarin Announces Positive Pivotal Phase 3 Data for PALYNZIQ® (pegvaliase-pqpz) in Adolescents with Phenylketonuria at 15th International Congress of Inborn Errors of Metabolism

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