BIOMARIN PHARMACEUTICAL INC BMRN
BioMarin Pharmaceutical Inc. (BioMarin, we, us or our) is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Our San Rafael, California-based company, founded in 1997, has a proven track record of innovation, with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients.
In 2025, we achieved $3.2 billion in total revenues, including a significant contribution from our ongoing expansion of VOXZOGO, and we continued to grow our commercial business and advance our product candidate pipeline. We believe that the combination of our internal research programs, partnerships and acquisitions of external assets will allow us to continue to develop and commercialize innovative therapies for patients with serious and life-threatening rare diseases and medical conditions. We periodically conduct strategic portfolio assessments of research and development programs to determine which we believe have the strongest combination of scientific merit, opportunity for commercial success and potential value creation for stockholders. Based on such strategic portfolio assessments, certain programs that do not meet our threshold for further development and commercialization could be discontinued.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.22B | $2.85B | $2.42B | $2.10B | $1.85B | $1.86B | $1.70B | $1.49B | $1.31B | $1.12B |
| Cost of revenue | $717.4M | $580.2M | $532.1M | $503.0M | $470.5M | $524.3M | $359.5M | $315.3M | $241.8M | $209.6M |
| Gross profit | $2.50B | $2.27B | $1.89B | $1.59B | $1.38B | $1.34B | $1.34B | $1.18B | $1.07B | $907.2M |
| R&D | $921.9M | $747.2M | $746.8M | $649.6M | $628.8M | $628.1M | $715.0M | $696.3M | $610.8M | $661.9M |
| SG&A | $1.15B | $1.01B | $892.4M | $823.2M | $759.4M | $737.7M | $680.9M | $604.4M | $554.3M | $476.6M |
| Total operating expenses | $2.81B | $2.37B | $2.23B | $1.94B | $1.93B | $1.90B | $1.80B | $1.61B | $1.33B | $1.92B |
| Operating income | $409.5M | $484.2M | $185.8M | $161.0M | -$82.3M | -$43.4M | -$100.5M | -$123.5M | -$14.7M | -$803.4M |
| Interest expense | $10.9M | $12.7M | $17.3M | $16.0M | $15.3M | $29.3M | $23.5M | $43.7M | $42.7M | $39.5M |
| Pre-tax income | $482.5M | $541.8M | $188.6M | $149.6M | -$75.3M | -$49.0M | -$94.8M | -$142.7M | -$35.9M | -$831.0M |
| Income tax | $133.6M | $114.9M | $20.9M | $8.0M | $11.3M | $903.0M | $71.0M | $65.5M | $81.2M | $200.8M |
| Net income | $348.9M | $426.9M | $167.6M | $141.6M | -$64.1M | $854.0M | -$23.8M | -$77.2M | -$117.0M | -$630.2M |
| EPS, basic | 1.82 | 2.25 | 0.89 | 0.76 | -0.35 | 4.72 | -0.13 | -0.44 | -0.67 | -3.80 |
| EPS, diluted | 1.80 | 2.21 | 0.87 | 0.75 | -0.35 | 4.50 | -0.13 | -0.44 | -0.67 | -3.81 |
| Shares, diluted (wtd. avg.) | $197.4M | $196.7M | $191.6M | $189.0M | $182.9M | $191.7M | $179.0M | $177.3M | $174.4M | $166.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.31B | $942.8M | $755.1M | $724.5M | $587.3M | $649.2M | $437.4M | $494.0M | $598.0M | $408.3M |
| Short-term investments | $248.9M | $194.9M | $318.7M | $567.0M | $426.6M | $416.2M | $316.4M | $590.3M | $797.9M | $381.3M |
| Receivables | $908.2M | $660.5M | $633.7M | $461.3M | $373.4M | $448.4M | $377.4M | $342.6M | $261.4M | $215.3M |
| Inventory | $1.30B | $1.23B | $1.11B | $894.1M | $776.7M | $698.5M | $680.3M | $530.9M | $475.8M | $355.1M |
| Total current assets | $3.95B | $3.23B | $2.96B | $2.75B | $2.27B | $2.34B | $1.94B | $2.06B | $2.21B | $1.42B |
| Property, plant and equipment | $952.5M | $1.04B | $1.07B | $1.07B | $1.04B | $1.03B | $1.01B | $948.7M | $896.7M | $798.8M |
| Goodwill | $196.2M | $196.2M | $196.2M | $196.2M | $196.2M | $196.2M | $197.0M | $197.0M | $197.0M | $197.0M |
| Other intangibles | $213.8M | $255.3M | $294.7M | $338.6M | $388.7M | $417.3M | $456.6M | $491.8M | $517.5M | $553.8M |
| Total assets | $7.59B | $6.99B | $6.84B | $6.38B | $6.00B | $5.85B | $4.69B | $4.43B | $4.63B | $4.02B |
| Accounts payable | $759.0M | $607.0M | $683.1M | $573.0M | $498.3M | $492.5M | $570.6M | $437.3M | $401.9M | $370.5M |
| Total current liabilities | $759.0M | $607.0M | $1.18B | $588.9M | $546.5M | $492.5M | $932.5M | $523.2M | $816.5M | $439.3M |
| Total liabilities | $1.51B | $1.33B | $1.89B | $1.77B | $1.74B | $1.74B | $1.57B | $1.46B | $1.82B | $1.26B |
| Retained earnings | $154.2M | -$194.7M | -$621.6M | -$789.2M | -$930.8M | -$861.6M | -$1.72B | -$1.69B | -$1.64B | -$1.52B |
| Total equity | $6.09B | $5.66B | $4.95B | $4.60B | $4.27B | $4.10B | $3.12B | $2.97B | $2.81B | $2.77B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $828.0M | $572.8M | $159.3M | $175.9M | $304.5M | $85.4M | $48.3M | $20.2M | -$8.8M | -$227.8M |
| Depreciation and amortisation | $79.6M | $96.4M | $104.4M | $102.0M | $108.0M | $105.2M | $105.3M | $95.7M | $87.9M | $96.9M |
| Stock-based compensation | $181.4M | $201.6M | $207.1M | $196.3M | $197.3M | $189.7M | $159.9M | $148.8M | $140.3M | $134.6M |
| Capital expenditure | $103.0M | $85.4M | $96.7M | $121.0M | $95.6M | $114.3M | $145.0M | $144.6M | $199.2M | $148.4M |
| Investing cash flow | -$414.2M | $136.5M | -$111.2M | -$20.0M | -$366.3M | -$53.6M | -$31.0M | $264.4M | -$305.5M | -$484.0M |
| Financing cash flow | -$42.4M | -$526.4M | -$18.7M | -$18.6M | -$48.0K | $181.1M | -$74.7M | -$388.0M | $507.1M | $727.1M |
| Buybacks | — | — | — | $0 | $0 | $50.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026290.
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| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |