BioMarin Pharmaceutical
BMRN
$68.88
+7.95%
BioMarin Pharmaceutical Inc. is a global biotechnology company focused on developing and commercializing therapies for rare genetic diseases, specializing in enzyme replacement therapies, gene therapies, and other advanced treatments. With eight approved therapies for conditions including achondroplasia, phenylketonuria, hemophilia, and mucopolysaccharidosis, BioMarin holds a distinct position as a leader in the rare disease space, leveraging its expertise to address complex genetic disorders. The current investor narrative centers on the company's pipeline momentum, particularly the successful Phase 3 trial for VOXZOGO in hypochondroplasia, which validates its growth strategy and opens a significant new market opportunity, while also facing competitive pressures from emerging therapies like BridgeBio's achondroplasia candidate.…
BMRN
BioMarin Pharmaceutical
$68.88
Related headlines
Investment Opinion: Should I buy BMRN Today?
Based on the analysis, I rate BMRN as a Buy. The thesis is that BioMarin's accelerating revenue growth, driven by VOXZOGO and its existing portfolio, combined with a strong pipeline and a reasonable forward valuation, offers significant upside potential. The analyst consensus is 'Buy' with an average target of $87.92, implying 43% upside from the current price of $61.46.
Sign up to view all
BMRN 12-Month Price Forecast
The AI assessment is bullish on BMRN, driven by the company's accelerating revenue growth, high gross margins, and a promising pipeline catalyst in VOXZOGO. The forward valuation is attractive, and analyst sentiment is positive, but the medium confidence reflects the competitive and regulatory risks. The stance would be upgraded to high confidence if the company delivers strong Q1 2026 earnings and provides upbeat guidance, or if VOXZOGO receives approval ahead of schedule. Conversely, it would be downgraded to neutral if revenue growth decelerates or if BridgeBio's competitive threat materializes more strongly.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on BioMarin Pharmaceutical's 12-month outlook, with a consensus price target around $89.52 and implied upside of +30.0% versus the current price.
Average Target
$89.52
0 analysts
Implied Upside
+30.0%
vs. current price
Analyst Count
—
covering this stock
Price Range
$60 - $124
Analyst target range
The target price range spans from a low of $50.00 to a high of $120.00, with the high target implying a 95.2% upside from the current price, likely assuming successful pipeline execution and market expansion for VOXZOGO. The low target of $50.00 suggests a potential downside of -18.6%, possibly reflecting competitive threats or regulatory setbacks. The wide spread between the low and high targets (a 140% difference) indicates high uncertainty about the company's future prospects, but the overall bullish consensus and recent positive news flow suggest that analysts are leaning toward the optimistic scenario.
Bulls vs Bears: BMRN Investment Factors
BioMarin presents a compelling growth story with accelerating revenue, a robust pipeline, and a strong balance sheet, but it is tempered by valuation concerns, competitive threats, and recent earnings volatility. The bull case is supported by the VOXZOGO Phase 3 success and analyst targets implying 43% upside, while the bear case hinges on the high trailing PE and the risk of BridgeBio's competition. Currently, the evidence slightly favors the bull side due to the strong revenue momentum and pipeline catalysts, but the key tension is whether the market's expectation of dramatic earnings growth (forward PE 9.61x) will materialize, as any miss could trigger a sharp re-rating. The stock's fate hinges on the successful commercialization of VOXZOGO and the ability to fend off competitive pressures.
Bullish
- Accelerating Revenue Growth: Q4 2025 revenue grew 17.0% YoY to $874.6M, up from $747.3M in Q4 2024, with sequential growth from $776.1M in Q3 2025. The trajectory from $648.8M in Q1 2024 to $874.6M in Q4 2025 demonstrates consistent acceleration, driven by strong product sales of $859.3M.
- High Gross Margin and Profitability: Gross margin stands at 77.1% (TTM), reflecting the high-value nature of rare disease therapies. Operating margin of 16.6% and positive net income (EPS $0.03 TTM) show the company is profitable, with Q2 2025 net income of $240.5M and EPS of $1.25.
- Pipeline Catalyst: VOXZOGO Phase 3 Success: The successful Phase 3 trial for VOXZOGO in hypochondroplasia opens a significant new market, with the stock soaring on the news. This validates the pipeline and supports the forward PE of 9.61x, implying the market expects substantial earnings growth from this expansion.
- Strong Balance Sheet and Low Debt: Debt-to-equity is only 0.106, and the current ratio is 5.21, indicating ample liquidity. Free cash flow TTM is $725.0M, providing financial flexibility for R&D and potential acquisitions without leverage risk.
Bearish
- High Valuation on Trailing Earnings: Trailing PE of 32.65x is elevated, and the PEG ratio is negative (-1.71) due to expected earnings decline. The stock trades at 3.54x sales, which is rich for a biotech with modest near-term growth, leaving limited margin of safety if growth disappoints.
- Recent Earnings Volatility and Losses: Q4 2025 reported a net loss of -$46.6M and EPS of -$0.24, a sharp reversal from Q2 2025's profit of $240.5M. This volatility in quarterly earnings, driven by R&D and SGA expenses, creates uncertainty for investors.
- Competitive Threat from BridgeBio: BridgeBio's successful Phase 3 trial for achondroplasia and planned FDA filing in 2026 directly competes with VOXZOGO. This could erode BioMarin's market share and pricing power in a key indication, pressuring future revenue growth.
- Underperformance vs. Market: The stock has gained only 1.3% over the past year, versus the S&P 500's 21.5% gain. Relative strength is negative across 1-month (-0.95%), 6-month (-5.56%), and YTD (-9.33%), indicating persistent selling pressure and lack of investor conviction.
BMRN Technical Analysis
BioMarin's stock is currently in a recovery phase, having rebounded from a 52-week low of $49.26 to trade at $61.46, which represents 92.7% of its 52-week range (between $49.26 and $66.28). The 1-year price change is a modest +1.30%, indicating that the stock has essentially flatlined over the past year, underperforming the S&P 500's +21.46% gain. This positioning near the upper end of its range suggests a recent resurgence in buying interest, but the long-term stagnation highlights a lack of sustained momentum, with the stock still 7.3% below its 52-week high of $66.28.
Beta
0.23
0.23x market volatility
Max Drawdown
-22.5%
Largest decline past year
52-Week Range
$49-$69
Price range past year
Annual Return
+20.1%
Cumulative gain past year
| Period | BMRN Return | S&P 500 |
|---|---|---|
| 1m | +16.5% | +2.4% |
| 3m | +30.3% | +4.7% |
| 6m | +14.2% | +11.7% |
| 1y | +20.1% | +21.3% |
| ytd | +15.9% | +13.4% |
Bobby - Your AI Investment Partner
Get real-time data, AI-driven personalized investment analysis to make smarter investment decisions
BMRN Fundamental Analysis
BioMarin's revenue trajectory shows strong growth, with the most recent quarter (Q4 2025) reporting revenue of $874.6 million, a 17.0% year-over-year increase. This growth is accelerating, as revenue has climbed from $648.8 million in Q1 2024 to $745.1 million in Q1 2025, $825.4 million in Q2 2025, $776.1 million in Q3 2025, and $874.6 million in Q4 2025, demonstrating a consistent upward trend. The growth is primarily driven by product sales, which accounted for $859.3 million of the quarter's revenue, while royalty and other revenue contributed $15.2 million, indicating a strong reliance on core product performance.
Quarterly Revenue
$874565000.0B
2025-12
Revenue YoY Growth
+17.0%
YoY Comparison
Gross Margin
66.3%
Latest Quarter
Free Cash Flow
$724956000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
Open an Account, get $2 TSLA now!
Valuation Analysis: Is BMRN Overvalued?
Given that BioMarin's trailing twelve-month net income is positive (as evidenced by a positive EPS of $0.03 and a trailing PE of 32.65), the PE ratio is the primary valuation metric. The trailing PE of 32.65x is significantly higher than the forward PE of 9.61x, implying that the market expects substantial earnings growth in the coming year, likely driven by the successful launch of VOXZOGO and continued expansion of existing therapies. This wide gap between trailing and forward multiples suggests that the market is pricing in a dramatic improvement in profitability, which is supported by the company's recent revenue acceleration and pipeline progress.
PE
32.7x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 11x~223x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
18.7x
Enterprise Value Multiple
Investment Risk Disclosure
Financial risks include the company's reliance on continued revenue growth to justify its valuation, as the trailing PE of 32.65x is high. While the balance sheet is strong with a debt-to-equity of 0.106 and a current ratio of 5.21, the recent quarterly losses (Q4 2025 net loss of -$46.6M) highlight earnings volatility. The negative PEG ratio (-1.71) suggests that earnings are expected to decline in the near term, which could pressure the stock if growth stalls. Additionally, the company's high operating expenses (SGA of $802M in Q4) and R&D spending ($192M) may continue to weigh on profitability, especially if pipeline candidates fail to generate expected returns.