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BioMarin Pharmaceutical

BMRN
45
Biotechnology · Healthcare
Also trades as: 0HNC.L GBP 0.56 (-1.21%)
Price
$55.95
-0.68 (-1.20%)
Market Cap
$10.83B
Exchange
NASDAQ
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Mixed
6/20
Cash Flow
Exceptional
10/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

43 of 95 counted points = Winston Score 45. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+8.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 182.9M (2021) → 197.4M (2025)

§Winston Score History

The full picture

BioMarin Pharmaceutical is a biotechnology company that makes medicines for rare genetic diseases. Its main products include Voxzogo, a treatment for achondroplasia (a form of dwarfism), and several enzyme replacement therapies for conditions like PKU and MPS. Its customers are patients with these rare disorders, along with the hospitals and specialists who treat them.

BioMarin earns money by selling its approved drugs directly to healthcare systems, hospitals, and specialty pharmacies around the world. The company operates globally, with significant revenue from the United States and Europe, and generates roughly $2–3 billion in annual sales. Its competitive moat comes from the difficulty of developing treatments for rare diseases — small patient populations and complex science create high barriers for competitors. The key growth driver is Voxzogo, which is still expanding into new markets and age groups, but the main risk is that rare disease drugs serve very small patient pools, making revenue vulnerable if a competitor or better therapy emerges.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.9% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

-81.6% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.25

30 Jun 2026: $0.23

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$922M/ year

↑ Rising (+23% vs prior year)

28.6% of revenue

1.6x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$883M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

BioMarin Pharmaceutical is putting 29% of revenue into R&D and that number is rising. That's 1.6x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
79.5%
Premium pricing power — 79.5% gross margin
Profit after running costs
Operating Margin
11.2%
Modest — 11.2% operating margin
Return on the money invested
ROCE
2.6%
Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+11.2%
Steady sales growth (+11.2% YoY)
Profit growth
EPS YoY
-89.0%
Earnings shrinking (-89.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
1175%
Turns 1175% of profit into real cash
Spare cash per sale
FCF Margin
21.5%
Converts sales into free cash efficiently (21.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.66
Moderate — manageable debt (0.66)
Covers its interest
Interest Cover
3.27x
Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
147.2x
Expensive — P/E 147.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+140.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (147.2 → 7.3)

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Dividends

Not applicable for this business.
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