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BioMarin Pharmaceutical

BMRN
53
Biotechnology · Healthcare
Price
$59.59
-0.41 (-0.68%)
Market Cap
$11.52B
Exchange
NASDAQ
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

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)

BioMarin 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 pheny

Winston Score History

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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

+2.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-43.3% YoY

YoY Growth Rate

Earnings declining

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

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.2B 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

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Quality

Gross Margin
74.6%
Premium pricing power — 74.6% gross margin
Operating Margin
16.9%
Healthy — 16.9% operating margin
ROCE
1.7%
Weak — 1.7% 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 YoY
+9.9%
Steady sales growth (9.9% YoY)
EPS YoY
-49.3%
Earnings shrinking (-49.3% YoY)

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

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
325%
Turns 325% of profit into real cash
FCF Margin
23.7%
Converts sales into free cash efficiently (23.7%)

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

Debt / Equity
0.23
Conservative — low debt load (0.23)
Interest Cover
19.10x
Comfortably covers interest (19.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
42.6x
Pricey — P/E 42.6

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

P/E vs Forward
+34.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (42.6 → 7.7)

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Dividends

Not applicable for this business.
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