At a glance
Biomarin Pharmaceutical Inc is worth $10.84B, about 31 times its fiscal 2025 earnings. Revenue grew 12.9% to $3.22B in fiscal 2025, with 10.8% kept as profit; over 5 years it has grown 11.6% a year. It pays no dividend. The stock returned +4.7% over the past year with dividends reinvested and −6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.3% in the 2020 crash (S&P 500: 33.7%) and 22.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 2 months after the lows.
The business in plain English
BioMarin Pharmaceutical is a biotechnology company based in San Rafael, California, founded in 1997. It makes medicines for rare genetic diseases. Because each disease affects few patients, it relies on high per-patient prices and coverage from insurers and government health programs. It had eight commercial therapies and reported $3.2 billion of total revenue in 2025, up 12.9%. A significant share of sales comes from outside the U.S.
Its largest product is VOXZOGO, a once-daily injection for achondroplasia, the most common form of disproportionate short stature. It brought in $926.9 million, or 28.8% of revenue. Most of the rest comes from enzyme therapies, which are lab-made enzymes that do work a patient's body cannot. VIMIZIM (24.6%), NAGLAZYME (15.1%) and ALDURAZYME (6.5%) treat forms of MPS, inherited disorders in which complex sugars build up. PALYNZIQ (13.5%) treats the metabolic disorder PKU, and BRINEURA (5.8%) treats a childhood form of Batten disease. Sanofi markets ALDURAZYME, while BioMarin makes it and receives 39.5% to 50% of its worldwide net sales.
In December 2025, BioMarin decided to withdraw ROCTAVIAN, a severe hemophilia A treatment that made up 1.1% of revenue, because its commercial prospects were weaker than expected. It acquired Inozyme in July 2025 for a late-stage enzyme therapy. In December 2025 it agreed to acquire Amicus Therapeutics for about $4.8 billion to add treatments for Fabry disease and late-onset Pompe disease.
Price history
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BMRN +4.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| VOXZOGO | $926.9M | 28.8% |
| VIMIZIM | $792.1M | 24.6% |
| NAGLAZYME | $485.4M | 15.1% |
| PALYNZIQ | $433.3M | 13.5% |
| ALDURAZYME | $208.5M | 6.5% |
| BRINEURA | $186.4M | 5.8% |
| KUVAN | $99.5M | 3.1% |
| Royalty and other revenues | $53.5M | 1.7% |
| ROCTAVIAN | $35.6M | 1.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $989.7M, up 19.9% from a year earlier, and net income was $44.8M (-81.4%).
- For fiscal 2025, revenue was $3.22B (+12.9% year over year; +11.6% a year from FY2020 to FY2025) with a 10.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.6% good |
|---|---|
| Operating margin | 12.7% watch |
| Free cash flow margin | 22.5% good |
| Return on equity (FY2025) | 5.7% weak |
| Return on assets (FY2025) | 4.6% watch |
| Net cash (cash minus debt) | $-3.31B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.86B | $854.0M | $-28.9M |
| FY2021 | $1.85B | $-64.1M | $209.0M |
| FY2022 | $2.10B | $141.6M | $54.9M |
| FY2023 | $2.42B | $167.6M | $62.6M |
| FY2024 | $2.85B | $426.9M | $487.4M |
| FY2025 | $3.22B | $348.9M | $725.0M |
Valuation snapshot
| Market value | $10.84B |
|---|---|
| P/E ratio | 31.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Biomarin Pharmaceutical’s market value went from $14.25B at the end of 2016 to $10.84B on Oct 28, 2026, down 24%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.84B | -5.1% |
| 2025 | $11.42B | -8.9% |
| 2024 | $12.53B | -31.0% |
| 2023 | $18.16B | -5.6% |
| 2022 | $19.23B | +18.6% |
| 2021 | $16.22B | +1.9% |
| 2020 | $15.92B | +4.8% |
| 2019 | $15.19B | +0.2% |
| 2018 | $15.16B | -3.2% |
| 2017 | $15.66B | +9.9% |
| 2016 | $14.25B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BMRN price data to Oct 28, 2026 | -5.8% | +4.7% | -11.5% | -6.5% | -3.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.8% |
| 2025 | -9.6% |
| 2024 | -31.8% |
| 2023 | -6.8% |
| 2022 | +17.1% |
| 2021 | +0.8% |
| 2020 | +3.7% |
| 2019 | -0.7% |
| 2018 | -4.5% |
| 2017 | +7.6% |
| 2016 | -20.9% |
| 2015 | +15.9% |
| 2014 | +28.5% |
| 2013 | +43.0% |
| 2012 | +43.1% |
| 2011 | +27.7% |
| 2010 | +43.2% |
| 2009 | +5.7% |
| 2008 | -49.7% |
| 2007 | +116.0% |
| 2006 | +52.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.9% over that stretch · deepest drop along the way 74.9%, back to its old high 39.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.6% over that stretch · deepest drop along the way 26.3%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.5% over that stretch · deepest drop along the way 22.9%, back to its old high 1.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($2.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | George Eric Davis EVP, Chief Legal Officer | sell | $1.2M |
| Mar 11, 2026 | Charles Greg Guyer EVP, Chief Technical Officer | sell | $997K |
| May 7, 2026 | Gregory R Friberg EVP, Chief R&D Officer | sell | $177K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Dec 31, 2025 |
| PRIMECAP MANAGEMENT CO/CA/ | 8.24% | Jun 30, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Capital Research Global Investors | 4.8% | Mar 31, 2025 |
| VIKING GLOBAL INVESTORS LP | 4.3% | Sep 30, 2025 |
ETFs with the most weight in BMRN
| GNOM Global X Genomics & Biotechnology ETF | 4.91% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3.25% |
| GDOC Future Health Care Equity ETF | 3.05% |
| PBE Invesco Biotechnology & Genome ETF | 2.54% |
| XBI SPDR S&P Biotech ETF | 2.02% |
| BBH VanEck Biotech ETF | 1.69% |
| GPT Intelligent Alpha Atlas ETF | 1.68% |
| IBB iShares Biotechnology ETF | 1.38% |
What could go wrong
- Amicus deal brings heavy new borrowing. The roughly $4.8 billion Amicus deal relies mostly on borrowed money. As of June 30, 2026, total debt was about $4.2 billion against $874 million of cash and investments. Expected savings may not materialize.
- Growth leans heavily on VOXZOGO. VOXZOGO made up 28.8% of 2025 revenue, and BioMarin is testing it in other growth conditions such as Turner syndrome. Trial setbacks, slower uptake or new rivals could hit its largest product.
- Approved drugs can still disappoint. ROCTAVIAN, a severe hemophilia A treatment, reached the market but fell short of commercial expectations. BioMarin decided to withdraw it and booked about $240 million of 2025 restructuring charges, including an inventory write-off.
- Few patients mean prices must stay high. With few patients per disease, BioMarin needs high per-patient prices and broad coverage from insurers and governments. Government price controls, healthcare reform or insurers declining to pay could cut revenue.
- Exclusivity loss and copycat biologic drugs. Orphan drug exclusivity, a period of protection for rare disease medicines, keeps some rivals out. If it lapses or is lost, competitors, including biosimilars (close copies of biologic drugs), could take sales.
- Overseas sales and government customers. A significant share of sales comes from outside the U.S., often through special access programs and government-owned customers. Rule changes, late payments, currency swings or sanctions could reduce revenue.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Other company announcement
- Executive or board change
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
For income and retirement investors
BioMarin pays no dividend, so it provides no regular income. Retirees wanting income from it would have to cash in shares. It generated $725 million of free cash flow (cash left after operating costs and equipment spending) in 2025, but has put its cash toward growth, including acquiring Inozyme and the roughly $4.8 billion Amicus deal. No buybacks (share repurchases) are recorded for fiscal 2021 through 2025, and the share count rose 5.4% between October 2021 and July 2026. Returns depend on the share price, which fell about 28% in the five years to October 28, 2026.
In past downturns, the stock fell 74.9% from February 2008 to March 2009 and took about 40 months to recover. In the 2020 COVID crash it dropped 26.3% but recovered in about a month. In 2022 it fell 22.9% from February to June, though it was nearly flat over the market's full 2022 slide. Single stocks carry more risk than diversified funds.
Questions investors ask
How does BioMarin make money?
BioMarin makes money mainly from rare disease medicines, which accounted for nearly all of its $3.2 billion of revenue in 2025. VOXZOGO, for the bone growth disorder achondroplasia, was the largest at 28.8%. The enzyme therapies VIMIZIM, at 24.6%, and NAGLAZYME, at 15.1%, came next. ALDURAZYME works differently: Sanofi markets it, while BioMarin makes it and receives 39.5% to 50% of its worldwide net sales. Royalty and other revenues added just 1.7%.
Does BioMarin pay a dividend?
No. BioMarin had no dividend as of October 28, 2026, and paid none in fiscal 2021 through 2025. It also recorded no share buybacks over those years, and its share count rose 5.4% between October 2021 and July 2026. The company has used its cash for growth instead, including the roughly $4.8 billion Amicus deal. For income investors, that means any return from the stock would come only from changes in the share price.
Is BioMarin profitable?
Yes. In fiscal 2025, BioMarin earned $348.9 million of net income on $3.2 billion of revenue and generated $725 million of free cash flow. Net income fell 18.3% from 2024, and 2025 included about $240 million of restructuring charges tied to ROCTAVIAN. In the quarter ended June 30, 2026, revenue rose 19.9% but net income fell 81.4%, to $44.8 million. As of October 28, 2026, the shares traded at 31.1 times 2025 earnings.
What is the BioMarin Amicus deal?
In December 2025, BioMarin agreed to acquire Amicus Therapeutics for $14.50 per share in cash, about $4.8 billion. The deal is meant to add two commercial therapies, for Fabry disease and late-onset Pompe disease. BioMarin planned to pay with cash on hand and about $3.7 billion of new debt, including $850 million of 5.5% notes due 2034 issued in February 2026. Its annual report said the deal was expected to close in the second quarter of 2026. As of June 30, 2026, total debt was about $4.2 billion.
Has BioMarin stock gone up over the last five years?
No. As of October 28, 2026, BioMarin shares had fallen about 28% over five years and about 31% over both three and ten years. Over the same stretch, revenue grew about 11.6% a year from fiscal 2020 to 2025. The stock dropped 31.8% in 2024 and 9.6% in 2025, and was down 5.8% for 2026 through October 28. It was up 4.7% over the prior 12 months. Its deepest drop in about 21 years of price data was 74.9%, during the 2008 financial crisis.