Biomarin Pharmaceutical Inc

Health Care
Biotechnology: Pharmaceutical Preparations
www.biomarin.com

Earnings Score
Moat Score
Safety Score

Market Cap $12.67B
PE 39
Debt $600.00M
Cash $675.45M
EV $12.60B
FCF $319.89M

Earnings

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Sales & Net Margins

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Earnings	$322.29M
EBIT	$391.45M
ROE	6%
ROA	6%
FCF	$319.89M
Equity	$5.41B
Growth Stability	-25%
PE	39.32
PEG	-3.58
PB	2.34
P/FCF	39.62
P/S	4.6
Price/Cash	0.05
Debt/Equity	0.11
Debt/FCF	1.88
Net Margins	14%
Gross Margins	79%
Op. Margins	14%
Earnings CAGR	-2%
Sales Growth YoY	28%
Sales Growth QoQ	5%
Sales CAGR	12%
FCF CAGR	2%
Equity CAGR	11%
Earnings Stability	0
Earnings Growth YoY	163%
Earnings Growth QoQ	-1%

Earnings CAGR 5Y	-11%
Sales CAGR 5Y	9%
FCF CAGR 5Y	20%
Equity CAGR 5Y	10%
Earnings CAGR 3Y	16%
Sales CAGR 3Y	16%
FCF CAGR 3Y	63%
Equity CAGR 3Y	8%
Market Cap	$12.67B
Revenue	$2.75B
Assets	$6.85B
Total Debt	$600.00M
Cash	$675.45M
Shares Outstanding	189.81M
EV	12.6B
Earnings Score	6%
Moat Score	78%
Safety Score	64%
Final Score	50%
Working Capital	2.34B
Current Ratio	4.27
Gross Profit	$2.17B
Shares Growth 3y	1%
Equity Growth QoQ	2%
Equity Growth YoY	11%

Assets & ROA

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Stockholders Equity & ROE

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BioMarin's focus is on rare-disease therapies. Genzyme (now part of Sanofi) markets Aldurazyme through its joint venture with BioMarin, and BioMarin markets Naglazyme, Vimizim, and Brineura independently. BioMarin also markets Kuvan and Palynziq to treat the rare metabolic disorder PKU (in addition to long-standing U.S. rights, BioMarin has reacquired international rights for Kuvan and Palynziq from Merck KGaA). Voxzogo (vosoritide) was approved in achondroplasia in 2021. BioMarin's Roctavian (hemophilia A gene therapy) is poised to potentially launch in the 2022-23 timeframe.

SEC Filings

Direct access to Biomarin Pharmaceutical Inc (BMRN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Biomarin Pharmaceutical Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Biomarin Pharmaceutical Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -2%

Stability 0%

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Biomarin Pharmaceutical Inc Discounted Cash Flow

Fully customizable DCF calculator online for Biomarin Pharmaceutical Inc.

Years

Calculation mode

= $3.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$320M	$325M	$330M	$335M	$340M	$346M	$351M	$357M	$362M	$368M	$374M	$3.7B
DCF		$295M	$273M	$252M	$233M	$215M	$198M	$183M	$169M	$156M	$144M	$1.4B
Value	$3.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-18%	-19%	-56%	-9%	-5%	-1%	46%	-3%	7%	7%	14%
ROA	-	-3%	-20%	0%	-2%	-2%	-0%	-1%	2%	3%	6%
ROE	-	-7%	-23%	-4%	-3%	-1%	21%	-2%	3%	3%	6%

Good Net Margins (14.33%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-1.47	-1.82	-5.65	-6.99	-12.73	-38	5.26	20.02	25.47	1.88
Debt over Equity	0.43	0.28	0.25	0.42	0.29	0.39	0.27	0.26	0.24	0.32	0.11
Growth Stability	-	-	-	-	-	-	-	-25%	55%	54%	-25%

Good Debt/FCF ratio (1.88)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.11)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-25%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	18%	26%	18%	14%	14%	9%	-1%	14%	15%	9%
Earnings YoY growth	-	28%	267%	-81%	-34%	-69%	-4K%	-107%	-321%	18%	-11%
Equity YoY growth	-	57%	15%	2%	6%	5%	32%	4%	8%	8%	10%
FCF YoY growth	-	134%	-16%	-45%	-40%	-22%	-70%	-822%	-74%	14%	20%