Recent News
April 27, 2026: BioMarin completed the $4.8B all‑cash acquisition of Amicus Therapeutics. May 4, 2026: the company released first‑quarter 2026 financial results and updated guidance to reflect post‑close Amicus contributions. May 20, 2026: BioMarin announced positive Phase‑3 pivotal results for VOXZOGO in hypochondroplasia and signaled regulatory submission plans in the second half of 2026. May 18–June 16, 2026: the company provided trial updates for BMN‑401 and released three‑year VOXZOGO data and related presentations at ENDO 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 25.64 indicates a strong trend environment. DI+ shows a peak‑and‑reversal, signaling recent loss of bullish directional pressure; DI- is decreasing, consistent with fading negative pressure and an improving directional backdrop relative to recent weakness. Together these readings imply trend strength with a recent shift away from prior bullish dominance, which could compress upside while integration news acts as a catalyst.
MACD and Signal: MACD sits at 0.80 above its signal line at 0.63, and the MACD trend shows increasing momentum; the MACD above the signal line represents a bullish momentum confirmation that supports near‑term upside bias tied to news flow and short‑term moving averages.
MRO (Momentum/Regression Oscillator): MRO at 29.65 registers positive, indicating price sits above the regression target and carries potential for a correction toward value. That divergence between momentum and valuation aligns with WMDST’s determination that the stock carries over‑valued characteristics.
RSI, Moving Averages, and Price Structure: RSI at 52.98 and rising shows modest bullish momentum without overbought extremes. Price at $57.82 trades above the 12‑ and 26‑day EMAs, the 20‑day average, the 50‑day average and the 200‑day average, with the 12‑day EMA trending higher—short‑term structure favors continuation. Price sits near the 1× Bollinger upper band (~$57.90) with immediate support at the super‑trend lower (~$54.81) and the 50‑day average (~$54.63); that technical banding frames a controlled upside range unless fresh news widens volatility.
Fundamental Analysis
Revenue and margins: Total revenue equals $766,208,000 with YoY revenue growth of 41.72%. Gross margin stands at 74.55% and operating margin at 16.92%; EBIT margin equals 20.38%, which sits above the industry peer mean of approximately -1.16%. QoQ, EBIT margin declined by 8.31 percentage points, indicating near‑term compression versus the prior quarter.
Profitability and earnings: Net income reached $105,527,000; EPS actual registered $0.76 versus an estimate of $0.91, producing an EPS surprise of -16.48%. Reported earnings growth YoY runs near 34.64% while earnings growth QoQ shows a contraction—these mixed timeframes reflect strong annual expansion but quarter‑level pressure tied to integration and one‑time items.
Cash, leverage, and cash flow: Cash and short‑term investments equal $2,222,435,000 and the current ratio measures 5.81 with a cash ratio near 2.80, indicating substantial near‑term liquidity. Total debt stands at $1,439,601,000 with debt‑to‑equity of 0.23, but debt‑to‑EBITDA reads 8.34, reflecting leverage pressure relative to current earnings. Free cash flow totaled $199,728,000, yielding about 1.84% and producing free cash to net income of ~189%—cash conversion remains a relative strength.
Valuation context: Trailing P/E at 73.88 and forward P/E near 35.95 contrast with an enterprise multiple of ~58.34 and an EV/revenue metric at 13.14; WMDST values the stock as over‑valued. Elevated multiples reflect expected contribution from the Amicus acquisition and VOXZOGO upside, but free cash flow yield and leverage dynamics temper the valuation narrative.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-04 |
| NEXT REPORT DATE: | 2026-08-03 |
| CASH FLOW | Begin Period Cash Flow | $ 1.3 B |
| Operating Cash Flow | $ 220.7 M | |
| Capital Expenditures | $ -20.92 M | |
| Change In Working Capital | $ 39.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.8 B | |
| End Period Cash Flow | $ 3.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 766.2 M | |
| Forward Revenue | $ 566.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 195.0 M | |
| Depreciation | $ 11.9 M | |
| Depreciation and Amortization | $ 16.4 M | |
| Research and Development | $ 178.8 M | |
| Total Operating Expenses | $ 636.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 571.2 M | |
| EBITDA | $ 172.6 M | |
| EBIT | $ 156.2 M | |
| Operating Income | $ 129.6 M | |
| Interest Income | $ 22.6 M | |
| Interest Expense | $ 15.0 M | |
| Net Interest Income | $ 7.6 M | |
| Income Before Tax | $ 141.2 M | |
| Tax Provision | $ 35.7 M | |
| Tax Rate | 25.266 % | |
| Net Income | $ 105.5 M | |
| Net Income From Continuing Operations | $ 105.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.91 | |
| EPS Actual | $ 0.76 | |
| EPS Difference | $ -0.15 | |
| EPS Surprise | -16.484 % | |
| Forward EPS | $ 1.62 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 8.6 B | |
| Intangible Assets | $ 400.9 M | |
| Net Tangible Assets | $ 5.8 B | |
| Total Current Assets | $ 4.6 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 2.2 B | |
| Net Receivables | $ 903.9 M | |
| Inventory | $ 1.3 B | |
| Long-Term Investments | $ 1.1 B | |
| LIABILITIES | ||
| Accounts Payable | $ 395.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 793.2 M | |
| Net Debt | — | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 2.4 B | |
| EQUITY | ||
| Total Equity | $ 6.2 B | |
| Retained Earnings | $ 259.7 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.14 | |
| Shares Outstanding | 193.269 M | |
| Revenue Per-Share | $ 3.96 | |
| VALUATION | Market Capitalization | $ 10.9 B |
| Enterprise Value | $ 10.1 B | |
| Enterprise Multiple | 58.344 | |
| Enterprise Multiple QoQ | -102.271 % | |
| Enterprise Multiple YoY | 29.837 % | |
| Enterprise Multiple IPRWA | high: 75.51 BMRN: 58.344 median: 13.677 mean: 6.459 low: -128.217 |
|
| EV/R | 13.141 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.383 | |
| Asset To Liability | 3.611 | |
| Debt To Capital | 0.188 | |
| Debt To Assets | 0.168 | |
| Debt To Assets QoQ | 110.04 % | |
| Debt To Assets YoY | 98.943 % | |
| Debt To Assets IPRWA | high: 1.112 BMRN: 0.168 mean: 0.167 median: 0.031 low: 0.0 |
|
| Debt To Equity | 0.232 | |
| Debt To Equity QoQ | 132.834 % | |
| Debt To Equity YoY | 123.041 % | |
| Debt To Equity IPRWA | high: 1.864 BMRN: 0.232 mean: 0.194 median: 0.051 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.747 | |
| Price To Book QoQ | -3.959 % | |
| Price To Book YoY | -18.972 % | |
| Price To Book IPRWA | high: 20.93 mean: 7.611 median: 5.682 BMRN: 1.747 low: -11.267 |
|
| Price To Earnings (P/E) | 73.877 | |
| Price To Earnings QoQ | -40.973 % | |
| Price To Earnings YoY | 7.754 % | |
| Price To Earnings IPRWA | high: 74.242 BMRN: 73.877 mean: -3.523 median: -15.638 low: -121.28 |
|
| PE/G Ratio | 1.133 | |
| Price To Sales (P/S) | 14.162 | |
| Price To Sales QoQ | 11.876 % | |
| Price To Sales YoY | -15.505 % | |
| Price To Sales IPRWA | high: 864.732 mean: 65.156 median: 30.918 BMRN: 14.162 low: 0.192 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 35.952 | |
| Forward PE/G | 0.551 | |
| Forward P/S | 19.292 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 59.78 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.095 | |
| Asset Turnover Ratio QoQ | -17.677 % | |
| Asset Turnover Ratio YoY | -10.196 % | |
| Asset Turnover Ratio IPRWA | high: 0.403 mean: 0.103 BMRN: 0.095 median: 0.094 low: 0.0 |
|
| Receivables Turnover | 0.846 | |
| Receivables Turnover Ratio QoQ | -17.885 % | |
| Receivables Turnover Ratio YoY | -20.576 % | |
| Receivables Turnover Ratio IPRWA | high: 6.246 mean: 1.272 median: 1.226 BMRN: 0.846 low: 0.013 |
|
| Inventory Turnover | 0.152 | |
| Inventory Turnover Ratio QoQ | -26.275 % | |
| Inventory Turnover Ratio YoY | 25.438 % | |
| Inventory Turnover Ratio IPRWA | high: 2.566 mean: 0.506 median: 0.358 BMRN: 0.152 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 107.906 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 416.343 | |
| Cash Conversion Cycle Days QoQ | -43.203 % | |
| Cash Conversion Cycle Days YoY | -44.393 % | |
| Cash Conversion Cycle Days IPRWA | high: 1575.417 BMRN: 416.343 mean: 225.799 median: 208.031 low: -1586.264 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.201 | |
| CapEx To Revenue | -0.027 | |
| CapEx To Depreciation | -1.754 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.6 B | |
| Net Invested Capital | $ 7.6 B | |
| Invested Capital | $ 7.6 B | |
| Net Tangible Assets | $ 5.8 B | |
| Net Working Capital | $ 3.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.802 | |
| Current Ratio | 5.806 | |
| Current Ratio QoQ | 11.47 % | |
| Current Ratio YoY | 5.177 % | |
| Current Ratio IPRWA | high: 32.587 BMRN: 5.806 mean: 3.937 median: 2.404 low: 0.016 |
|
| Quick Ratio | 4.201 | |
| Quick Ratio QoQ | 20.113 % | |
| Quick Ratio YoY | 20.333 % | |
| Quick Ratio IPRWA | high: 9.985 BMRN: 4.201 mean: 2.749 median: 2.568 low: 0.054 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.342 | |
| Cost Of Debt | 1.093 % | |
| Interest Coverage Ratio | 10.44 | |
| Interest Coverage Ratio QoQ | -218.984 % | |
| Interest Coverage Ratio YoY | -87.595 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 BMRN: 10.44 median: -14.877 mean: -78.514 low: -1789.522 |
|
| Operating Cash Flow Ratio | 0.296 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 117.201 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 13.129 % | |
| Revenue Growth | -12.39 % | |
| Revenue Growth QoQ | -197.698 % | |
| Revenue Growth YoY | 4172.414 % | |
| Revenue Growth IPRWA | high: 269.985 % median: -7.18 % mean: -10.083 % BMRN: -12.39 % low: -242.388 % |
|
| Earnings Growth | 65.217 % | |
| Earnings Growth QoQ | -76.982 % | |
| Earnings Growth YoY | 34.643 % | |
| Earnings Growth IPRWA | high: 215.789 % BMRN: 65.217 % median: -5.882 % mean: -14.368 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 74.55 % | |
| Gross Margin QoQ | 8.872 % | |
| Gross Margin YoY | -6.416 % | |
| Gross Margin IPRWA | high: 100.0 % median: 81.912 % mean: 77.463 % BMRN: 74.55 % low: -98.223 % |
|
| EBIT Margin | 20.381 % | |
| EBIT Margin QoQ | -831.288 % | |
| EBIT Margin YoY | -36.971 % | |
| EBIT Margin IPRWA | high: 2524.194 % median: 23.412 % BMRN: 20.381 % mean: -115.851 % low: -7259.515 % |
|
| Return On Sales (ROS) | 16.918 % | |
| Return On Sales QoQ | -431.725 % | |
| Return On Sales YoY | -47.681 % | |
| Return On Sales IPRWA | high: 100.302 % median: 20.658 % BMRN: 16.918 % mean: -115.812 % low: -7394.476 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 199.7 M | |
| Free Cash Flow Yield | 1.841 % | |
| Free Cash Flow Yield QoQ | 260.274 % | |
| Free Cash Flow Yield YoY | 45.88 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % BMRN: 1.841 % median: 0.11 % mean: -0.543 % low: -45.34 % |
|
| Free Cash Growth | 253.163 % | |
| Free Cash Growth QoQ | -404.594 % | |
| Free Cash Growth YoY | -5533.848 % | |
| Free Cash Growth IPRWA | BMRN: 253.163 % high: 249.579 % mean: 2.637 % median: -19.248 % low: -249.577 % |
|
| Free Cash To Net Income | 1.893 | |
| Cash Flow Margin | 30.618 % | |
| Cash Flow To Earnings | 2.223 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.304 % | |
| Return On Assets QoQ | -313.072 % | |
| Return On Assets YoY | -50.362 % | |
| Return On Assets IPRWA | high: 38.074 % BMRN: 1.304 % median: -8.444 % mean: -13.848 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | 2.003 % | |
| Return On Equity (ROE) | 0.017 | |
| Return On Equity QoQ | -322.092 % | |
| Return On Equity YoY | -46.989 % | |
| Return On Equity IPRWA | high: 0.797 BMRN: 0.017 median: -0.118 mean: -0.346 low: -1.265 |
|
| DuPont ROE | 1.716 % | |
| Return On Invested Capital (ROIC) | 1.527 % | |
| Return On Invested Capital QoQ | -630.208 % | |
| Return On Invested Capital YoY | -48.079 % | |
| Return On Invested Capital IPRWA | high: 41.877 % median: 2.185 % BMRN: 1.527 % mean: 0.232 % low: -51.333 % |
|