Recent News
On May 4, 2026 BioMarin reported first-quarter 2026 results and discussed clinical progress, including March presentation of initial Phase 1/2 BMN 351 data showing dose-dependent dystrophin increases and an April supplemental NDA filing for VOXZOGO. On April 27, 2026 BioMarin completed its acquisition of Amicus Therapeutics, adding Galafold and other assets and prompting updated full-year guidance.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 22.66 signals an emerging trend; DI+ sits at 31.5 and is increasing, while DI- at 18.1 shows a peak & reversal. Together these directional signals favor a near-term bullish directional bias, supporting the revenue-driven narrative but stopping short of a strong trend given ADX below 25.
MACD: MACD at 0.58 with a dip & reversal and a MACD signal of 0.02 — MACD currently sits above its signal line — indicating bullish momentum that supports continued price drift toward higher short-term targets implied by the recent news flow.
MRO: MRO reads positive at 26.24, indicating the current price sits above WMDST’s target and therefore carries elevated potential for mean-reversion; this technical overextension aligns with the valuation designation of over-valued and increases the probability of corrective action despite bullish directional signals.
RSI: RSI at 51.53 and increasing suggests neutral-to-moderate bullish momentum without overbought pressure, compatible with a controlled rally rather than an accelerated breakout.
Price vs Averages and Other indicators: Price closed at $57.91, above the 20-day ($54.60), 50-day ($54.37) and 200-day ($55.77) averages, while the 12-day EMA shows a dip & reversal; Bollinger bands center near $54.60 with a 1x upper band around $57.07, indicating current price trades near the upper short-term volatility band. These align with the short-term bullish bias but underscore limited upside before volatility-driven pullbacks.
Fundamental Analysis
Quarter and revenue: Total revenue for the quarter ended March 31, 2026 reached $766,208,000, rising 41.72% year-over-year but slipping 1.98% quarter-over-quarter; the YoY gain reflects acquisition and product contributions while the small QoQ decline reflects lumpiness across product mixes.
Profitability and margins: EBIT stood at $156,161,000, producing an EBIT margin of 20.38% (down 8.31% QoQ and down 0.37% YoY). That EBIT margin sits below the industry peer median of 23.41% but above the industry peer mean of -115.93% and within the industry peer range. Operating margin at 16.92% declined QoQ by 4.32% and YoY by 0.48%.
Earnings and estimate variance: Reported EPS equaled $0.76 versus an estimate of $0.91, producing an EPS surprise of -16.48%, a negative beat that tempers near-term sentiment despite stronger revenue growth.
Cash flow and liquidity: Cash and short-term investments totaled $2,222,435,000 with a current ratio of 5.81 and a quick ratio of 4.20, indicating substantial liquidity. Operating cash flow for the period reached $220,651,000 and free cash flow totaled $199,728,000, implying a free cash flow yield around 1.84% and free cash growth showing marked YoY weakness.
Leverage and coverage: Total debt equals $1,439,601,000 with debt-to-EBITDA near 8.34 and interest coverage about 10.44, showing manageable interest serviceability but elevated leverage relative to trailing EBITDA that investors should monitor as integration and cash generation evolve.
Valuation metrics: Current P/E registers near 73.88 while forward P/E sits around 35.95; enterprise multiple approximates 58.34 and EV/Revenue about 13.14. Analysts’ price target mean sits at $69.20 versus last close $57.91. The current valuation as determined by WMDST: over-valued, driven by stretched trailing multiples versus forward expectations and a positive MRO that flags price above target.
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: 6.425 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: 0.193 median: 0.051 low: -1.199 |
|
| 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: 20.844 mean: 7.633 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: -3.468 median: -15.638 low: -125.804 |
|
| 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: 65.269 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: 0.378 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: 6.586 mean: 1.271 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: 225.849 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: 3.939 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: 2.752 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: -77.808 low: -1643.72 |
|
| 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: 242.212 % median: -7.18 % mean: -10.03 % BMRN: -12.39 % low: -242.388 % |
|
| Earnings Growth | 65.217 % | |
| Earnings Growth QoQ | -76.982 % | |
| Earnings Growth YoY | 34.643 % | |
| Earnings Growth IPRWA | high: 200.0 % BMRN: 65.217 % median: -5.882 % mean: -13.501 % low: -247.826 % |
|
| 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: 77.936 % BMRN: 74.55 % low: -73.221 % |
|
| 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: -115.93 % 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: -115.935 % 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: -0.529 % 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: 2.609 % 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: -8.426 % 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: 0.257 % low: -51.333 % |
|