Comprehensive Stock Comparison
Compare Harmony Biosciences Holdings, Inc. (HRMY) vs BioMarin Pharmaceutical Inc. (BMRN) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | HRMY | 21.5% revenue growth vs BMRN's 12.9% |
| Value | HRMY | Lower P/E (8.0x vs 15.4x) |
| Quality / Margins | HRMY | 18.3% net margin vs BMRN's 10.8% |
| Stability / Safety | HRMY | Beta 0.55 vs BMRN's 0.74, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | BMRN | -13.3% vs HRMY's -15.7% |
| Efficiency (ROA) | HRMY | 12.5% ROA vs BMRN's 4.6%, ROIC 59.5% vs 7.4% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Harmony Biosciences is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for rare neurological disorders. It generates nearly all its revenue from WAKIX — its medication for excessive daytime sleepiness in adult narcolepsy patients — with minimal contributions from other sources. The company's moat comes from its specialized expertise in rare neurological conditions and WAKIX's unique mechanism of action as a first-in-class treatment.
BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing therapies for rare genetic diseases. It generates revenue primarily from sales of its orphan drug portfolio — including Voxzogo, Vimizim, and Palynziq — with additional income from licensing and royalties. The company's moat lies in its deep expertise in rare disease biology and its established commercial infrastructure for ultra-orphan drugs, which creates high barriers to entry.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
HRMY leads in 4 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 1 category is tied.
Financial Metrics (TTM)
BMRN is the larger business by revenue, generating $3.2B annually — 3.7x HRMY's $868M. HRMY is the more profitable business, keeping 18.3% of every revenue dollar as net income compared to BMRN's 10.8%. On growth, HRMY holds the edge at +21.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| RevenueTrailing 12 months | $868M | $3.2B |
| EBITDAEarnings before interest/tax | $232M | $613M |
| Net IncomeAfter-tax profit | $159M | $349M |
| Free Cash FlowCash after capex | $0 | $725M |
| Gross MarginGross profit ÷ Revenue | +77.2% | +77.1% |
| Operating MarginEBIT ÷ Revenue | +24.0% | +16.6% |
| Net MarginNet income ÷ Revenue | +18.3% | +10.8% |
| FCF MarginFCF ÷ Revenue | +40.1% | +22.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +21.1% | +17.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -55.3% | -134.4% |
Valuation Metrics
At 10.5x trailing earnings, HRMY trades at a 69% valuation discount to BMRN's 34.3x P/E. On an enterprise value basis, HRMY's 3.9x EV/EBITDA is more attractive than BMRN's 18.2x.
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| Market CapShares × price | $1.6B | $11.9B |
| Enterprise ValueMkt cap + debt − cash | $915M | $11.1B |
| Trailing P/EPrice ÷ TTM EPS | 10.53x | 34.29x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.04x | 15.45x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 3.94x | 18.18x |
| Price / SalesMarket cap ÷ Revenue | 1.90x | 3.68x |
| Price / BookPrice ÷ Book value/share | 1.92x | 2.00x |
| Price / FCFMarket cap ÷ FCF | 4.74x | 16.36x |
Profitability & Efficiency
HRMY delivers a 18.2% return on equity — every $100 of shareholder capital generates $18 in annual profit, vs $6 for BMRN. HRMY carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to BMRN's 0.10x.
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| ROE (TTM)Return on equity | +18.2% | +5.7% |
| ROA (TTM)Return on assets | +12.5% | +4.6% |
| ROICReturn on invested capital | +59.5% | +7.4% |
| ROCEReturn on capital employed | +22.6% | +7.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.02x | 0.10x |
| Net DebtTotal debt minus cash | -$733M | -$715M |
| Cash & Equiv.Liquid assets | $753M | $1.3B |
| Total DebtShort + long-term debt | $20M | $597M |
| Interest CoverageEBIT ÷ Interest expense | 15.43x | 48.95x |
Total Returns (with DRIP)
A $10,000 investment in HRMY five years ago would be worth $7,877 today (with dividends reinvested), compared to $7,797 for BMRN. Over the past 12 months, BMRN leads with a -13.3% total return vs HRMY's -15.7%. The 3-year compound annual growth rate (CAGR) favors HRMY at -13.5% vs BMRN's -14.7% — a key indicator of consistent wealth creation.
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| YTD ReturnYear-to-date | -23.6% | +3.8% |
| 1-Year ReturnPast 12 months | -15.7% | -13.3% |
| 3-Year ReturnCumulative with dividends | -35.2% | -38.0% |
| 5-Year ReturnCumulative with dividends | -21.2% | -22.0% |
| 10-Year ReturnCumulative with dividends | -22.9% | -24.6% |
| CAGR (3Y)Annualised 3-year return | -13.5% | -14.7% |
Risk & Volatility
HRMY is the less volatile stock with a 0.55 beta — it tends to amplify market swings less than BMRN's 0.74 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BMRN currently trades 84.0% from its 52-week high vs HRMY's 69.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.55x | 0.74x |
| 52-Week HighHighest price in past year | $40.87 | $73.51 |
| 52-Week LowLowest price in past year | $25.52 | $50.76 |
| % of 52W HighCurrent price vs 52-week peak | +69.8% | +84.0% |
| RSI (14)Momentum oscillator 0–100 | 31.6 | 56.6 |
| Avg Volume (50D)Average daily shares traded | 517K | 1.9M |
Analyst Outlook
Wall Street rates HRMY as "Buy" and BMRN as "Buy". Consensus price targets imply 68.8% upside for HRMY (target: $48) vs 32.8% for BMRN (target: $82).
| Metric | HRMYHarmony Bioscienc… | BMRNBioMarin Pharmace… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.17 | $82.00 |
| # AnalystsCovering analysts | 13 | 40 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 20 | Feb 26 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | 100 | 102.24 | +2.2% |
| BioMarin Pharmaceut… (BMRN) | 100 | 76.25 | -23.8% |
Harmony Biosciences… (HRMY) returned -21% over 5 years vs BioMarin Pharmaceut… (BMRN)'s -22%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | $0.00 | $868M | — |
| BioMarin Pharmaceut… (BMRN) | $1.1B | $0.00 | -100.0% |
BioMarin Pharmaceutical Inc.'s revenue grew from $1.1B (2016) to $0M (2025) — a -100.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | -25.4% | 18.3% | +172.1% |
| BioMarin Pharmaceut… (BMRN) | -56.4% | 15.0% | +126.5% |
Chart 4P/E Ratio History — 6 Years
| Stock | 2020 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | 73.5 | 13.8 | -81.2% |
| BioMarin Pharmaceut… (BMRN) | 19.4 | 424.5 | +2088.1% |
Harmony Biosciences Holdings, Inc. has traded in a 14x–74x P/E range over 5 years; current trailing P/E is ~11x. BioMarin Pharmaceutical Inc. has traded in a 19x–425x P/E range over 5 years; current trailing P/E is ~34x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | -1.42 | 2.71 | +290.8% |
| BioMarin Pharmaceut… (BMRN) | -3.79 | 0.14 | +103.7% |
BioMarin Pharmaceutical Inc.'s EPS grew from $-3.79 (2016) to $0.14 (2025).
Chart 6Free Cash Flow — 5 Years
Harmony Biosciences Holdings, Inc. generated $348M FCF in 2025 (+254% vs 2021). BioMarin Pharmaceutical Inc. generated $725M FCF in 2025 (+291% vs 2021).
HRMY vs BMRN: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is HRMY or BMRN a better buy right now?
Harmony Biosciences Holdings, Inc. (HRMY) offers the better valuation at 10.5x trailing P/E (8.0x forward), making it the more compelling value choice. Analysts rate Harmony Biosciences Holdings, Inc. (HRMY) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HRMY or BMRN?
On trailing P/E, Harmony Biosciences Holdings, Inc. (HRMY) is the cheapest at 10.5x versus BioMarin Pharmaceutical Inc. at 34.3x. On forward P/E, Harmony Biosciences Holdings, Inc. is actually cheaper at 8.0x.
03Which is the better long-term investment — HRMY or BMRN?
Over the past 5 years, Harmony Biosciences Holdings, Inc. (HRMY) delivered a total return of -21.2%, compared to -22.0% for BioMarin Pharmaceutical Inc. (BMRN). A $10,000 investment in HRMY five years ago would be worth approximately $8K today (assuming dividends reinvested). Over 10 years, the gap is even starker: HRMY returned -22.9% versus BMRN's -24.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HRMY or BMRN?
By beta (market sensitivity over 5 years), Harmony Biosciences Holdings, Inc. (HRMY) is the lower-risk stock at 0.55β versus BioMarin Pharmaceutical Inc.'s 0.74β — meaning BMRN is approximately 34% more volatile than HRMY relative to the S&P 500. On balance sheet safety, Harmony Biosciences Holdings, Inc. (HRMY) carries a lower debt/equity ratio of 2% versus 10% for BioMarin Pharmaceutical Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — HRMY or BMRN?
Harmony Biosciences Holdings, Inc. (HRMY) is the more profitable company, earning 18.3% net margin versus 10.8% for BioMarin Pharmaceutical Inc. — meaning it keeps 18.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HRMY leads at 24.0% versus 16.6% for BMRN. At the gross margin level — before operating expenses — HRMY leads at 77.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is HRMY or BMRN more undervalued right now?
On forward earnings alone, Harmony Biosciences Holdings, Inc. (HRMY) trades at 8.0x forward P/E versus 15.4x for BioMarin Pharmaceutical Inc. — 7.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HRMY: 68.8% to $48.17.
07Which pays a better dividend — HRMY or BMRN?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is HRMY or BMRN better for a retirement portfolio?
For long-horizon retirement investors, Harmony Biosciences Holdings, Inc. (HRMY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.55)). Both have compounded well over 10 years (HRMY: -22.9%, BMRN: -24.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between HRMY and BMRN?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: HRMY is a small-cap deep-value stock; BMRN is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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