Upside case
Bull case
$101+85.9%
BMRN would need investors to value it at roughly 24x earnings — about 11x more generous than today's 13x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
BioMarin Pharmaceutical Inc. (BMRN) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
41
analysts
28 bullish · 0 bearish · 41 covering BMRN
Strong Buy
0
Buy
28
Hold
13
Sell
0
Strong Sell
0
Consensus Target
$90
+64.2% vs today
Scenario Range
— – $101
Model bear to bull value window
Coverage
41
Published analyst ratings
Valuation Context
12.7x
Forward P/E · Market cap $10.5B
BMRN price targets
Three scenarios for where BMRN stock could go
Current
~$55
Confidence
53 / 100
Updated
May 1, 2026
Where we are now
Current · $55
Base
$91
Bull
$101
Market caseClosest to today
Base case
$91+66.8%
At 21x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
BioMarin Pharmaceutical Inc.
BMRN · NASDAQHealthcareBiotechnologyDecember year-end
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.
Market Cap
$10.5B
Revenue TTM
$3.2B
Net Income TTM
$269M
Net Margin
8.3%
BMRN Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+32.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$1.44/$0.86
Revenue
$825M/$762M
Q4 2025
EPS
$0.12/$-0.15
Revenue
$776M/$823M
Q1 2026
EPS
$-0.24/$0.17
Revenue
$875M/$834M
Q2 2026
EPS
$0.55/$0.94
Revenue
$766M/$752M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.44/$0.86 | +67.2% | $825M/$762M | +8.3% |
| Q4 2025 | $0.12/$-0.15 | +180.0% | $776M/$823M | -5.7% |
| Q1 2026 | $-0.24/$0.17 | -241.7% | $875M/$834M | +4.9% |
| Q2 2026 | $0.55/$0.94 | -41.5% | $766M/$752M | +1.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.7B
+12.9% YoY
FY2
$4.1B
+13.1% YoY
EPS Outlook
FY1
$2.55
+87.7% YoY
FY2
$3.00
+17.7% YoY
Trailing FCF (TTM)$767M
FCF Margin: 23.7%
Next Earnings
May 7, 2026
Expected EPS
$1.00
Expected Revenue
$756M
BMRN beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
BMRN Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $3.2B
Product Mix
Latest annual revenue by segment or product family
Product
98.3%
+12.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Product is the largest disclosed segment at 98.3% of FY 2025 revenue, up 12.8% YoY.
BMRN Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $375 — implies +593.5% from today's price.
Upside to Fair Value
593.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BMRN
30.3x
vs
S&P 500
25.2x
+20% premium
vs Healthcare Trailing P/E
BMRN
30.3x
vs
Healthcare
22.2x
+37% premium
vs BMRN 5Y Avg P/E
Today
30.3x
vs
5Y Average
77.6x
61% discount
Forward PE
12.7x
S&P 500
19.1x
-33%
Healthcare
19.0x
-33%
5Y Avg
—
—
Trailing PE
30.3x
S&P 500
25.2x
+20%
Healthcare
22.2x
+37%
5Y Avg
77.6x
-61%
PEG Ratio
—
S&P 500
1.74x
—
Healthcare
1.52x
—
5Y Avg
—
—
EV/EBITDA
16.0x
S&P 500
15.2x
+5%
Healthcare
14.1x
+14%
5Y Avg
45.1x
-64%
Price/FCF
14.5x
S&P 500
21.3x
-32%
Healthcare
18.6x
-22%
5Y Avg
43.5x
-67%
Price/Sales
3.3x
S&P 500
3.1x
+4%
Healthcare
2.8x
+16%
5Y Avg
6.8x
-52%
Dividend Yield
—
S&P 500
1.87%
—
Healthcare
1.40%
—
5Y Avg
—
—
| Metric | BMRN | S&P 500 | Healthcare | 5Y Avg BMRN |
|---|---|---|---|---|
| Forward PE | 12.7x | 19.1x-33% | 19.0x-33% | — |
| Trailing PE | 30.3x | 25.2x+20% | 22.2x+37% | 77.6x-61% |
| PEG Ratio | — | 1.74x | 1.52x | — |
| EV/EBITDA | 16.0x | 15.2x | 14.1x+14% | 45.1x-64% |
| Price/FCF | 14.5x | 21.3x-32% | 18.6x-22% | 43.5x-67% |
| Price/Sales | 3.3x | 3.1x | 2.8x+16% | 6.8x-52% |
| Dividend Yield | — | 1.87% | 1.40% | — |
BMRN trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBMRN Financial Health
Verdict
Strong
BMRN generates $767M in free cash flow at a 23.7% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.2B
Revenue Growth
TTM vs prior year
+9.9%
Gross Margin
Gross profit as a share of revenue
75.9%
Operating Margin
Operating income divided by revenue
13.8%
Net Margin
Net income divided by revenue
8.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.36
Free Cash Flow (TTM)
Cash generation after capex
$767M
FCF Margin
FCF as share of revenue — the primary cash quality signal
23.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
7.4%
ROA
Return on assets, trailing twelve months
3.4%
Cash & Equivalents
Liquid assets on the balance sheet
$1.3B
Net Cash
Cash exceeds total debt — no net leverage
$669M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
4.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
192M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageBMRN Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Commercialization and Market Performance
BioMarin's success in commercializing its products is critical, particularly against competition from therapies like Amicus Therapeutics' PALYNZIQ. The approval of PALYNZIQ for adolescents with PKU highlights competitive pressures, especially with high expectations for BMN-333 in skeletal disorders, which could hinder market performance.
High Risk
Regulatory and Legal Environment
Regulatory uncertainty poses significant risks for BioMarin, particularly with decisions from the FDA and EMA. The ongoing merger with Amicus Therapeutics introduces additional complexities, including regulatory hurdles and potential legal challenges that could impact the merger's success.
High Risk
Research and Development Risks
The outcomes and timelines of BioMarin's preclinical studies and clinical trials are uncertain, particularly for product candidates like VOXZOGO. Regulatory decisions regarding these candidates will be pivotal, and any delays or negative results could adversely affect the company's prospects.
Medium
Financial and Balance Sheet Risks
Despite a strong balance sheet, BioMarin's debt levels warrant monitoring due to potential impacts from large one-off items affecting financial results. Additionally, significant insider selling observed over the past three months raises concerns about insider confidence in the company's future.
Medium
Manufacturing and Supply Chain
BioMarin's ability to manufacture its commercial products and candidates effectively is a risk factor. Any disruptions in the manufacturing process could lead to supply shortages, impacting revenue and market share.
Lower
Macroeconomic and External Factors
Macroeconomic factors, including tariffs and trade tensions, could affect BioMarin's operations. These external pressures may lead to increased costs or disruptions in supply chains, although their immediate impact is considered lower compared to other risks.
Lower
Merger and Acquisition Risks
The acquisition of Amicus Therapeutics is expected to significantly alter BioMarin's strategic landscape, but it does not eliminate risks associated with product candidates like Voxzogo. Challenges related to the merger's completion, including timing and regulatory approvals, could pose additional risks.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BMRN Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Leadership in Rare Diseases
BioMarin is a leader in developing and commercializing therapies for life-threatening rare diseases and medical conditions. The company has a diverse pipeline and eight approved treatments.
Revenue Growth and Financial Performance
BioMarin's commercialized enzyme therapies are expected to generate significant revenue, with projections of $3.3-3.4 billion in 2026 and a target of $4 billion by 2027. Revenue grew by 12.87% in 2025, reaching $3.22 billion.
Acquisition Strategy
The acquisition of Amicus Therapeutics is seen as a significant catalyst, expected to expand BioMarin's portfolio, accelerate revenue, and diversify its offerings. This deal is anticipated to be accretive by 2027.
Analyst Confidence
A strong majority of analysts have a 'Buy' rating on BMRN stock, with a consensus price target suggesting significant upside potential. Some analysts have price targets implying over 50% upside from current levels.
Profitability and Margins
BioMarin demonstrates strong profitability, with high gross, operating, and profit margins that outperform a significant portion of its industry peers. The company also focuses on cost control, aiming for operating margins above 40%.
Pipeline Development
Key pipeline milestones, such as Phase III data for VOXZOGO and BMN 401, are anticipated, which could further drive growth.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BMRN Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$54.60
52W Range Position
25%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$50.76
+7.6% from the low
52-Week High
$66.28
-17.6% from the high
1 Month
-2.86%
3 Month
-6.07%
YTD
-8.2%
1 Year
-8.5%
3Y CAGR
-17.1%
5Y CAGR
-7.0%
10Y CAGR
-3.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BMRN vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
12.7x
vs 40.6x median
-69% below peer median
Revenue Growth
+12.9%
vs +16.6% median
-22% below peer median
Net Margin
8.3%
vs -11.2% median
+174% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BMR BMRN BioMarin Pharmaceutical Inc. | $10.5B | 12.7x | +12.9% | 8.3% | Buy | +64.2% |
RAR RARE Ultragenyx Pharmaceutical Inc. | $2.5B | — | +16.6% | -85.5% | Buy | +98.6% |
SRP SRPT Sarepta Therapeutics, Inc. | $2.4B | 7.7x | +15.7% | -11.2% | Buy | +6.9% |
ION IONS Ionis Pharmaceuticals, Inc. | $12.7B | — | +15.0% | -30.9% | Buy | +39.6% |
ACA ACAD ACADIA Pharmaceuticals Inc. | $3.6B | 48.5x | +24.5% | 24.9% | Buy | +61.9% |
FOL FOLD Amicus Therapeutics, Inc. | $4.5B | 40.6x | +26.7% | -2.3% | Buy | +0.1% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsBMRN Investor Questions
Common questions answered from live analyst data and company financials.
01Is BioMarin Pharmaceutical Inc. (BMRN) stock a buy or sell in 2026?
BioMarin Pharmaceutical Inc. (BMRN) is rated Buy by Wall Street analysts as of 2026. Of 41 analysts covering the stock, 28 rate it Buy or Strong Buy, 13 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $90, implying +64.2% from the current price of $55.
02What is the BMRN stock price target for 2026?
The Wall Street consensus price target for BMRN is $90 based on 41 analyst estimates. The high-end target is $120 (+119.8% from today), and the low-end target is $60 (+9.9%). The base case model target is $91.
03Is BioMarin Pharmaceutical Inc. (BMRN) stock overvalued in 2026?
BMRN trades at 12.7x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for BioMarin Pharmaceutical Inc. (BMRN) stock in 2026?
The primary risks for BMRN in 2026 are: (1) Commercialization and Market Performance — BioMarin's success in commercializing its products is critical, particularly against competition from therapies like Amicus Therapeutics' PALYNZIQ. (2) Regulatory and Legal Environment — Regulatory uncertainty poses significant risks for BioMarin, particularly with decisions from the FDA and EMA. (3) Research and Development Risks — The outcomes and timelines of BioMarin's preclinical studies and clinical trials are uncertain, particularly for product candidates like VOXZOGO. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is BioMarin Pharmaceutical Inc.'s revenue and earnings forecast?
Analyst consensus estimates BMRN will report consensus revenue of $3.7B (+12.9% year-over-year) and EPS of $2.55 (+87.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.1B in revenue.
06When does BioMarin Pharmaceutical Inc. (BMRN) report its next earnings?
BioMarin Pharmaceutical Inc. is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $1.00 and revenue of $756M. Over recent quarters, BMRN has beaten EPS estimates 75% of the time.
07How much free cash flow does BioMarin Pharmaceutical Inc. generate?
BioMarin Pharmaceutical Inc. (BMRN) generated $767M in free cash flow over the trailing twelve months — a free cash flow margin of 23.7%. BMRN returns capital to shareholders through and share repurchases ($0 TTM).