Revenue growth has significantly contracted to 2.8% in 2026Q1, while operating margins have compressed to 18.0% due to persistent SG&A and R&D expenditure pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 3.24B | 3.22B | 2.85B | 2.42B | 2.1B | 1.85B | 1.86B | 1.7B | 1.49B | 1.31B | 1.12B | 889.89M | 749.28M | 548.49M | 500.72M | 441.36M | 376.27M | 324.66M | 296.49M | 121.58M | 84.21M | 25.67M | 18.64M | 12.1M | 13.92M | 11.7M | 9.71M | 5.3M | 1.2M |
| Revenue Growth % | 9.9% | 12.87% | 17.97% | 15.42% | 13.53% | -0.76% | 9.18% | 14.27% | 13.52% | 17.62% | 25.5% | 18.77% | 36.61% | 9.54% | 13.45% | 17.3% | 15.9% | 9.5% | 143.86% | 44.38% | 228.06% | 37.7% | 54.06% | -13.07% | 18.98% | 20.43% | 83.28% | 341.67% | - |
| Cost of Goods Sold | 780.27M | 736.83M | 580.24M | 532.06M | 503.02M | 470.51M | 524.27M | 359.47M | 315.26M | 241.79M | 209.62M | 152.01M | 122.27M | 88.39M | 91.83M | 84.02M | 70.28M | 65.91M | 52.51M | 18.36M | 8.74M | 2.63M | 3.95M | 0 | 0 | 0 | -6.61M | -6.09M | -700K |
| COGS % of Revenue | - | 22.87% | 20.33% | 21.99% | 24% | 25.48% | 28.18% | 21.09% | 21.14% | 18.41% | 18.77% | 17.08% | 16.32% | 16.12% | 18.34% | 19.04% | 18.68% | 20.3% | 17.71% | 15.1% | 10.38% | 10.24% | 21.21% | - | - | - | -68.09% | -114.98% | -58.33% |
| Gross Profit | 2.46B | 2.48B | 2.27B | 1.89B | 1.59B | 1.38B | 1.34B | 1.34B | 1.18B | 1.07B | 907.23M | 737.89M | 627.02M | 460.09M | 408.89M | 357.33M | 305.98M | 258.75M | 243.98M | 103.22M | 75.47M | 23.04M | 14.69M | 12.1M | 0 | 0 | 18.94M | 13.07M | 1.9M |
| Gross Margin % | 75.93% | 77.13% | 79.67% | 78.01% | 76% | 74.52% | 71.82% | 78.91% | 78.86% | 81.59% | 81.23% | 82.92% | 83.68% | 83.88% | 81.66% | 80.96% | 81.32% | 79.7% | 82.29% | 84.9% | 89.62% | 89.76% | 78.79% | 100% | - | - | 194.98% | 246.6% | 158.33% |
| Gross Profit Growth % | - | 9.27% | 20.48% | 18.46% | 15.79% | 2.96% | -0.62% | 14.34% | 9.72% | 18.15% | 22.95% | 17.68% | 36.28% | 12.52% | 14.43% | 16.78% | 18.26% | 6.05% | 136.37% | 36.77% | 227.56% | 56.86% | 21.39% | - | - | -100% | 44.91% | 587.89% | - |
| Operating Expenses | 2.02B | 1.95B | 1.79B | 1.7B | 1.43B | 1.46B | 1.38B | 1.45B | 1.3B | 1.09B | 1.71B | 848.59M | 719.91M | 616.1M | 519.11M | 391.23M | 305.44M | 242.32M | 204.23M | 160.51M | 100.14M | 87.25M | 194.05M | 87.9M | 92.77M | 70.98M | 52M | 37.19M | 14.8M |
| OpEx % of Revenue | - | 60.56% | 62.7% | 70.33% | 68.32% | 78.98% | 74.16% | 84.8% | 87.14% | 82.71% | 153.17% | 95.36% | 96.08% | 112.33% | 103.67% | 88.64% | 81.18% | 74.64% | 68.88% | 132.02% | 118.92% | 339.92% | 1041% | 726.47% | 666.47% | 606.73% | 535.34% | 701.74% | 1233.33% |
| Selling, General & Admin | 1.56B | 1.28B | 1.01B | 892.4M | 823.2M | 759.4M | 737.7M | 680.9M | 604.4M | 554.34M | 476.59M | 402.27M | 302.16M | 235.36M | 198.17M | 175.42M | 151.72M | 124.29M | 106.57M | 77.54M | 49.03M | 41.56M | 37.61M | 14.4M | 16.87M | 6.39M | 6.51M | 4.76M | 3.5M |
| SG&A % of Revenue | - | 39.64% | 35.35% | 36.89% | 39.27% | 41.13% | 39.65% | 39.96% | 40.53% | 42.2% | 42.67% | 45.2% | 40.33% | 42.91% | 39.58% | 39.75% | 40.32% | 38.28% | 35.94% | 63.78% | 58.22% | 161.89% | 201.74% | 118.98% | 121.21% | 54.63% | 66.99% | 89.75% | 291.67% |
| Research & Development | 942M | 921.93M | 747.18M | 746.77M | 649.61M | 628.79M | 628.12M | 715.01M | 696.33M | 610.75M | 661.9M | 634.81M | 461.54M | 354.78M | 302.22M | 214.37M | 147.31M | 115.12M | 93.29M | 78.6M | 66.73M | 56.39M | 49.78M | 54.81M | 54.45M | 45.28M | 35.79M | 27.21M | 10.5M |
| R&D % of Revenue | - | 28.62% | 26.18% | 30.87% | 30.99% | 34.06% | 33.76% | 41.96% | 46.69% | 46.49% | 59.27% | 71.33% | 61.6% | 64.68% | 60.36% | 48.57% | 39.15% | 35.46% | 31.46% | 64.65% | 79.25% | 219.69% | 267.07% | 453.01% | 391.23% | 387.07% | 368.48% | 513.32% | 875% |
| Other Operating Expenses | 2M | -248M | 33.28M | 62.22M | -40.76M | 69.91M | 13.81M | 49.13M | -1.21M | -78.53M | 572.16M | -188.49M | -43.79M | 25.96M | 18.72M | 1.43M | 6.41M | 2.91M | 4.37M | 4.37M | -15.62M | -10.69M | 106.66M | 18.69M | 48.61M | 42.01M | 11.04M | 6.09M | 800K |
| Operating Income | 447.22M | 533.48M | 484.21M | 185.77M | 160.97M | -82.34M | -43.44M | -100.46M | -123.52M | -14.7M | -803.43M | -110.7M | -92.89M | -156.01M | -110.22M | -33.89M | 544K | 16.43M | 39.76M | -57.29M | -24.67M | -64.21M | -179.37M | -75.8M | -78.85M | -59.28M | -35.67M | -25.8M | -12.9M |
| Operating Margin % | 13.79% | 16.56% | 16.97% | 7.68% | 7.68% | -4.46% | -2.33% | -5.9% | -8.28% | -1.12% | -71.94% | -12.44% | -12.4% | -28.44% | -22.01% | -7.68% | 0.14% | 5.06% | 13.41% | -47.12% | -29.3% | -250.16% | -962.21% | -626.47% | -566.47% | -506.73% | -367.25% | -486.75% | -1075% |
| Operating Income Growth % | - | 10.17% | 160.65% | 15.41% | 295.5% | -89.55% | 56.76% | 18.67% | -740.3% | 98.17% | -625.76% | -19.17% | 40.46% | -41.55% | -225.21% | -6329.78% | -96.69% | -58.68% | 169.4% | -132.19% | 61.58% | 64.2% | -136.62% | 3.86% | -33% | -66.17% | -38.29% | -99.98% | - |
| EBITDA | 521.12M | 613.03M | 580.64M | 290.16M | 262.94M | 25.7M | 61.73M | 4.84M | -27.85M | 73.16M | -706.52M | -63.52M | -47.02M | -119.99M | -65.88M | 1.16M | 28.28M | 37.4M | 57.37M | -56.2M | -14.88M | -54.47M | -166.09M | -66.36M | -70.34M | -52.28M | -29.94M | -20.38M | -12.1M |
| EBITDA Margin % | 16.07% | 19.03% | 20.35% | 11.99% | 12.54% | 1.39% | 3.32% | 0.28% | -1.87% | 5.57% | -63.26% | -7.14% | -6.28% | -21.88% | -13.16% | 0.26% | 7.52% | 11.52% | 19.35% | -46.22% | -17.67% | -212.18% | -890.97% | -548.44% | -505.37% | -446.86% | -308.24% | -384.58% | -1008.33% |
| EBITDA Growth % | -26.68% | 5.58% | 100.11% | 10.35% | 923.2% | -58.37% | 1174.66% | 117.39% | -138.07% | 110.36% | -1012.36% | -35.08% | 60.81% | -82.14% | -5798.96% | -95.91% | -24.39% | -34.81% | 202.09% | -277.62% | 72.68% | 67.21% | -150.28% | 5.66% | -34.56% | -74.6% | -46.9% | -68.45% | - |
| D&A (Non-Cash Add-back) | 73.9M | 79.56M | 96.43M | 104.39M | 101.97M | 108.04M | 105.17M | 105.3M | 95.67M | 87.86M | 96.91M | 47.19M | 45.87M | 36.01M | 44.34M | 35.05M | 27.74M | 20.98M | 17.62M | 1.09M | 9.79M | 9.75M | 13.28M | 9.44M | 8.5M | 7M | 5.73M | 5.42M | 800K |
| EBIT | 390.07M | 493.38M | 554.1M | 202.39M | 163.39M | -60.61M | -21.52M | -73.38M | -99.04M | 3.11M | -794.92M | -119.77M | -91.56M | -167.13M | -111.6M | -35.22M | -10.67M | 14.66M | 49.82M | -57.29M | -24.67M | -64.21M | -147.91M | -75.8M | -67.62M | -47.63M | -35.67M | -25.8M | -12.9M |
| Net Interest Income | 55.46M | 64M | 62.15M | 41M | 2.06M | -4.86M | -12.7M | -712K | -20.83M | -27.85M | -32.01M | -33.74M | -30.7M | -7.36M | -5.05M | -7.37M | -20.43M | -9M | -6K | 0 | -3.86M | -10.06M | 0 | -572K | 0 | 0 | 2.97M | 0 | 0 |
| Interest Income | 78.45M | 74.9M | 74.88M | 58.34M | 18.03M | 10.48M | 16.61M | 22.75M | 22.83M | 14.85M | 7.49M | 4.5M | 5.94M | 3.08M | 2.58M | 2.93M | 4.11M | 5.09M | 16.39M | 0 | 12.87M | 1.86M | 0 | 2.56M | 0 | 0 | 2.98M | 0 | 0 |
| Interest Expense | 22.99M | 10.9M | 12.67M | 17.34M | 15.97M | 15.34M | 29.31M | 23.46M | 43.66M | 42.71M | 39.5M | 38.24M | 36.64M | 10.45M | 7.64M | 8.35M | 10.33M | 14.09M | 16.39M | 0 | 16.73M | 11.92M | 0 | 3.13M | 0 | 0 | 7K | 0 | 0 |
| Other Income/Expense | -53.63M | -51M | 57.55M | 2.79M | -11.4M | 6.99M | -5.56M | 5.65M | -19.18M | -21.18M | -27.62M | -44.02M | -31.98M | -20.5M | -8.06M | -9.74M | -22.03M | -15.86M | -6.33M | 42.21M | 24.67M | 64.21M | 179.37M | 75.8M | 78.85M | 59.28M | 35.67M | 25.8M | 12.9M |
| Pretax Income | 385.59M | 482.48M | 541.76M | 188.56M | 149.58M | -75.35M | -49M | -94.81M | -142.71M | -35.88M | -831.05M | -154.72M | -124.87M | -176.5M | -118.28M | -43.63M | -21.49M | 566K | 33.42M | -15.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 11.89% | 14.98% | 18.98% | 7.79% | 7.14% | -4.08% | -2.63% | -5.56% | -9.57% | -2.73% | -74.41% | -17.39% | -16.66% | -32.18% | -23.62% | -9.88% | -5.71% | 0.17% | 11.27% | -12.4% | - | - | - | - | - | - | - | - | - |
| Income Tax | 116.85M | 133.58M | 114.9M | 20.92M | 8.02M | -11.27M | -903.03M | -70.96M | -65.49M | 81.17M | -200.84M | 17.07M | 9.1M | -150K | -3.93M | 10.21M | -227.31M | 1.05M | 2.59M | 729K | 0 | 0 | 0 | -5K | 9.84M | 19.97M | 4.36M | 573K | 0 |
| Effective Tax Rate % | 30.3% | 27.69% | 21.21% | 11.09% | 5.36% | 14.96% | 1843.02% | 74.85% | 45.89% | -226.25% | 24.17% | -11.04% | -7.29% | 0.08% | 3.32% | -23.4% | 1057.74% | 186.22% | 7.76% | -4.84% | - | - | - | - | - | - | - | - | - |
| Net Income | 268.74M | 348.9M | 426.86M | 167.65M | 141.56M | -64.08M | 854.03M | -23.85M | -77.21M | -117.04M | -630.21M | -171.8M | -133.97M | -176.35M | -114.35M | -53.84M | 205.82M | -488K | 30.83M | -15.8M | -28.53M | -74.27M | -187.44M | -75.8M | -77.46M | -67.61M | -37.36M | -28.07M | -12.3M |
| Net Margin % | 8.29% | 10.83% | 14.96% | 6.93% | 6.75% | -3.47% | 45.9% | -1.4% | -5.18% | -8.91% | -56.43% | -19.31% | -17.88% | -32.15% | -22.84% | -12.2% | 54.7% | -0.15% | 10.4% | -13% | -33.88% | -289.34% | -1005.54% | -626.43% | -556.51% | -577.88% | -384.64% | -529.66% | -1025% |
| Net Income Growth % | -48.7% | -18.26% | 154.62% | 18.43% | 320.91% | -107.5% | 3681.13% | 69.11% | 34.03% | 81.43% | -266.83% | -28.24% | 24.03% | -54.23% | -112.4% | -126.16% | 42276.02% | -101.58% | 295.1% | 44.62% | 61.58% | 60.38% | -147.29% | 2.15% | -14.58% | -80.94% | -33.1% | -128.23% | - |
| Net Income (Continuing) | 268.74M | 348.9M | 426.86M | 167.65M | 141.56M | -64.08M | 854.03M | -23.85M | -77.21M | -117.04M | -630.21M | -171.8M | -133.97M | -176.35M | -114.35M | -53.84M | 205.82M | -488K | 30.83M | -15.8M | -28.53M | -74.27M | -187.44M | -76.38M | -77.37M | -57.43M | -35.62M | -26.37M | -12.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.36 | 1.80 | 2.21 | 0.88 | 0.75 | -0.35 | 4.53 | -0.13 | -0.44 | -0.67 | -3.79 | -1.07 | -0.92 | -1.28 | -0.95 | -0.48 | 1.73 | -0.00 | 0.29 | -0.16 | -0.34 | -1.08 | -2.91 | -1.22 | -1.45 | -1.65 | -1.04 | -0.94 | -0.55 |
| EPS Growth % | -48.33% | -18.55% | 151.14% | 17.33% | 314.29% | -107.73% | 3584.62% | 70.45% | 34.33% | 82.32% | -254.21% | -16.3% | 28.13% | -34.74% | -97.92% | -127.75% | - | -101.69% | 281.25% | 52.94% | 68.52% | 62.89% | -138.52% | 15.86% | 12.12% | -58.65% | -10.64% | -70.91% | - |
| EPS (Basic) | - | 1.82 | 2.25 | 0.89 | 0.76 | -0.35 | 4.75 | -0.13 | -0.44 | -0.67 | -3.80 | -1.07 | -0.92 | -1.28 | -0.95 | -0.48 | 1.99 | -0.00 | 0.31 | -0.16 | -0.34 | -1.08 | -2.91 | -1.22 | -1.45 | -1.65 | -1.04 | -0.94 | -0.55 |
| Diluted Shares Outstanding | 197.67M | 197.39M | 196.71M | 191.59M | 188.96M | 182.85M | 191.68M | 179.04M | 177.27M | 174.43M | 166.22M | 160.03M | 146.35M | 137.75M | 120.27M | 112.12M | 125.67M | 100.27M | 103.57M | 95.88M | 84.58M | 68.83M | 64.35M | 62.13M | 53.28M | 41.08M | 35.86M | 29.94M | 22.49M |
| Basic Shares Outstanding | 192.5M | 191.79M | 190.03M | 187.83M | 185.27M | 182.85M | 180.8M | 179.04M | 177.06M | 174.43M | 165.99M | 160.03M | 145.62M | 137.75M | 120.27M | 112.12M | 103.09M | 100.27M | 98.97M | 95.88M | 84.58M | 68.83M | 64.35M | 62.13M | 53.28M | 41.08M | 35.86M | 29.94M | 22.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gene therapy commercialization failure
According to recent financial disclosures, BioMarin's year-over-year revenue growth has decelerated to 2.8% in 2026Q1, a significant contraction from the double-digit expansion observed throughout 2024, suggesting that the initial momentum from its core portfolio is being offset by maturing legacy assets and slower-than-expected gene therapy adoption.
The deceleration in top-line growth indicates that the company is struggling to find new patient volume to replace the natural attrition of its legacy ERT portfolio. Investors should monitor whether the shift in commercial focus toward Voxzogo can sufficiently offset the revenue drag from older products as they face increased competitive pressure.
As reported in quarterly filings, BioMarin's gross margin experienced a notable contraction to 74.6% in 2026Q1, down from the 80% plus levels maintained for much of 2024, which highlights the inherent sensitivity of its biologics manufacturing cost structure to production volume and product mix shifts.
The fluctuation in gross margins suggests that the company's specialized protein production is susceptible to inefficiencies when demand patterns shift or when manufacturing batches are adjusted. This volatility warrants further investigation into whether the company can maintain its premium pricing power in the face of emerging competitive alternatives.
Based on the company's income statement data, operating margins have compressed to 18.0% in 2026Q1, reflecting a failure to achieve meaningful operating leverage as SG&A and R&D expenditures continue to consume a substantial portion of the gross profit generated by the core rare disease franchise.
The inability to scale operating income faster than gross profit suggests that the company's current cost structure remains bloated relative to its revenue growth. Management's recent pivot toward cost discipline appears necessary, yet the data implies that significant structural changes are required to improve bottom-line profitability.
Analysis of recent income statements reveals that net income remains highly inconsistent, with a significant swing to a $46.6 million loss in 2025Q4, largely driven by elevated operating expenses that obscure the underlying cash-generating potential of the company's established orphan drug portfolio.
The erratic nature of net income suggests that non-operating items and periodic spikes in R&D or SG&A spending are creating noise in the bottom line. Investors should look past the headline EPS figures to evaluate whether the core business can sustain consistent profitability without relying on one-time adjustments.
While the company maintains a strong market position, the recent trend of decelerating growth and margin compression, as evidenced by the 2026Q1 results, suggests that the market's current valuation may be overly optimistic regarding the long-term durability of its rare disease franchise against emerging competitive threats.
Short-term performance metrics indicate that the company is at a critical juncture where its high-cost gene therapy ambitions may be detracting from the stability of its core business. If the company cannot demonstrate a clear path to margin expansion, the market may be forced to re-rate the stock toward lower-multiple specialty pharma peers.
Quick answers to the most common questions about buying BMRN stock.
For fiscal year 2025, BioMarin Pharmaceutical Inc. (BMRN) reported total revenue of $3.22B. This represents a 268337.8% increase compared to $1.2M in 1998.
BioMarin Pharmaceutical Inc. (BMRN) is profitable, generating $348.9M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
BioMarin Pharmaceutical Inc. (BMRN) reported an operating income of $533.5M, resulting in an operating profit margin of 16.6%. This margin reflects the operational efficiency of the business before interest and taxes.
BioMarin Pharmaceutical Inc. (BMRN) generated $2.48B in gross profit for the year, representing a gross profit margin of 77.1%. This demonstrates the company's core pricing power and production efficiency.