Is the business good?
How good a business is BMRN?
BioMarin Pharmaceutical Inc. earns 4.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.5%
Return on invested capital · cost of capital 9.0% · 4.5 points below what the capital costs: growth destroys value
- Operating margin
- 9.7%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 2.85×
Cash conversion · 1.19× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.61%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −2.3% |
| FY2021 | −4.5% |
| FY2022 | 7.7% |
| FY2023 | 7.7% |
| FY2024 | 17% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q1 2026
- 77%
- Operating margin12 months to Q1 2026
- 9.7%
- Net margin12 months to Q1 2026
- 8.3%
- Free cash flow margin
- 24%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $3.24B
- Free cash flow, trailing twelve months
- $767M
- Net income, trailing twelve months
- $269M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.