Biomarin Pharmaceutical
BMRN · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Biomarin Pharmaceutical reported revenue of $3.2B in the fiscal year ended Dec 2025, up 12.9% from the year before. Operating income was $409M, an operating margin of 12.7%, and net income was $349M. Operating cash flow of $828M less capital expenditure of $103M left free cash flow of $725M. It held more cash than debt (net cash $715M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.1B | $2.4B | $2.9B | $3.2B |
| Cost of revenue | $471M | $503M | $532M | $580M | $717M |
| Gross profit | $1.4B | $1.6B | $1.9B | $2.3B | $2.5B |
| Research & development | $629M | $650M | $747M | $747M | $922M |
| Selling, general & admin | $759M | $823M | $892M | $1B | $1.2B |
| Operating income | −$82M | $161M | $186M | $484M | $409M |
| Interest expense | $15M | $16M | $17M | $13M | $11M |
| Pre-tax income | −$75M | $150M | $189M | $542M | $482M |
| Income tax | −$11M | $8M | $21M | $115M | $134M |
| Net income | −$64M | $142M | $168M | $427M | $349M |
| Diluted EPS | −0.35 | 0.75 | 0.87 | 2.21 | 1.80 |
| Diluted shares | 183M | 189M | 192M | 197M | 197M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $587M | $725M | $755M | $943M | $1.3B |
| Receivables | $373M | $461M | $634M | $661M | $908M |
| Inventory | $777M | $894M | $1.1B | $1.2B | $1.3B |
| Current assets | $2.3B | $2.8B | $3B | $3.2B | $4B |
| Net PP&E | $1B | $1.1B | $1.1B | $1B | $953M |
| Goodwill | $196M | $196M | $196M | $196M | $196M |
| Total assets | $6B | $6.4B | $6.8B | $7B | $7.6B |
| Deferred revenue | $7M | $711,000 | $5M | $1M | – |
| Current liabilities | $546M | $589M | $1.2B | $607M | $759M |
| Short-term debt | – | – | – | – | $0 |
| Long-term debt | – | – | – | – | $597M |
| Total liabilities | $1.7B | $1.8B | $1.9B | $1.3B | $1.5B |
| Shareholders' equity | $4.3B | $4.6B | $5B | $5.7B | $6.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $305M | $176M | $159M | $573M | $828M |
| Capital expenditure | $96M | $121M | $97M | $85M | $103M |
| Free cash flow | $209M | $55M | $63M | $487M | $725M |
| Depreciation & amortisation | $108M | $102M | $104M | $96M | $80M |
| Stock-based compensation | $197M | $196M | $207M | $202M | $181M |
| Share buybacks | $0 | $0 | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.5% | 15.4% | 18.0% | 12.9% |
| Operating income growth (YoY) | – | – | 15.4% | 160.6% | −15.4% |
| EPS growth (YoY) | – | – | 16.0% | 154.0% | −18.6% |
| Gross margin | 74.5% | 76.0% | 78.0% | 79.7% | 77.7% |
| Operating margin | −4.5% | 7.7% | 7.7% | 17.0% | 12.7% |
| Net margin | −3.5% | 6.8% | 6.9% | 15.0% | 10.8% |
| Return on equityBlank when equity is negative | −1.5% | 3.1% | 3.4% | 7.5% | 5.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.5% | 2.8% | 3.3% | 7.6% | 6.0% |
| Free cash flow margin | 11.3% | 2.6% | 2.6% | 17.1% | 22.5% |
| Cash conversion (CFO ÷ net income) | −4.75x | 1.24x | 0.95x | 1.34x | 2.37x |
| Receivable days | 74 | 80 | 96 | 84 | 103 |
| Inventory days | 602 | 649 | 760 | 775 | 661 |
| Interest cover | −5.37x | 10.1x | 10.7x | 38.2x | 37.6x |
| Debt ÷ equity | – | – | – | – | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −$715M |
| Current ratio | 4.16x | 4.67x | 2.51x | 5.33x | 5.21x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.