BMRN HOLD Conviction: 3/5 $16B

BioMarin

Current: $82 · PT: $85
Investment Thesis
Voxzogo growth trajectory debated.
Bull Case
Voxzogo international expansion underway.
Bear Case
Voxzogo growth slowing.
Financials (USD)
PeriodRevenue ($M)Gross MarginR&DSG&AOp IncomeOp MarginNet IncomeEPS
2023A$2,41880.0%$605$850$47919.8%$428$2.22
2024A$2,79580.0%$700$895$64122.9%$574$2.95
2025A$3,10080.0%$775$930$77525.0%$697$3.55
2026E$3,45080.0%$830$970$96027.8%$816$4.10
2027E$3,80080.0%$875$1,000$1,16530.7%$990$4.90
2028E$4,10080.0%$920$1,025$1,33532.6%$1,135$5.55
Recent Quarters
QuarterRevenue ($M)Gross MarginOp MarginEPS
Q4 2026E$91580.0%28.4%$1.12
Q4 2025$82080.0%25.7%$1.12
Q4 2024$75580.0%24.8%$0.96
Q3 2026E$88080.0%28.4%$1.06
Q3 2025$79080.0%25.6%$0.87
Q3 2024$72080.0%24.0%$0.76
Catalysts (1)
BMRN - Q1 2026 Earnings
GUIDANCE
investors.biomarin.com (typical quarterly cadence) Early May 2026
Data from Supabase · Updated 2026-03-24