BioMarin Pharmaceutical Inc

BMRN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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BioMarin Earnings: Voxzogo Fuels Growth as Pipeline Makes Progress; Shares Undervalued

Rachel Elfman

May 2, 2025

Narrow-moat BioMarin reported robust first-quarter results highlighted by revenue of $745 million, representing growth of 15% year over year. BioMarin is seeing the benefits of its cost transformation initiatives that were implemented in 2024, as it delivered 30% GAAP operating margin in the first quarter, expanding significantly from the prior-year period’s 14% operating margin. BioMarin is tracking our expectations, and we maintain our fair value estimate of $83 per share. We view shares as undervalued, currently trading in 4-star territory.

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BioMarin Pharmaceutical Inc

BioMarin Earnings: Voxzogo Fuels Growth as Pipeline Makes Progress; Shares Undervalued

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