BioMarin Pharmaceutical Inc. (BMRN): A Bull Case Theory

We came across a bullish thesis on BioMarin Pharmaceutical Inc. on Value investing subreddit by ProudlyRegarded. In this article, we will summarize the bulls’ thesis on BMRN. BioMarin Pharmaceutical Inc.'s share was trading at $57.77 as of September 5th. BMRN’s trailing and forward P/E were 17.04 and 10.80 respectively according to Yahoo Finance.

BioMarin Pharmaceutical Inc. is a global biotechnology company focused on translating genetic discoveries into transformative therapies for patients with rare and difficult-to-treat genetic conditions. The San Rafael-based company, founded in 1997, has eight commercial therapies and a robust clinical and preclinical pipeline, positioning it as a leader in the rare disease space. BioMarin reported total revenues of $813 million for Q2 2025, up 16% year-over-year, driven primarily by U.S. growth of 20% and broad-based international expansion across Europe, Latin America, and the rest of the world.

Five of its eight core products achieved double-digit revenue growth, including VOXZOGO and VIMIZIM, which together contribute over half of total revenue, while other therapies like PALYNZIQ, ADURAZYME, and ROCTAVIAN also showed strong gains. Revenue declines in NAGLAZYME and KUVAN were attributed to generic competition. Management expects continued international growth, with additional approvals in broader age groups and indications for existing products, alongside potential launches from a pipeline including BMN-333, BMN-401, BMN-351, and BMN-349 in 2026–2027.

BioMarin demonstrated strong operating leverage, with operating expenses down 7%, R&D and SG&A both down 12%, resulting in operating income up 130% and net income up 124% year-over-year. Margins expanded meaningfully, with operating income at 62.3% and net income at 29.1%. The balance sheet strengthened, with cash up 25%, total debt down 45%, a D/E ratio of 0.1, and a current ratio of 5.56x, while return metrics also improved significantly.

Despite this, the stock has underperformed, down ~37% over the past 12 months and ~14% YTD, creating a potential entry point. Analyst consensus suggests upside of 33–65%, supported by a $270 million acquisition of Inozyme Pharma. While regulatory, pipeline, and moral considerations present risks, BioMarin offers a compelling risk/reward case, with a de-risked financial profile, growing international presence, and meaningful R&D catalysts over the next two years.

Previously we covered a bullish thesis on Bio-Techne Corporation (TECH) by scuttleblurb in May 2025, which highlighted its diverse protein and antibody business, expansion into cell and gene therapy, and rebound in organic growth. The company's stock price has appreciated approximately by 13.5% since our coverage. The thesis still stands. ProudlyRegarded shares a similar bullish view on BioMarin, emphasizing rare disease therapies, revenue growth, and a strong pipeline.

BioMarin Pharmaceutical Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held BMRN at the end of the first quarter which was 51 in the previous quarter. While we acknowledge the potential of BMRN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.