BioMarin Pharmaceutical (BMRN) opened 2026 with Q1 results that build on a run of quarterly revenue between US$745.1 million and US$874.6 million over 2025, while EPS has swung from a profit of US$1.25 in Q2 2025 to a loss of US$0.24 in Q4 2025 as one off items fed into the reported figures. Over the last six reported quarters, revenue has ranged from about US$745.1 million to US$874.6 million and trailing 12 month EPS has moved between US$1.70 and US$3.44. This gives you a clear view of how the top line has held up as earnings absorbed a US$241.3 million one off loss and margins compressed from 15% to 10.8%.

See our full analysis for BioMarin Pharmaceutical.

With the recent numbers on the table, the next step is to see how this profitability profile lines up against the most common narratives around BioMarin and where the earnings trend supports or challenges those views.

Margins Step Down From 15% To 10.8%

• Over the last 12 months, net margin sat at 10.8% on about US$3.2b of revenue, compared with 15% on about US$2.9b a year earlier, and that period also absorbed a one off loss of US$241.3 million.
• Consensus narrative sees cost discipline and operating leverage as long term supports for margins. However, the move from 15% to 10.8% shows how spending and that one off loss can pull profitability away from those expectations.
  • Bulls pointing to margin expansion potential need to square that view with trailing net income of US$348.9 million on US$3.2b of revenue, which is a smaller margin slice than the prior year.
  • At the same time, five year EPS growth of 12.4% per year and the recent stretch of quarterly revenue between US$745.1 million and US$874.6 million suggest the earnings line, not the top line, is where most of the pressure has shown up.

On a set of numbers where net margin has slipped, it pays to see exactly how bullish investors connect the dots between VOXZOGO driven growth, cost control, and future profitability in the 🐂 BioMarin Pharmaceutical Bull Case.

P/E Of 29.5x And A US$53.24 Share Price

• At a share price of US$53.24, BioMarin is trading on a trailing P/E of 29.5x, compared with a peer average of 20.3x and a US biotechs industry average of 17.2x, even as the last 12 months included that US$241.3 million one off loss.
• Bears argue that a premium multiple is hard to justify if margins stay at 10.8% and revenue growth, at a forecast 8.6% per year, trails the cited 11.2% market revenue growth. The recent swing from quarterly profits in early 2025 to losses in Q3 and Q4 2025 gives them plenty to point to.
  • Critics highlight that trailing EPS of US$1.82 on a 29.5x P/E leaves less room for error than peers that trade closer to 17x to 20x, especially after two loss making quarters in late 2025.
  • At the same time, the DCF fair value reference of US$200.60 per share is far above US$53.24, so investors weighing the bearish concerns on earnings stability are doing so against a model that implies a very large gap between price and estimated value.

If you want to see how skeptics frame that high multiple against the recent loss making quarters and future pipeline risks, it is worth lining these results up against the 🐻 BioMarin Pharmaceutical Bear Case.

Earnings Growth Forecasts Versus Recent Swings

• Five year EPS growth averaged 12.4% per year, trailing 12 month EPS is US$1.82, and embedded forecasts here point to earnings growth of about 18.3% per year with revenue growing around 8.6% per year.
• Consensus narrative leans on that step up in expected earnings growth and on products like VOXZOGO and the Inozyme acquisition to support future revenue. Yet the last four reported quarters show EPS moving from US$0.97 and US$1.25 in early 2025 to losses of US$0.16 and US$0.24 in Q3 and Q4, which makes the smooth growth path in forecasts look quite different from the recent earnings pattern.
  • Supporters of the consensus view can point out that trailing revenue reached about US$3.2b versus about US$2.9b a year earlier, which lines up with the idea of growing demand and a broader portfolio.
  • On the other hand, the combination of a 10.8% net margin and a one off loss of US$241.3 million in the same period underlines how sensitive reported earnings can be to big items even when the top line continues to rise.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for BioMarin Pharmaceutical on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of risks and rewards around BioMarin is clearly front of mind, so use the full dataset rather than relying on headlines alone and weigh the company’s 2 key rewards and 2 important warning signs

See What Else Is Out There

Recent results show BioMarin pairing a 29.5x P/E and premium pricing with compressed 10.8% margins and two loss making quarters, putting real pressure on earnings quality.

If you are uneasy about paying up for that kind of earnings volatility, it makes sense to compare it against companies in the 72 resilient stocks with low risk scores that score better on stability and downside risk.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.