BMRNBIOMARIN PHARMACEUTICAL INC

Pharmaceutical Preparations

Revenue: $3.2B; 13% YoY
Operating margin: 12.7%; 25% YoY
EBITDA: $489M; 16% YoY
Market cap: $11.3B
Employees: 10,000; $322K revenue each
Net debt / EBITDA: 6.8×; $3.3B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$22M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
237% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$322K · 45th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.8B	$2.1B	$2.4B	$2.9B	$3.2B	13%
Operating income	−$82M	$161M	$186M	$484M	$409M	15%
Net income	−$64M	$142M	$168M	$427M	$349M	18%
Operating cash flow	$305M	$176M	$159M	$573M	$828M	45%
Capex	$96M	$121M	$97M	$85M	$103M	21%
Stock-based comp	$197M	$196M	$207M	$202M	$181M	10%
Buybacks	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 5
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$22M	$12M	68	125
FY2024	—	—	75	93
FY2023	—	—	110	94
FY2022	—	—	118	90
FY2021	—	—	101	100