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Held by 545 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| REGN | $82.0B | 19.2× | 19.6× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 1,291 |
| TEVA | $47.9B | 34.0× | 17.9× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 658 |
| ONC | $42.6B | — | 66.2× | 8.0× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 269 |
| ZTS | $32.4B | 13.0× | 10.2× | 3.4× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 1,363 |
| ALNY | $31.3B | 100.4× | 53.3× | 8.4× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 760 |
| RPRX | $26.5B | 33.5× | 22.3× | 11.2× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 621 |
| UTHR | $23.2B | 19.4× | 13.7× | 7.3× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 843 |
| INSM | $21.7B | — | — | 35.7× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 644 |
| CORT | $12.3B | 138.3× | — | 16.1× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 416 |
| ELAN | $11.8B | — | — | 2.5× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 495 |
| BMRN | $10.8B | 31.1× | 20.7× | 3.4× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 545 |
| TGTX | $8.6B | 20.2× | 70.8× | 13.9× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 419 |
| IONS | $7.3B | — | — | 7.8× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 498 |
| ALKS | $6.7B | 28.0× | 22.6× | 4.6× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 410 |
| AMRX | $6.7B | 87.5× | 19.9× | 2.2× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 298 |
| KNSA | $6.2B | 106.6× | 78.4× | 9.2× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | — |
| RYTM | $6.1B | — | — | 31.9× | 45.8% | 89.7% | -104% | -141% | -79.5% | — | 296 |
| LGND | $6.0B | 48.7× | 77.2× | 22.2× | 60.4% | — | 46.4% | 12.2% | 12.2% | -2.3× | 394 |
| PTCT | $5.1B | 7.8× | 4.8× | 2.9× | 115% | — | 39.4% | -332% | 839% | -0.8× | 362 |
| TVTX | $5.0B | — | — | 10.1× | 110% | 97.9% | -5.2% | -22.2% | -22.2% | — | 299 |
| INDV | $4.0B | 20.5× | 15.0× | 3.2× | 4.3% | 80.2% | 16.9% | -214% | 95.0% | 0.5× | 324 |
| ARQT | $3.7B | — | — | 9.7× | 91.3% | 90.2% | -4.3% | -8.5% | -5.4% | — | 262 |
| OGN | $3.6B | 19.1× | — | 0.6× | -2.9% | 53.3% | 3.0% | 24.9% | 2.0% | — | 633 |
| ACAD | $3.4B | 8.6× | 30.4× | 3.2× | 11.9% | 91.7% | 36.5% | 31.9% | 31.9% | -1.7× | 341 |
| ZLAB | $2.6B | — | — | 5.7× | 15.3% | 58.6% | -38.1% | -24.5% | -19.1% | — | 93 |
Peers = companies sharing BMRN's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $54.68 today, the market must believe free cash flow compounds 14.1%/yr for a decade (off $228.3M on the SBC-adjusted basis).
On the basis ($425.0M) the requirement is 6.1%/yr. The difference is what charging stock compensation costs.
The market's 14.1% is more conservative than its 4-yr track record.
Default is 8.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.19B shares (market data) · net debt -$714.5M
mean -609.3% · volatility σ 989% · implied rate exceeded in 1/2 yrs
Central path = implied 14.1%/yr growth; shaded band = ±1σ (989%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $725.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.22B 100.0% | $2.85B 100.0% | $2.42B 100.0% | $2.10B 100.0% | $1.85B 100.0% | $1.86B 100.0% | $1.70B 100.0% | $1.49B 100.0% | $1.31B 100.0% | $1.12B 100.0% |
| Cost of Revenue | $717.4M 22.3% | $580.2M 20.3% | $532.1M 22.0% | $503.0M 24.0% | $470.5M 25.5% | $524.3M 28.2% | $359.5M 21.1% | $315.3M 21.1% | $241.8M 18.4% | $209.6M 18.8% |
| Research & Development | $921.9M 28.6% | $747.2M 26.2% | $746.8M 30.9% | $649.6M 31.0% | $628.8M 34.1% | $628.1M 33.8% | $715.0M 42.0% | $696.3M 46.7% | $610.8M 46.5% | $661.9M 59.3% |
| Selling, General & Admin | $1.15B 35.8% | $1.01B 35.4% | $892.4M 36.9% | $823.2M 39.3% | $759.4M 41.1% | $737.7M 39.6% | $680.9M 40.0% | $604.4M 40.5% | $554.3M 42.2% | $476.6M 42.7% |
| Total Operating Expenses | $2.81B 87.3% | $2.37B 83.0% | $2.23B 92.3% | $1.94B 92.3% | $1.93B 104.5% | $1.90B 102.3% | $1.80B 105.9% | $1.61B 108.3% | $1.33B 101.1% | $1.92B 171.9% |
| Operating Income | $409.5M 12.7% | $484.2M 17.0% | $185.8M 7.7% | $161.0M 7.7% | -$82.3M -4.5% | -$43.4M -2.3% | -$100.5M -5.9% | -$123.5M -8.3% | -$14.7M -1.1% | -$803.4M -71.9% |
| Interest Expense | $10.9M 0.3% | $12.7M 0.4% | $17.3M 0.7% | $16.0M 0.8% | $15.3M 0.8% | $29.3M 1.6% | $23.5M 1.4% | $43.7M 2.9% | $42.7M 3.3% | $39.5M 3.5% |
| Interest & Investment Income | $74.9M 2.3% | $74.9M 2.6% | $58.3M 2.4% | $18.0M 0.9% | $10.5M 0.6% | $16.6M 0.9% | $22.7M 1.3% | $22.8M 1.5% | $14.9M 1.1% | $7.5M 0.7% |
| Pretax Income | $482.5M 15.0% | $541.8M 19.0% | $188.6M 7.8% | $149.6M 7.1% | -$75.3M -4.1% | -$49.0M -2.6% | -$94.8M -5.6% | -$142.7M -9.6% | -$35.9M -2.7% | -$831.0M -74.4% |
| Income Tax Expense | $133.6M 4.1% | $114.9M 4.0% | $20.9M 0.9% | $8.0M 0.4% | -$11.3M -0.6% | -$903.0M -48.5% | -$71.0M -4.2% | -$65.5M -4.4% | $81.2M 6.2% | -$200.8M -18.0% |
| Net Income | $348.9M 10.8% | $426.9M 15.0% | $167.6M 6.9% | $141.6M 6.8% | -$64.1M -3.5% | $854.0M 45.9% | -$23.8M -1.4% | -$77.2M -5.2% | -$117.0M -8.9% | -$630.2M -56.4% |
| Per Share | ||||||||||
| EPS (Basic) | $1.82 | $2.25 | $0.89 | $0.76 | -$0.35 | $4.72 | -$0.13 | -$0.44 | -$0.67 | -$3.80 |
| EPS (Diluted) | $1.80 | $2.21 | $0.87 | $0.75 | -$0.35 | $4.50 | -$0.13 | -$0.44 | -$0.67 | -$3.81 |
| Weighted Avg Shares (Basic) | 191.8M | 190.0M | 187.8M | 185.3M | 182.9M | 180.8M | 179.0M | 177.1M | 174.4M | 166.0M |
| Weighted Avg Shares (Diluted) | 197.4M | 196.7M | 191.6M | 189.0M | 182.9M | 191.7M | 179.0M | 177.3M | 174.4M | 166.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~1.8% on $597.2M of debt.
Cash of $1.31B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 13th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 6% against ROIC 5% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 21.1 | 21.1 | 28.2 | 25.5 | 24.0 | 22.0 | 20.3 | 22.3 |
| R&D | 46.7 | 42.0 | 33.8 | 34.1 | 31.0 | 30.9 | 26.2 | 28.6 |
| SG&A | 40.5 | 40.0 | 39.6 | 41.1 | 39.3 | 36.9 | 35.4 | 35.8 |
| Operating Income | -8.3 | -5.9 | -2.3 | -4.5 | 7.7 | 7.7 | 17.0 | 12.7 |
| Income Tax | -4.4 | -4.2 | -48.5 | -0.6 | 0.4 | 0.9 | 4.0 | 4.1 |
| Net Income | -5.2 | -1.4 | 45.9 | -3.5 | 6.8 | 6.9 | 15.0 | 10.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BMRN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -2.92pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -2.9% | 8.3% (today's — no rate published for this year) | -11.2pts |
| FY2020 | -1.0% | 8.3% (today's — no rate published for this year) | -9.3pts |
| FY2021 | -1.8% | 6.7% | -8.4pts |
| FY2022 | 3.3% | 9.5% | -6.3pts |
| FY2023 | 3.5% | 9.1% | -5.6pts |
| FY2024 | 8.1% | 9.5% | -1.4pts |
| FY2025 | 6.0% | 7.1% | -1.2pts |
| Now | 5.2% | 8.3% | -3.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 81.2% | -71.9% | -56.4% |
| FY2017 | 81.6% | -1.1% | -8.9% |
| FY2018 | 78.9% | -8.3% | -5.2% |
| FY2019 | 78.9% | -5.9% | -1.4% |
| FY2020 | 71.8% | -2.3% | 45.9% |
| FY2021 | 74.5% | -4.5% | -3.5% |
| FY2022 | 76.0% | 7.7% | 6.8% |
| FY2023 | 78.0% | 7.7% | 6.9% |
| FY2024 | 79.7% | 17.0% | 15.0% |
| FY2025 | 77.7% | 12.7% | 10.8% |
Return on equity (6%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$656M of goodwill — 11% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 0 of the last 5 years.
Converts 0.79x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $725M; after share-based compensation it is $544M. The difference is a real cost that the cash flow statement adds back.
Covers interest 26.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 37.57x |
| 5% | 35.69x |
| 10% | 33.81x |
| 15% | 31.93x |
| 20% | 30.06x |
| 25% | 28.18x |
| 30% | 26.30x |
| 35% | 24.42x |
| 40% | 22.54x |
| 45% | 20.66x |
| 50% | 18.79x |
| 55% | 16.91x |
| 60% | 15.03x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $56.05, free cash flow must compound 14.53%/yr for 10 years. It has no positive compounding record after stock compensation to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −1308.8% | 14.5% |
| FY2025 | 90.2% | 14.5% |
The achieved growth rate spans a reporting-basis change in FY2020, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $349M | $349M |
| Share-based comp | $181M | $530M |
| Other non-cash & working capital | $298M | $828M |
| Operating cash flow | $828M | $828M |
| Capex | −$103M | $725M |
| Free cash flow | $725M | $725M |
| FCF after SBC | $544M | $544M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 9.2% | 18.8% | 9.6 points |
| FY2021 | -0.8% | -16.7% | -16.0 points |
| FY2022 | 13.5% | 23.6% | 10.0 points |
| FY2023 | 15.4% | 37.4% | 21.9 points |
| FY2024 | 18.0% | 4.2% | -13.7 points |
| FY2025 | 12.9% | 37.5% | 24.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 80.8 days | 690.7 days | 579.4 days | 192.2 days |
| FY2020 | 88 days | 486.3 days | 342.9 days | 231.4 days |
| FY2021 | 73.8 days | 602.5 days | 386.5 days | 289.8 days |
| FY2022 | 80.3 days | 648.8 days | 415.7 days | 313.3 days |
| FY2023 | 95.6 days | 759.5 days | 468.6 days | 386.5 days |
| FY2024 | 84.5 days | 775.4 days | 381.8 days | 478.1 days |
| FY2025 | 102.9 days | 660.8 days | 386.2 days | 377.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.5 percent |
| FY2020 | 13.1 percent |
| FY2021 | -6.1 percent |
| FY2022 | -0.5 percent |
| FY2023 | 0.1 percent |
| FY2024 | -2.1 percent |
| FY2025 | -6.3 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.