BioMarin Pharmaceutical
BMRN · Biotechnology
$55.95
1.2%Incyte
INCY · Biotechnology
$115.71
1.0%The short version
- Incyte is the larger business, with $5.1B of revenue in fiscal 2025 against $3.2B for BioMarin Pharmaceutical, about 1.6 times as much.
- Incyte grew revenue faster (21.2%, against 12.9%).
- Incyte kept more of each dollar of sales as operating profit (29.5% operating margin, against 12.7% operating margin).
- Incyte turned more of its sales into free cash flow (26.4% FCF margin, against 22.5% FCF margin).
- Incyte earned a higher return on the capital invested in it (79.4%, against 5.8%).
- Investors pay more for each dollar of BioMarin Pharmaceutical’s earnings: a P/E of 151.2x against 16.3x for Incyte.
| Latest fiscal year | BMRN · FY25 | INCY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.9B | $23.9B |
| Revenue | $3.2B | $5.1B |
| Free cash flow | $725M | $1.4B |
| Net income | $349M | $1.3B |
| Growth | ||
| Revenue growth | 12.9% | 21.2% |
| 5-year growth | 11.6% | 14.0% |
| Share count change | 0.4% | −4.7% |
| Profitability | ||
| Gross margin | 77.7% | 92.8% |
| Operating margin | 12.7% | 29.5% |
| Net margin | 10.8% | 25.0% |
| FCF margin | 22.5% | 26.4% |
| Return on capital | 5.8% | 79.4% |
| Return on equity | 5.9% | 29.9% |
| Balance sheet | ||
| Net debt | −$963M | −$3.5B |
| Net debt / EBITDA | −2.0x | −2.2x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 151.2x | 16.3x |
| Piotroski F-score | 5 | 8 |
FY16
BMRN $1.1B
INCY $1.1B
FY17
BMRN $1.3B
INCY $1.5B
FY18
BMRN $1.5B
INCY $1.9B
FY19
BMRN $1.7B
INCY $2.2B
FY20
BMRN $1.9B
INCY $2.7B
FY21
BMRN $1.8B
INCY $3.0B
FY22
BMRN $2.1B
INCY $3.4B
FY23
BMRN $2.4B
INCY $3.7B
FY24
BMRN $2.9B
INCY $4.2B
FY25
BMRN $3.2B
INCY $5.1B
BMRN
INCY
FY16
BMRN −71.9%
INCY 13.1%
FY17
BMRN −1.1%
INCY −15.8%
FY18
BMRN −8.3%
INCY 6.9%
FY19
BMRN −5.9%
INCY 18.6%
FY20
BMRN −2.3%
INCY −9.9%
FY21
BMRN −4.5%
INCY 19.6%
FY22
BMRN 7.7%
INCY 17.1%
FY23
BMRN 7.7%
INCY 16.8%
FY24
BMRN 17.0%
INCY 1.5%
FY25
BMRN 12.7%
INCY 29.5%
BMRN
INCY
FY16
BMRN −$376M
INCY $184M
FY17
BMRN −$208M
INCY −$204M
FY18
BMRN −$124M
INCY $263M
FY19
BMRN −$96.8M
INCY $633M
FY20
BMRN −$29.0M
INCY −$312M
FY21
BMRN $209M
INCY $568M
FY22
BMRN $54.9M
INCY $892M
FY23
BMRN $62.6M
INCY $464M
FY24
BMRN $487M
INCY $249M
FY25
BMRN $725M
INCY $1.4B
BMRN
INCY
FY16
BMRN −24.7%
INCY 59.2%
FY17
BMRN −0.4%
INCY −51.5%
FY18
BMRN −3.7%
INCY 24.8%
FY19
BMRN −2.7%
INCY 71.2%
FY20
BMRN −0.9%
INCY −30.3%
FY21
BMRN −1.5%
INCY 50.9%
FY22
BMRN 3.5%
INCY 28.5%
FY23
BMRN 3.5%
INCY 32.6%
FY24
BMRN 7.6%
INCY 2.1%
FY25
BMRN 5.8%
INCY 79.4%
BMRN
INCY
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