BioMarin Pharmaceutical vs United Therapeutics
Add, change or remove companies; up to four.
The short version
- BioMarin Pharmaceutical is the larger business, with $3.2B of revenue in fiscal 2025 against $3.2B for United Therapeutics.
- BioMarin Pharmaceutical grew revenue faster (12.9%, against 10.6%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 12.7%).
- United Therapeutics turned more of its sales into free cash flow (32.7% FCF margin, against 22.5%).
- Investors pay more for each dollar of BioMarin Pharmaceutical’s earnings: a P/E of 151.2x against 21.0x for United Therapeutics.
| Latest fiscal year | BMRN · FY25 | UTHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.9B | $26.9B |
| Revenue | $3.2B | $3.2B |
| Free cash flow | $725M | $1.0B |
| Net income | $349M | $1.3B |
| Growth | ||
| Revenue growth | 12.9% | 10.6% |
| 5-year growth | 11.6% | 16.5% |
| Share count change | 0.4% | −1.2% |
| Profitability | ||
| Gross margin | 77.7% | 87.9% |
| Operating margin | 12.7% | 46.9% |
| Net margin | 10.8% | 41.9% |
| FCF margin | 22.5% | 32.7% |
| Return on capital | 5.8% | — |
| Return on equity | 5.9% | 19.7% |
| Balance sheet | ||
| Net debt | −$963M | — |
| Net debt / EBITDA | −2.0x | — |
| Dividends and buybacks | $0.0M | $1.0B |
| Valuation & quality | ||
| P/E | 151.2x | 21.0x |
| Piotroski F-score | 5 | — |
Revenue
FY16
BMRN $1.1B
UTHR $1.6B
FY17
BMRN $1.3B
UTHR $1.7B
FY18
BMRN $1.5B
UTHR $1.6B
FY19
BMRN $1.7B
UTHR $1.4B
FY20
BMRN $1.9B
UTHR $1.5B
FY21
BMRN $1.8B
UTHR $1.7B
FY22
BMRN $2.1B
UTHR $1.9B
FY23
BMRN $2.4B
UTHR $2.3B
FY24
BMRN $2.9B
UTHR $2.9B
FY25
BMRN $3.2B
UTHR $3.2B
BMRN
UTHR
Operating margin
FY16
BMRN −71.9%
UTHR 66.4%
FY17
BMRN −1.1%
UTHR 47.2%
FY18
BMRN −8.3%
UTHR 49.5%
FY19
BMRN −5.9%
UTHR −13.0%
FY20
BMRN −2.3%
UTHR 40.0%
FY21
BMRN −4.5%
UTHR 33.0%
FY22
BMRN 7.7%
UTHR 50.6%
FY23
BMRN 7.7%
UTHR 50.9%
FY24
BMRN 17.0%
UTHR 47.9%
FY25
BMRN 12.7%
UTHR 46.9%
BMRN
UTHR
Free cash flow
FY16
BMRN −$376M
UTHR $606M
FY17
BMRN −$208M
UTHR $388M
FY18
BMRN −$124M
UTHR $594M
FY19
BMRN −$96.8M
UTHR −$290M
FY20
BMRN −$29.0M
UTHR $696M
FY21
BMRN $209M
UTHR $477M
FY22
BMRN $54.9M
UTHR $664M
FY23
BMRN $62.6M
UTHR $748M
FY24
BMRN $487M
UTHR $1.1B
FY25
BMRN $725M
UTHR $1.0B
BMRN
UTHR
Return on capital
FY16
BMRN −24.7%
UTHR —
FY17
BMRN −0.4%
UTHR —
FY18
BMRN −3.7%
UTHR —
FY19
BMRN −2.7%
UTHR —
FY20
BMRN −0.9%
UTHR —
FY21
BMRN −1.5%
UTHR —
FY22
BMRN 3.5%
UTHR —
FY23
BMRN 3.5%
UTHR —
FY24
BMRN 7.6%
UTHR —
FY25
BMRN 5.8%
UTHR —
BMRN
UTHR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.