BioMarin Pharmaceutical vs Exelixis
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The short version
- BioMarin Pharmaceutical is the larger business, with $3.2B of revenue in fiscal 2025 against $2.3B for Exelixis.
- BioMarin Pharmaceutical grew revenue faster (12.9%, against 7.0%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against 12.7%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against 22.5%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against 5.8%).
- Investors pay more for each dollar of BioMarin Pharmaceutical’s earnings: a P/E of 151.2x against 20.3x for Exelixis.
| Latest fiscal year | BMRN · FY25 | EXEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.9B | $16.8B |
| Revenue | $3.2B | $2.3B |
| Free cash flow | $725M | $876M |
| Net income | $349M | $783M |
| Growth | ||
| Revenue growth | 12.9% | 7.0% |
| 5-year growth | 11.6% | 18.6% |
| Share count change | 0.4% | −4.8% |
| Profitability | ||
| Gross margin | 77.7% | 96.4% |
| Operating margin | 12.7% | 37.6% |
| Net margin | 10.8% | 33.7% |
| FCF margin | 22.5% | 37.8% |
| Return on capital | 5.8% | 64.9% |
| Return on equity | 5.9% | 35.5% |
| Balance sheet | ||
| Net debt | −$963M | −$1.1B |
| Net debt / EBITDA | −2.0x | −1.2x |
| Dividends and buybacks | $0.0M | $948M |
| Valuation & quality | ||
| P/E | 151.2x | 20.3x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
BMRN $1.1B
EXEL $192M
FY17
BMRN $1.3B
EXEL $453M
FY18
BMRN $1.5B
EXEL $854M
FY19
BMRN $1.7B
EXEL $968M
FY20
BMRN $1.9B
EXEL $988M
FY21
BMRN $1.8B
EXEL $1.4B
FY22
BMRN $2.1B
EXEL $1.6B
FY23
BMRN $2.4B
EXEL $1.8B
FY24
BMRN $2.9B
EXEL $2.2B
FY25
BMRN $3.2B
EXEL $2.3B
BMRN
EXEL
Operating margin
FY16
BMRN −71.9%
EXEL −14.7%
FY17
BMRN −1.1%
EXEL 36.7%
FY18
BMRN −8.3%
EXEL 51.4%
FY19
BMRN −5.9%
EXEL 38.2%
FY20
BMRN −2.3%
EXEL 11.1%
FY21
BMRN −4.5%
EXEL 20.0%
FY22
BMRN 7.7%
EXEL 12.5%
FY23
BMRN 7.7%
EXEL 9.3%
FY24
BMRN 17.0%
EXEL 27.9%
FY25
BMRN 12.7%
EXEL 37.6%
BMRN
EXEL
Free cash flow
FY16
BMRN −$376M
EXEL $205M
FY17
BMRN −$208M
EXEL $144M
FY18
BMRN −$124M
EXEL $382M
FY19
BMRN −$96.8M
EXEL $514M
FY20
BMRN −$29.0M
EXEL $179M
FY21
BMRN $209M
EXEL $347M
FY22
BMRN $54.9M
EXEL $335M
FY23
BMRN $62.6M
EXEL $293M
FY24
BMRN $487M
EXEL $672M
FY25
BMRN $725M
EXEL $876M
BMRN
EXEL
Return on capital
FY16
BMRN −24.7%
EXEL —
FY17
BMRN −0.4%
EXEL —
FY18
BMRN −3.7%
EXEL 178.6%
FY19
BMRN −2.7%
EXEL 41.7%
FY20
BMRN −0.9%
EXEL 12.5%
FY21
BMRN −1.5%
EXEL 31.8%
FY22
BMRN 3.5%
EXEL 16.3%
FY23
BMRN 3.5%
EXEL 11.3%
FY24
BMRN 7.6%
EXEL 38.5%
FY25
BMRN 5.8%
EXEL 64.9%
BMRN
EXEL
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.