BioMarin Pharmaceutical vs Incyte
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KIRA’s take AI analyst
I put BioMarin Pharmaceutical and Incyte side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Incyte turned more of its sales into free cash flow (26.4% FCF margin, against 22.5%).
- 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 150.7x against 16.0x for Incyte.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
BioMarin Pharmaceutical
BMRN
0/11
Incyte
INCY
11/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BMRN FY25 | INCY FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.8B | $23.4B |
| 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 | 150.7x | 16.0x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.