BioMarin Pharmaceutical vs United Therapeutics
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KIRAβs take AI analyst
I put BioMarin Pharmaceutical and United Therapeutics side by side, using each oneβs latest annual report. Here is what stands out:
- 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 Pharmaceuticalβs earnings: a P/E of 150.7x against 21.2x for United Therapeutics.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
BioMarin Pharmaceutical
BMRN
1/8
Revenue growth
United Therapeutics
UTHR
7/8
5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | BMRN FY25 | UTHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.8B | $27.2B |
| 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% | β1.2% |
| 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% | β |
| Return on equity | 5.9% | 19.7% |
| Balance sheet | ||
| Net debt | β$963M | β |
| Net debt / EBITDA | β2.0x | β |
| Dividends and buybacks | $0.0M | $1.0B |
| Valuation & quality | ||
| P/E | 150.7x | 21.2x |
| Piotroski F-score | 5 | β |
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.