Intrinsic value of BioMarin Pharmaceutical - BMRN

Previous Close

$89.78

  Intrinsic Value

$3.60

stock screener

  Rating & Target

str. sell

-96%

Previous close

$89.78

 
Intrinsic value

$3.60

 
Up/down potential

-96%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BMRN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.51
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
Revenue, $m
  1,117
  1,333
  1,571
  1,831
  2,114
  2,418
  2,743
  3,088
  3,454
  3,839
  4,244
  4,668
  5,110
  5,572
  6,054
  6,554
  7,075
  7,616
  8,179
  8,763
  9,370
  10,002
  10,658
  11,342
  12,052
  12,792
  13,563
  14,367
  15,205
  16,079
  16,991
Variable operating expenses, $m
 
  1,494
  1,757
  2,046
  2,358
  2,694
  3,054
  3,436
  3,841
  4,267
  4,715
  5,164
  5,654
  6,165
  6,697
  7,251
  7,827
  8,426
  9,048
  9,695
  10,367
  11,066
  11,792
  12,548
  13,334
  14,153
  15,006
  15,895
  16,822
  17,789
  18,798
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,920
  1,494
  1,757
  2,046
  2,358
  2,694
  3,054
  3,436
  3,841
  4,267
  4,715
  5,164
  5,654
  6,165
  6,697
  7,251
  7,827
  8,426
  9,048
  9,695
  10,367
  11,066
  11,792
  12,548
  13,334
  14,153
  15,006
  15,895
  16,822
  17,789
  18,798
Operating income, $m
  -803
  -161
  -187
  -214
  -245
  -277
  -311
  -348
  -387
  -428
  -471
  -496
  -544
  -593
  -644
  -697
  -753
  -810
  -870
  -932
  -997
  -1,064
  -1,134
  -1,206
  -1,282
  -1,361
  -1,443
  -1,528
  -1,617
  -1,710
  -1,807
EBITDA, $m
  -706
  -41
  -48
  -56
  -65
  -74
  -84
  -95
  -106
  -118
  -130
  -143
  -157
  -171
  -186
  -201
  -217
  -234
  -251
  -269
  -288
  -307
  -327
  -348
  -370
  -393
  -416
  -441
  -467
  -493
  -521
Interest expense (income), $m
  9
  23
  32
  41
  51
  62
  74
  86
  100
  114
  129
  144
  161
  178
  196
  214
  234
  254
  275
  297
  319
  343
  367
  393
  419
  447
  476
  506
  537
  569
  603
Earnings before tax, $m
  -831
  -185
  -218
  -255
  -295
  -339
  -385
  -434
  -487
  -542
  -600
  -641
  -704
  -771
  -840
  -912
  -986
  -1,064
  -1,145
  -1,229
  -1,316
  -1,407
  -1,501
  -1,599
  -1,701
  -1,808
  -1,918
  -2,034
  -2,154
  -2,279
  -2,410
Tax expense, $m
  -201
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -630
  -185
  -218
  -255
  -295
  -339
  -385
  -434
  -487
  -542
  -600
  -641
  -704
  -771
  -840
  -912
  -986
  -1,064
  -1,145
  -1,229
  -1,316
  -1,407
  -1,501
  -1,599
  -1,701
  -1,808
  -1,918
  -2,034
  -2,154
  -2,279
  -2,410

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  790
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,024
  3,863
  4,553
  5,308
  6,126
  7,008
  7,950
  8,951
  10,011
  11,128
  12,301
  13,529
  14,813
  16,152
  17,546
  18,998
  20,507
  22,076
  23,706
  25,400
  27,161
  28,991
  30,894
  32,874
  34,934
  37,079
  39,314
  41,643
  44,071
  46,605
  49,249
Adjusted assets (=assets-cash), $m
  3,234
  3,863
  4,553
  5,308
  6,126
  7,008
  7,950
  8,951
  10,011
  11,128
  12,301
  13,529
  14,813
  16,152
  17,546
  18,998
  20,507
  22,076
  23,706
  25,400
  27,161
  28,991
  30,894
  32,874
  34,934
  37,079
  39,314
  41,643
  44,071
  46,605
  49,249
Revenue / Adjusted assets
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
Average production assets, $m
  1,370
  1,634
  1,926
  2,245
  2,591
  2,964
  3,362
  3,786
  4,234
  4,707
  5,203
  5,722
  6,265
  6,832
  7,422
  8,035
  8,674
  9,337
  10,027
  10,743
  11,488
  12,262
  13,067
  13,905
  14,776
  15,684
  16,629
  17,614
  18,641
  19,712
  20,831
Working capital, $m
  983
  256
  302
  352
  406
  464
  527
  593
  663
  737
  815
  896
  981
  1,070
  1,162
  1,258
  1,358
  1,462
  1,570
  1,683
  1,799
  1,920
  2,046
  2,178
  2,314
  2,456
  2,604
  2,758
  2,919
  3,087
  3,262
Total debt, $m
  683
  900
  1,164
  1,453
  1,765
  2,102
  2,462
  2,844
  3,249
  3,676
  4,124
  4,593
  5,084
  5,595
  6,128
  6,682
  7,259
  7,858
  8,481
  9,128
  9,800
  10,500
  11,227
  11,983
  12,770
  13,589
  14,443
  15,333
  16,260
  17,228
  18,238
Total liabilities, $m
  1,257
  1,475
  1,739
  2,028
  2,340
  2,677
  3,037
  3,419
  3,824
  4,251
  4,699
  5,168
  5,659
  6,170
  6,703
  7,257
  7,834
  8,433
  9,056
  9,703
  10,375
  11,075
  11,802
  12,558
  13,345
  14,164
  15,018
  15,908
  16,835
  17,803
  18,813
Total equity, $m
  2,766
  2,387
  2,814
  3,280
  3,786
  4,331
  4,913
  5,532
  6,187
  6,877
  7,602
  8,361
  9,154
  9,982
  10,844
  11,741
  12,673
  13,643
  14,650
  15,697
  16,785
  17,916
  19,093
  20,316
  21,589
  22,915
  24,296
  25,735
  27,236
  28,802
  30,436
Total liabilities and equity, $m
  4,023
  3,862
  4,553
  5,308
  6,126
  7,008
  7,950
  8,951
  10,011
  11,128
  12,301
  13,529
  14,813
  16,152
  17,547
  18,998
  20,507
  22,076
  23,706
  25,400
  27,160
  28,991
  30,895
  32,874
  34,934
  37,079
  39,314
  41,643
  44,071
  46,605
  49,249
Debt-to-equity ratio
  0.247
  0.380
  0.410
  0.440
  0.470
  0.490
  0.500
  0.510
  0.530
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -630
  -185
  -218
  -255
  -295
  -339
  -385
  -434
  -487
  -542
  -600
  -641
  -704
  -771
  -840
  -912
  -986
  -1,064
  -1,145
  -1,229
  -1,316
  -1,407
  -1,501
  -1,599
  -1,701
  -1,808
  -1,918
  -2,034
  -2,154
  -2,279
  -2,410
Depreciation, amort., depletion, $m
  97
  121
  139
  158
  180
  203
  227
  253
  281
  310
  341
  353
  387
  422
  458
  496
  535
  576
  619
  663
  709
  757
  807
  858
  912
  968
  1,026
  1,087
  1,151
  1,217
  1,286
Funds from operations, $m
  -388
  -64
  -80
  -97
  -116
  -136
  -158
  -181
  -206
  -232
  -259
  -288
  -318
  -349
  -382
  -416
  -451
  -488
  -526
  -566
  -607
  -650
  -695
  -741
  -789
  -839
  -892
  -946
  -1,003
  -1,062
  -1,124
Change in working capital, $m
  -160
  41
  46
  50
  54
  58
  62
  66
  70
  74
  78
  81
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
Cash from operations, $m
  -228
  -105
  -125
  -147
  -170
  -194
  -220
  -247
  -276
  -306
  -337
  -369
  -403
  -438
  -474
  -512
  -551
  -592
  -634
  -678
  -724
  -771
  -821
  -872
  -926
  -982
  -1,040
  -1,101
  -1,164
  -1,230
  -1,299
Maintenance CAPEX, $m
  0
  -85
  -101
  -119
  -139
  -160
  -183
  -208
  -234
  -261
  -291
  -321
  -353
  -387
  -422
  -458
  -496
  -535
  -576
  -619
  -663
  -709
  -757
  -807
  -858
  -912
  -968
  -1,026
  -1,087
  -1,151
  -1,217
New CAPEX, $m
  -148
  -264
  -292
  -319
  -346
  -373
  -398
  -424
  -448
  -472
  -496
  -520
  -543
  -566
  -590
  -614
  -638
  -664
  -690
  -717
  -745
  -774
  -805
  -837
  -871
  -907
  -945
  -985
  -1,027
  -1,072
  -1,118
Cash from investing activities, $m
  -484
  -349
  -393
  -438
  -485
  -533
  -581
  -632
  -682
  -733
  -787
  -841
  -896
  -953
  -1,012
  -1,072
  -1,134
  -1,199
  -1,266
  -1,336
  -1,408
  -1,483
  -1,562
  -1,644
  -1,729
  -1,819
  -1,913
  -2,011
  -2,114
  -2,223
  -2,335
Free cash flow, $m
  -712
  -454
  -518
  -585
  -655
  -727
  -802
  -878
  -958
  -1,039
  -1,123
  -1,210
  -1,299
  -1,391
  -1,486
  -1,584
  -1,685
  -1,791
  -1,900
  -2,013
  -2,132
  -2,254
  -2,383
  -2,516
  -2,655
  -2,801
  -2,953
  -3,112
  -3,278
  -3,453
  -3,635
Issuance/(repayment) of debt, $m
  0
  239
  264
  288
  313
  337
  360
  383
  405
  427
  448
  469
  490
  511
  533
  554
  577
  599
  623
  647
  673
  699
  727
  756
  787
  819
  854
  890
  928
  968
  1,010
Issuance/(repurchase) of shares, $m
  787
  574
  645
  722
  801
  883
  967
  1,053
  1,142
  1,232
  1,325
  1,400
  1,498
  1,598
  1,702
  1,809
  1,919
  2,034
  2,152
  2,276
  2,404
  2,538
  2,677
  2,823
  2,975
  3,133
  3,299
  3,473
  3,655
  3,845
  4,044
Cash from financing (excl. dividends), $m  
  727
  813
  909
  1,010
  1,114
  1,220
  1,327
  1,436
  1,547
  1,659
  1,773
  1,869
  1,988
  2,109
  2,235
  2,363
  2,496
  2,633
  2,775
  2,923
  3,077
  3,237
  3,404
  3,579
  3,762
  3,952
  4,153
  4,363
  4,583
  4,813
  5,054
Total cash flow (excl. dividends), $m
  11
  359
  390
  425
  459
  493
  526
  557
  589
  619
  649
  660
  689
  719
  749
  779
  810
  842
  875
  910
  945
  983
  1,022
  1,063
  1,106
  1,152
  1,200
  1,250
  1,304
  1,360
  1,420
Retained Cash Flow (-), $m
  -365
  -574
  -645
  -722
  -801
  -883
  -967
  -1,053
  -1,142
  -1,232
  -1,325
  -1,400
  -1,498
  -1,598
  -1,702
  -1,809
  -1,919
  -2,034
  -2,152
  -2,276
  -2,404
  -2,538
  -2,677
  -2,823
  -2,975
  -3,133
  -3,299
  -3,473
  -3,655
  -3,845
  -4,044
Prev. year cash balance distribution, $m
 
  768
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  554
  -255
  -297
  -342
  -390
  -442
  -496
  -553
  -613
  -675
  -740
  -808
  -879
  -953
  -1,029
  -1,109
  -1,191
  -1,277
  -1,366
  -1,459
  -1,555
  -1,656
  -1,760
  -1,868
  -1,982
  -2,100
  -2,222
  -2,351
  -2,485
  -2,625
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  531
  -233
  -258
  -282
  -303
  -321
  -335
  -346
  -352
  -354
  -352
  -345
  -334
  -320
  -302
  -282
  -259
  -235
  -210
  -185
  -161
  -137
  -115
  -95
  -77
  -61
  -48
  -36
  -27
  -20
Current shareholders' claim on cash, %
  100
  95.3
  91.0
  87.2
  83.6
  80.4
  77.4
  74.6
  72.1
  69.7
  67.4
  65.3
  63.4
  61.5
  59.8
  58.1
  56.5
  55.0
  53.5
  52.1
  50.8
  49.5
  48.2
  47.0
  45.9
  44.7
  43.6
  42.6
  41.6
  40.6
  39.6

BioMarin Pharmaceutical Inc. is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company's therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A). The Company is conducting clinical trials on various product candidates for the treatment of various diseases. Its clinical product candidates include Brineura, pegvaliase, vosoritide, BMN 270 and BMN 250.

FINANCIAL RATIOS  of  BioMarin Pharmaceutical (BMRN)

Valuation Ratios
P/E Ratio -24.6
Price to Sales 13.9
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow -68
Price to Free Cash Flow -41.2
Growth Rates
Sales Growth Rate 25.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.1%
Cap. Spend. - 3 Yr. Gr. Rate 17.9%
Financial Strength
Quick Ratio 36
Current Ratio 0.1
LT Debt to Equity 23.9%
Total Debt to Equity 24.7%
Interest Coverage -91
Management Effectiveness
Return On Assets -16.1%
Ret/ On Assets - 3 Yr. Avg. -8.9%
Return On Total Capital -19.3%
Ret/ On T. Cap. - 3 Yr. Avg. -10.8%
Return On Equity -24.4%
Return On Equity - 3 Yr. Avg. -14.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 81.2%
Gross Margin - 3 Yr. Avg. 82.6%
EBITDA Margin -64.9%
EBITDA Margin - 3 Yr. Avg. -28.5%
Operating Margin -71.9%
Oper. Margin - 3 Yr. Avg. -32.3%
Pre-Tax Margin -74.4%
Pre-Tax Margin - 3 Yr. Avg. -36.2%
Net Profit Margin -56.4%
Net Profit Margin - 3 Yr. Avg. -31.2%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 2%
Payout Ratio 0%

BMRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BMRN stock intrinsic value calculation we used $1117 million for the last fiscal year's total revenue generated by BioMarin Pharmaceutical. The default revenue input number comes from 2016 income statement of BioMarin Pharmaceutical. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BMRN stock valuation model: a) initial revenue growth rate of 19.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BMRN is calculated based on our internal credit rating of BioMarin Pharmaceutical, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BioMarin Pharmaceutical.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BMRN stock the variable cost ratio is equal to 112.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BMRN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for BioMarin Pharmaceutical.

Corporate tax rate of 27% is the nominal tax rate for BioMarin Pharmaceutical. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BMRN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BMRN are equal to 122.6%.

Life of production assets of 16.2 years is the average useful life of capital assets used in BioMarin Pharmaceutical operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BMRN is equal to 19.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2766 million for BioMarin Pharmaceutical - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 178.199 million for BioMarin Pharmaceutical is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BioMarin Pharmaceutical at the current share price and the inputted number of shares is $16.0 billion.

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Financial statements of BMRN
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