BMRN
BioMarin Pharmaceutical Inc.
BMRN has the edge over NVO overall, supported by lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
BMRN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Stable | |
| Weak |
BMRN's revenue is currently strong, and its cash flow is stable, but its profitability and balance sheet are under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
BMRN PE Valuation
BMRN has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
BMRN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
BMRN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
BMRN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.46 | — |
| Q3 2026 | -$0.08 | -103% |
| Q2 2026 | $0.39 | -88% |
| Q1 2026 | $1.39 | -49% |
| Q4 2025 | $1.80 | -19% |
| Q3 2025 | $2.67 | +61% |
| Q2 2025 | $3.38 | +156% |
| Q1 2025 | $2.70 | +155% |
| Q4 2024 | $2.21 | +154% |
BMRN has swung to a loss: it lost $0.08 per share over the past year, after a profit the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over BMRN on earnings quality, reporting a profit while its opponent remains loss making.
BMRN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +32% |
| Q2 2026 | $989.7M | +20% |
| Q1 2026 | $766.2M | +2.8% |
| Q4 2025 | $874.6M | +17% |
| Q3 2025 | $776.1M | +4.1% |
| Q2 2025 | $825.4M | +16% |
| Q1 2025 | $745.1M | +15% |
| Q4 2024 | $747.3M | +16% |
BMRN's revenue has grown year over year for 19 quarters in a row: $1B last quarter, up 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8% | -2 points |
| Q2 2026 | 11% | -22 points |
| Q1 2026 | 17% | -13 points |
| Q4 2025 | -5.1% | -27 points |
| Q3 2025 | -6% | -21 points |
| Q2 2025 | 34% | +17 points |
| Q1 2025 | 30% | +16 points |
| Q4 2024 | 22% | +19 points |
BMRN's operating margin was −8% last quarter, down 2 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over BMRN on profitability, with a higher operating margin.
BMRN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $159.9M | -53% |
| Q2 2026 | $139.3M | -17% |
| Q1 2026 | $199.7M | +27% |
| Q4 2025 | $58.9M | -65% |
| Q3 2025 | $340.2M | +68% |
| Q2 2025 | $168.2M | +73% |
| Q1 2025 | $157.6M | +655% |
| Q4 2024 | $166.1M | +$167.5M |
BMRN still generates free cash flow, though less than at its 2025 peak: $558M over the past year.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
BMRN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -877K shares |
| 1 year | +0.8% | +1.6M shares |
| 3 years | +1.3% | +2.4M shares |
| 5 years | +5.7% | +10.4M shares |
| Available history | +8.1% | +14.6M shares |
BMRN has 194M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over BMRN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
BMRN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.1x | High |
| Q2 2026 | 11.0x | High |
| Q1 2026 | -2.0x | Net Cash |
| Q4 2025 | -2.7x | Net Cash |
| Q3 2025 | -1.8x | Net Cash |
| Q2 2025 | -1.4x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.6x | Net Cash |
BMRN's net debt is about 9.1 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over BMRN on leverage, with a lower net debt burden relative to earnings.
BMRN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.3 | Neutral |
| Stochastic | 24.3 | Neutral |
BMRN's weekly RSI is 45 (neutral) and its Stochastic is 24 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
BMRN PE vs Healthcare Sector
| Metric | BMRN | Sector median | Relative |
|---|---|---|---|
| PE | 150x | 26x | 480% above |
| PE % | 67 | 29 | 38 pts above |
BMRN has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over BMRN on valuation relative to its sector.
BMRN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $56.8 | 0.1% below |
| 20 week MA | $60.5 | 6.3% below |
| 50 week MA | $58.2 | 2.6% below |
| 100 week MA | $59.0 | 3.9% below |
| 200 week MA | $73.1 | 22% below |
BMRN is in a downtrend: it's below all five of its weekly moving averages, and 22% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over BMRN on trend strength, trading above more of its moving averages.
BMRN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $85.6 | $88.7 | +3.6% |
| 2021 | $88.7 | $91.2 | +2.8% |
| 2022 | $91.2 | $104.3 | +14% |
| 2023 | $104.3 | $96.4 | -7.6% |
| 2024 | $96.4 | $66.9 | -31% |
| 2025 | $66.9 | $60.0 | -10% |
| 2026 YTD | $60.0 | $56.7 | -5.4% |
BMRN has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.