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Biomarin Pharmaceutical Beneish M-Score

: -2.69 (As of Today)
View and export this data going back to 1999. Start your Free Trial

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Biomarin Pharmaceutical's Beneish M-Score or its related term are showing as below:

NAS:BMRN' s Beneish M-Score Range Over the Past 10 Years
Min: -5.08   Med: -2.19   Max: 7.09
Current: -2.69

-5.08
7.09

During the past 13 years, the highest Beneish M-Score of Biomarin Pharmaceutical was 7.09. The lowest was -5.08. And the median was -2.19.


Biomarin Pharmaceutical Beneish M-Score Historical Data

The historical data trend for Biomarin Pharmaceutical's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Biomarin Pharmaceutical Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.05 -2.71 -2.30 -2.40 -1.60

Biomarin Pharmaceutical Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.91 -1.60 -1.82 -1.63 -2.69

Competitive Comparison

For the Biotechnology subindustry, Biomarin Pharmaceutical's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Biomarin Pharmaceutical Beneish M-Score Distribution

For the Biotechnology industry and Healthcare sector, Biomarin Pharmaceutical's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Biomarin Pharmaceutical's Beneish M-Score falls into.



Biomarin Pharmaceutical Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Biomarin Pharmaceutical for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9176+0.528 * 0.9902+0.404 * 1.1318+0.892 * 0.9924+0.115 * 0.9601
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0176+4.679 * -0.0458-0.327 * 0.8508
=-2.69

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $375 Mil.
Revenue was 408.742 + 501.693 + 486.069 + 452.123 = $1,849 Mil.
Gross Profit was 305.205 + 374.631 + 365.903 + 325.985 = $1,372 Mil.
Total Current Assets was $2,312 Mil.
Total Assets was $5,977 Mil.
Property, Plant and Equipment(Net PPE) was $1,025 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $737 Mil.
Total Current Liabilities was $515 Mil.
Long-Term Debt & Capital Lease Obligation was $1,078 Mil.
Net Income was -36.494 + 12.941 + 17.371 + 22.099 = $16 Mil.
Non Operating Income was 9.102 + 1.83 + -2.793 + 1.833 = $10 Mil.
Cash Flow from Operations was 97.06 + 82.784 + 113.512 + -13.384 = $280 Mil.
Accounts Receivable was $412 Mil.
Revenue was 476.784 + 429.485 + 502.043 + 454.438 = $1,863 Mil.
Gross Profit was 287.991 + 331.518 + 390.669 + 358.539 = $1,369 Mil.
Total Current Assets was $2,739 Mil.
Total Assets was $6,158 Mil.
Property, Plant and Equipment(Net PPE) was $1,015 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $730 Mil.
Total Current Liabilities was $855 Mil.
Long-Term Debt & Capital Lease Obligation was $1,074 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(374.937 / 1848.627) / (411.712 / 1862.75)
=0.20281917 / 0.22102376
=0.9176

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1368.717 / 1862.75) / (1371.724 / 1848.627)
=0.73478298 / 0.74202313
=0.9902

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (2311.57 + 1024.787) / 5977.475) / (1 - (2738.979 + 1015.062) / 6158.09)
=0.44184509 / 0.39038874
=1.1318

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1848.627 / 1862.75
=0.9924

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(103.604 / (103.604 + 1015.062)) / (109.411 / (109.411 + 1024.787))
=0.09261388 / 0.09646552
=0.9601

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(737.3 / 1848.627) / (730.076 / 1862.75)
=0.39883654 / 0.39193451
=1.0176

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1078.093 + 514.898) / 5977.475) / ((1074.164 + 854.693) / 6158.09)
=0.26649898 / 0.31322326
=0.8508

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(15.917 - 9.972 - 279.972) / 5977.475
=-0.0458

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Biomarin Pharmaceutical has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.


Biomarin Pharmaceutical Beneish M-Score Related Terms

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Biomarin Pharmaceutical Business Description

Biomarin Pharmaceutical logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2834
Address
770 Lindaro Street, San Rafael, CA, USA, 94901
BioMarin's focus is on rare-disease therapies. Genzyme (now part of Sanofi) markets Aldurazyme through its joint venture with BioMarin, and BioMarin markets Naglazyme, Vimizim, and Brineura independently. BioMarin also markets Kuvan and Palynziq to treat the rare metabolic disorder PKU (in addition to long-standing U.S. rights, BioMarin has reacquired international rights for Kuvan and Palynziq from Merck KGaA). BioMarin's Roctavian (hemophilia A gene therapy) and vosoritide (treatment for achondroplasia) are poised to potentially launch in the 2021-22 timeframe.
Executives
Ajer Jeffrey Robert officer: EVP, Chief Commercial Officer C/O BIOMARIN PHARMACEUTICAL INC. 105 DIGITAL DRIVE NOVATO CA 94949
Heron Elaine J director 6 STONEGATE RD PONTOLA VALLEY CA 94028
Pyott David E I director C/O ALLERGAN 2525 DUPONT DRIVE IRVINE CA 92612
Grey Michael G director C/O SGX PHARMACEUTICALS, INC. 10505 ROSELLE STREET SAN DIEGO CA 92121
Fuchs Henry J officer: President, Worldwide R&D C/O BIOMARIN PHARMACEUTICAL INC. 105 DIGITAL DRIVE NOVATO CA 94949
Acosta Andrea officer: GVP, Chief Accouning Officer C/O BIOMARIN PHARMACEUTICAL INC. 770 LINDARO ST SAN RAFAEL CA 94901
Dere Willard H director ONE AMGEN CENTER DRIVE THOUSAND OAKS CA 91320-1799
Lawlis V Bryan director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: LAWLIS V BRYAN a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Anderson Elizabeth M director 10 FINDERNE AVENUE BUILDING 10 BRIDGEWATER NJ 08807
Hombach Robert J. director C/O BAXALTA INCORPORATED 1200 LAKESIDE DRIVE BANNOCKBURN IL 60015
Slamon Dennis director 770 LINDARO STREET SAN RAFAEL CA 94901
Meier Richard A director 1700 E ST ANDREW PLACE SANTA ANA CA 92705
Bienaime Jean Jacques director, officer: Chief Executive Officer 925 PAGE MILL ROAD PALO ALTO CA 94304
Guyer Charles Greg officer: EVP, Chief Technical Officer C/O BIOMARIN PHARMACEUTICAL INC. 770 LINDARO ST. SAN RAFAEL CA 94901
Mueller Brian officer: EVP, Chief Financial Officer C/O BIOMARIN PHARMACEUTICAL INC. 105 DIGITAL DRIVE NOVATO CA 94949

Biomarin Pharmaceutical Headlines

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