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BioMarin Pharmaceutical cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$160M in Q3 2026 · $558M over twelve months

Operating cash flow$188M
Capital spending−$28.3M
Free cash flow+$160M

Analysis

In Q3 2026, BioMarin Pharmaceutical generated $188M of operating cash flow and spent $28.3M on capital projects, leaving free cash flow of $160M. That is $180M less than in Q3 2025 ($340M).

Over the twelve months to Sep 30, 2026, operating cash flow was $677M; the largest uses were other investing ($4.6B), capital spending ($119M), taxes on employees’ shares ($46.0M); besides operations, cash came from other financing ($3.6B), shares issued ($13.4M); the cash balance fell by $514M.

Operating cash flow was $188M against net income of −$123M. The largest differences: depreciation & amortization +$130M, payables −$78.9M, stock-based pay +$53.5M.

Free cash flow

BioMarin Pharmaceutical: free cash flow by quarterBioMarin Pharmaceutical: free cash flow by quarter$166MQ4 2024$158MQ1 2025$168MQ2 2025$340MQ3 2025$58.9MQ4 2025$200MQ1 2026$139MQ2 2026$160MQ3 2026
Operating cash flow less capital spending.
BioMarin Pharmaceutical: operating cash flow against capital spendingBioMarin Pharmaceutical: operating cash flow against capital spendingOperating cash flowCapital spending$186M$19.5MQ4 2024$174M$16.8MQ1 2025$185M$17.1MQ2 2025$369M$28.4MQ3 2025$99.6M$40.7MQ4 2025$221M$20.9MQ1 2026$168M$28.8MQ2 2026$188M$28.3MQ3 2026
Latest (Q3 2026): Operating cash flow $188M, Capital spending $28.3M.

Capital allocation, year by year

BioMarin Pharmaceutical: where the cash came from (up) and went (down), by fiscal yearBioMarin Pharmaceutical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $305MFY2021: Net borrowing −$3.0MFY2021: Shares issued $49.2MFY2021: Capital spending −$95.6M$354MFY2021FY2022: Operating cash flow $176MFY2022: Net borrowing −$2.6MFY2022: Shares issued $69.3MFY2022: Capital spending −$121M$245MFY2022FY2023: Operating cash flow $159MFY2023: Shares issued $69.4MFY2023: Capital spending −$96.7M$229MFY2023FY2024: Operating cash flow $573MFY2024: Net borrowing −$495MFY2024: Shares issued $49.3MFY2024: Capital spending −$85.4M$622MFY2024FY2025: Operating cash flow $828MFY2025: Net borrowing −$889KFY2025: Shares issued $14.5MFY2025: Capital spending −$103M$842MFY2025
Over these 5 years operating cash flow totalled $2.0B; the largest uses were net borrowing ($502M) and capital spending ($502M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$736M
Debt$4.2B
Net debt$3.4B
Due within a year$659M

BioMarin Pharmaceutical funds itself: free cash flow was $558M over the last twelve months, and $736M of cash and investments stands against $4.2B of debt ($659M due within a year, 1.1× covered by cash).

Where the cash came from and went

BioMarin Pharmaceutical: sources (+) and uses (−) of cash, Q3 2026BioMarin Pharmaceutical: sources (+) and uses (−) of cash, Q3 2026Other investing−$279MOperating cash flow$188MCash drawn (+) / kept (−)$138MCapital spending−$28.3MOther financing−$15.0MTaxes on employees’ shares−$3.8MExchange rates−$487K
BioMarin Pharmaceutical: sources (+) and uses (−) of cash, TTM to Q3 2026BioMarin Pharmaceutical: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$4.6BOther financing$3.6BOperating cash flow$677MCash drawn (+) / kept (−)$514MCapital spending−$119MTaxes on employees’ shares−$46.0MShares issued$13.4MExchange rates−$898K

From profit to cash

BioMarin Pharmaceutical: net income to operating cash flow, Q3 2026BioMarin Pharmaceutical: net income to operating cash flow, Q3 2026Net income−$123MDepreciation & amortization$130MStock-based pay$53.5MDeferred taxes−$29.8MImpairments$15.2MOther non-cash−$1.6MReceivables−$14.4MInventory−$14.0MPayables−$78.9MPrepaid and other assets−$30.8MOther liabilities−$3.2MOperating cash flow$188M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202690686404372
Q1 2026106594358342
Q3 202598894487505
Q2 202588793398483
Q1 202585745367462
Q4 202489815447457

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$188M−$28.3M——$138M$160M
Q2 2026$168M−$28.8M$2.8B—$2.2B$139M
Q1 2026$221M−$20.9M$850M—−$1.8B$200M
Q4 2025$99.6M−$40.7M—$6.7M−$61.6M$58.9M
Q3 2025$369M−$28.4M—$7K−$36.3M$340M
Q2 2025$185M−$17.1M—$7.7M−$165M$168M
Q1 2025$174M−$16.8M——−$106M$158M
Q4 2024$186M−$19.5M—$7.9M−$267M$166M

BioMarin Pharmaceutical: income statement and cash flow

BioMarin Pharmaceutical, Q3 2026: revenue $1.0B (+32% year over year), operating margin -8.0%. The chart follows the revenue to costs, profit and cash.

BioMarin Pharmaceutical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.