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Side-by-side financial comparison of Axogen, Inc. (AXGN) and BIOMARIN PHARMACEUTICAL INC (BMRN), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
BIOMARIN PHARMACEUTICAL INC is the larger business by last-quarter revenue ($874.6M vs $59.9M, roughly 14.6× Axogen, Inc.). BIOMARIN PHARMACEUTICAL INC runs the higher net margin — -22.0% vs -5.3%, a 16.6% gap on every dollar of revenue. On growth, Axogen, Inc. posted the faster year-over-year revenue change (21.3% vs 17.0%). BIOMARIN PHARMACEUTICAL INC produced more free cash flow last quarter ($58.9M vs $1.8M). Over the past eight quarters, Axogen, Inc.'s revenue compounded faster (20.3% CAGR vs 16.1%).
Axogen is a developer of surgical solutions, including human tissue grafts, based in Alachua, Florida. Axogen products are designed to remedy peripheral nerve damage. In 2013 the company raised $18 million in its initial public offering (IPO). Axogen uses a cell graft technology AVANCE to mimic a human nerve. The company also creates nerve connectors and soft tissue membranes. The company reports sensory and movement recovery in 87 percent of patients with peripheral nerve injuries. Axogen is...
BioMarin Pharmaceutical Inc. is an American biotechnology company headquartered in San Rafael, California. It has offices and facilities in the United States, South America, Asia, and Europe. BioMarin's core business and research are in enzyme replacement therapies (ERTs). BioMarin was the first company to provide therapeutics for mucopolysaccharidosis type I, by manufacturing laronidase. BioMarin was also the first company to provide therapeutics for phenylketonuria (PKU).
AXGN vs BMRN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $59.9M | $874.6M |
| Net Profit | $-13.2M | $-46.6M |
| Gross Margin | 74.1% | 68.5% |
| Operating Margin | -16.3% | -5.1% |
| Net Margin | -22.0% | -5.3% |
| Revenue YoY | 21.3% | 17.0% |
| Net Profit YoY | -3023.6% | -137.3% |
| EPS (diluted) | $-0.28 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $59.9M | $874.6M | ||
| Q3 25 | $60.1M | $776.1M | ||
| Q2 25 | $56.7M | $825.4M | ||
| Q1 25 | $48.6M | $745.1M | ||
| Q4 24 | $49.4M | $747.3M | ||
| Q3 24 | $48.6M | $745.7M | ||
| Q2 24 | $47.9M | $712.0M | ||
| Q1 24 | $41.4M | $648.8M |
| Q4 25 | $-13.2M | $-46.6M | ||
| Q3 25 | $708.0K | $-30.7M | ||
| Q2 25 | $579.0K | $240.5M | ||
| Q1 25 | $-3.8M | $185.7M | ||
| Q4 24 | $450.0K | $124.9M | ||
| Q3 24 | $-1.9M | $106.1M | ||
| Q2 24 | $-1.9M | $107.2M | ||
| Q1 24 | $-6.6M | $88.7M |
| Q4 25 | 74.1% | 68.5% | ||
| Q3 25 | 76.6% | 82.0% | ||
| Q2 25 | 74.2% | 81.8% | ||
| Q1 25 | 71.9% | 79.7% | ||
| Q4 24 | 76.1% | 81.8% | ||
| Q3 24 | 74.9% | 74.7% | ||
| Q2 24 | 73.8% | 81.7% | ||
| Q1 24 | 78.8% | 80.7% |
| Q4 25 | -16.3% | -5.1% | ||
| Q3 25 | 3.2% | -6.0% | ||
| Q2 25 | 3.0% | 33.5% | ||
| Q1 25 | -3.4% | 30.0% | ||
| Q4 24 | 4.1% | 21.6% | ||
| Q3 24 | -0.6% | 15.3% | ||
| Q2 24 | -0.9% | 16.9% | ||
| Q1 24 | -11.0% | 13.6% |
| Q4 25 | -22.0% | -5.3% | ||
| Q3 25 | 1.2% | -4.0% | ||
| Q2 25 | 1.0% | 29.1% | ||
| Q1 25 | -7.9% | 24.9% | ||
| Q4 24 | 0.9% | 16.7% | ||
| Q3 24 | -3.8% | 14.2% | ||
| Q2 24 | -4.0% | 15.1% | ||
| Q1 24 | -16.0% | 13.7% |
| Q4 25 | $-0.28 | $-0.22 | ||
| Q3 25 | $0.01 | $-0.16 | ||
| Q2 25 | $0.01 | $1.23 | ||
| Q1 25 | $-0.08 | $0.95 | ||
| Q4 24 | $-0.00 | $0.65 | ||
| Q3 24 | $-0.04 | $0.55 | ||
| Q2 24 | $-0.04 | $0.55 | ||
| Q1 24 | $-0.15 | $0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.5M | $1.3B |
| Total DebtLower is stronger | $48.4M | — |
| Stockholders' EquityBook value | $128.8M | $6.1B |
| Total Assets | $221.7M | $7.6B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $41.5M | $1.3B | ||
| Q3 25 | $35.8M | $1.3B | ||
| Q2 25 | $29.9M | $1.2B | ||
| Q1 25 | $22.1M | $1.0B | ||
| Q4 24 | $33.5M | $942.8M | ||
| Q3 24 | $24.5M | $675.4M | ||
| Q2 24 | $21.1M | $972.1M | ||
| Q1 24 | $17.6M | $747.0M |
| Q4 25 | $48.4M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $47.9M | — | ||
| Q1 25 | $47.7M | — | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $47.3M | — | ||
| Q2 24 | $47.0M | — | ||
| Q1 24 | $46.8M | — |
| Q4 25 | $128.8M | $6.1B | ||
| Q3 25 | $120.8M | $6.1B | ||
| Q2 25 | $112.3M | $6.0B | ||
| Q1 25 | $105.4M | $5.8B | ||
| Q4 24 | $103.9M | $5.7B | ||
| Q3 24 | $99.4M | $5.4B | ||
| Q2 24 | $95.7M | $5.3B | ||
| Q1 24 | $93.2M | $5.1B |
| Q4 25 | $221.7M | $7.6B | ||
| Q3 25 | $216.4M | $7.6B | ||
| Q2 25 | $205.5M | $7.5B | ||
| Q1 25 | $196.2M | $7.1B | ||
| Q4 24 | $203.7M | $7.0B | ||
| Q3 24 | $192.0M | $6.9B | ||
| Q2 24 | $188.9M | $7.1B | ||
| Q1 24 | $186.5M | $6.9B |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0M | $99.6M |
| Free Cash FlowOCF − Capex | $1.8M | $58.9M |
| FCF MarginFCF / Revenue | 3.0% | 6.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.1% | 4.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.9M | $725.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.0M | $99.6M | ||
| Q3 25 | $3.2M | $368.7M | ||
| Q2 25 | $7.7M | $185.3M | ||
| Q1 25 | $-13.2M | $174.4M | ||
| Q4 24 | $8.7M | $185.6M | ||
| Q3 24 | $3.9M | $221.5M | ||
| Q2 24 | $4.2M | $118.8M | ||
| Q1 24 | $-12.3M | $47.0M |
| Q4 25 | $1.8M | $58.9M | ||
| Q3 25 | $1.7M | $340.2M | ||
| Q2 25 | $7.0M | $168.2M | ||
| Q1 25 | $-13.4M | $157.6M | ||
| Q4 24 | $8.1M | $166.1M | ||
| Q3 24 | $3.3M | $203.0M | ||
| Q2 24 | $3.3M | $97.4M | ||
| Q1 24 | $-13.2M | $20.9M |
| Q4 25 | 3.0% | 6.7% | ||
| Q3 25 | 2.8% | 43.8% | ||
| Q2 25 | 12.4% | 20.4% | ||
| Q1 25 | -27.7% | 21.2% | ||
| Q4 24 | 16.3% | 22.2% | ||
| Q3 24 | 6.8% | 27.2% | ||
| Q2 24 | 6.8% | 13.7% | ||
| Q1 24 | -31.9% | 3.2% |
| Q4 25 | 2.1% | 4.7% | ||
| Q3 25 | 2.5% | 3.7% | ||
| Q2 25 | 1.3% | 2.1% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | 1.4% | 2.6% | ||
| Q3 24 | 1.2% | 2.5% | ||
| Q2 24 | 1.9% | 3.0% | ||
| Q1 24 | 2.2% | 4.0% |
| Q4 25 | — | — | ||
| Q3 25 | 4.55× | — | ||
| Q2 25 | 13.35× | 0.77× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | 19.41× | 1.49× | ||
| Q3 24 | — | 2.09× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | — | 0.53× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AXGN
Segment breakdown not available.
BMRN
| VOXZOGO | $273.4M | 31% |
| VIMIZIM | $205.5M | 24% |
| PALYNZIQ | $125.3M | 14% |
| NAGLAZYME | $120.2M | 14% |
| Other | $49.4M | 6% |
| ALDURAZYME | $49.4M | 6% |
| KUVAN | $23.3M | 3% |
| Royalty And Other | $15.2M | 2% |
| ROCTAVIAN | $12.8M | 1% |
