BioMarin Pharmaceutical (NASDAQ:BMRN) Releases FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.75-2.95 for the period, compared to the consensus estimate of $2.59. The company issued revenue guidance of $2.7-2.8 billion, compared to the consensus revenue estimate of $2.75 billion. BioMarin Pharmaceutical also updated its FY 2024 guidance to 2.750-2.950 EPS.

Analyst Ratings Changes

Several brokerages recently weighed in on BMRN. Morgan Stanley lowered their price objective on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research report on Friday. Robert W. Baird lowered their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research report on Tuesday, January 30th. Scotiabank upped their price target on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a research note on Thursday. Wells Fargo & Company upped their price target on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research note on Thursday. Finally, Cantor Fitzgerald restated an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock traded down $1.26 during mid-day trading on Friday, hitting $80.91. 2,257,132 shares of the stock were exchanged, compared to its average volume of 1,697,110. The stock’s fifty day simple moving average is $87.58 and its two-hundred day simple moving average is $89.13. The stock has a market capitalization of $15.27 billion, a price-to-earnings ratio of 75.62, a P/E/G ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. During the same quarter last year, the company posted $0.11 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. On average, analysts forecast that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Activity at BioMarin Pharmaceutical

In related news, Director Jean Jacques Bienaime sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total value of $90,350.00. Following the completion of the sale, the director now owns 562,203 shares in the company, valued at $50,795,041.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Jean Jacques Bienaime sold 1,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total transaction of $90,350.00. Following the completion of the sale, the director now directly owns 562,203 shares in the company, valued at approximately $50,795,041.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at $1,454,040. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 over the last 90 days. Company insiders own 1.84% of the company’s stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.