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 guidance of $2.75-2.95 for the period, compared to the consensus earnings per share 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.

Analysts Set New Price Targets

A number of research firms have weighed in on BMRN. Scotiabank boosted their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a research note on Thursday. Canaccord Genuity Group reiterated a hold rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Wells Fargo & Company boosted their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research report on Thursday. Piper Sandler reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research report on Friday, February 23rd. Finally, Robert W. Baird reduced their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $108.17.

BioMarin Pharmaceutical Stock Down 7.9 %

NASDAQ BMRN traded down $7.17 during trading on Thursday, reaching $84.03. 5,857,405 shares of the company’s stock traded hands, compared to its average volume of 1,409,801. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The firm has a market cap of $15.86 billion, a price-to-earnings ratio of 92.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31. The company’s 50 day simple moving average is $87.86 and its two-hundred day simple moving average is $89.23. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The business had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. During the same period last year, the business earned $0.11 EPS. The company’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jeffrey Robert Ajer sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total value of $348,280.00. Following the sale, the executive vice president now directly owns 94,047 shares in the company, valued at approximately $8,188,672.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the transaction, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 103,229 shares of company stock worth $9,062,967. Corporate 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.