BioMarin Pharmaceutical (NASDAQ:BMRN) Updates FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.750-2.950 for the period, compared to the consensus earnings per share estimate of 1.650. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $2.75-2.95 EPS.

Analysts Set New Price Targets

Several brokerages have issued reports on BMRN. Cantor Fitzgerald reissued an overweight rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday. Robert W. Baird decreased their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research note on Tuesday, January 30th. Wells Fargo & Company raised their price objective on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research note on Thursday. Scotiabank raised their price objective 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. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $108.17.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN traded down $8.82 on Thursday, hitting $82.38. 7,113,589 shares of the company were exchanged, compared to its average volume of 1,422,618. The firm has a market capitalization of $15.55 billion, a P/E ratio of 92.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31. The stock’s 50 day moving average price is $87.86 and its 200 day moving average price is $89.23. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. Sell-side analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction dated 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 owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $8,188,672.29. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction 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 transaction, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,229 shares of company stock valued at $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.