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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Citigroup reduced their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a research report on Thursday. Robert W. Baird reduced 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 report on Tuesday, January 30th. 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 report on Thursday. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Finally, Wells Fargo & Company lifted their price target on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a research report on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical has an average rating of Moderate Buy and a consensus price target of $107.50.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $0.54 during mid-day trading on Friday, reaching $81.63. 1,298,692 shares of the company’s stock were exchanged, compared to its average volume of 1,434,695. The firm has a market capitalization of $15.41 billion, a price-to-earnings ratio of 76.07, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56. 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 50-day moving average price of $87.74 and a two-hundred day moving average price of $89.18.

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

Insider Buying and Selling

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

About BioMarin Pharmaceutical

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.