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

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.750-2.950 for the period, compared to the consensus EPS 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.

BioMarin Pharmaceutical Stock Down 0.9 %

NASDAQ BMRN traded down $0.86 during trading hours on Wednesday, hitting $91.20. 1,599,318 shares of the company were exchanged, compared to its average volume of 1,355,438. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $99.56. The company has a 50 day moving average of $87.76 and a two-hundred day moving average of $89.21. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. The firm has a market cap of $17.21 billion, a price-to-earnings ratio of 104.61, a PEG ratio of 1.65 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. The company had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. During the same quarter in the previous year, the business earned $0.11 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts anticipate that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BMRN shares. Cantor Fitzgerald reiterated an overweight rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Royal Bank of Canada reissued a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Canaccord Genuity Group reissued a hold rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Piper Sandler decreased their price target on 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 price target on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a research report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of Moderate Buy and an average price target of $107.61.

Insider Buying and Selling

In related news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the sale, the insider now owns 212,117 shares in the company, valued at approximately $18,068,126.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the sale, the insider now directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jean Jacques Bienaime sold 1,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.51, for a total value of $85,510.00. Following the completion of the transaction, the director now directly owns 561,203 shares in the company, valued at $47,988,468.53. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock valued at $9,062,967 over the last quarter. 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.