BioMarin Pharmaceutical (NASDAQ:BMRN) Releases FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

BioMarin Pharmaceutical Stock Down 0.9 %

BMRN stock traded down $0.86 during trading hours on Wednesday, reaching $91.20. 1,599,318 shares of the stock were exchanged, compared to its average volume of 1,355,438. The firm’s 50-day moving average is $87.86 and its 200-day moving average is $89.23. The company has a market cap of $17.21 billion, a price-to-earnings ratio of 103.64, a PEG ratio of 1.65 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. 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 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. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 EPS. On average, equities research analysts expect that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Wall Street Analyst Weigh In

BMRN has been the subject of several analyst reports. Cantor Fitzgerald restated an overweight rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Robert W. Baird decreased their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a report on Tuesday, January 30th. Royal Bank of Canada restated a sector perform rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Canaccord Genuity Group restated a hold rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Finally, Piper Sandler decreased their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has an average rating of Moderate Buy and an average target price of $107.61.

Insider Activity

In other news, 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 value of $348,280.00. Following the completion of the sale, the executive vice president now directly owns 94,047 shares in the company, valued at $8,188,672.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, 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 value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 ninety days, insiders sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

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.