BioMarin Pharmaceutical (NASDAQ:BMRN) Issues FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.75-2.95 for the period, compared to the consensus EPS 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 recently issued reports on BMRN. Wells Fargo & Company upped their price objective on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a report on Thursday. Robert W. Baird lowered their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research report on Tuesday, January 30th. Piper Sandler decreased their target price 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. Cantor Fitzgerald reissued an overweight rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Finally, Canaccord Genuity Group reaffirmed a hold rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $108.17.

BioMarin Pharmaceutical Stock Performance

BMRN traded down $7.17 during midday trading on Thursday, hitting $84.03. 5,857,405 shares of the company were exchanged, compared to its average volume of 1,409,801. The company’s 50 day simple moving average is $87.86 and its 200 day simple moving average is $89.23. The firm has a market capitalization 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 has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results 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 5.01% 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 period last year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Activity

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the sale, the director now directly owns 474,994 shares in the company, valued at approximately $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were 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 directly owns 16,156 shares in the company, valued at $1,454,040. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 in the last ninety days. Company 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.