BioMarin Pharmaceutical (NASDAQ:BMRN) Updates FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.75-2.95 for the period, compared to the consensus earnings per share 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 Performance

Shares of NASDAQ:BMRN traded down $1.26 on Friday, hitting $80.91. 2,257,132 shares of the company were exchanged, compared to its average volume of 1,697,110. The company’s 50 day moving average price is $87.58 and its two-hundred day moving average price is $89.13. BioMarin Pharmaceutical has a one year low of $76.02 and a one year high of $99.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The firm has a market capitalization of $15.27 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The business had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue was up 20.2% on a year-over-year basis. Research analysts expect that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Analyst Ratings Changes

BMRN has been the topic of several recent research reports. Piper Sandler decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a research report on Friday, February 23rd. Morgan Stanley decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a research report on Friday. Royal Bank of Canada restated a sector perform rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Canaccord Genuity Group reduced their price target on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a research report on Friday. Finally, Wells Fargo & Company boosted 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. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $107.50.

Insider Buying and Selling

In related news, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the completion of the sale, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 4,000 shares of the company’s 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 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 can be accessed through the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the company’s 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 sale, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock valued at $9,062,967 over the last ninety days. 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.