BioMarin Pharmaceutical (NASDAQ:BMRN) Issues FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY24 earnings guidance on Wednesday. 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BMRN. Robert W. Baird lowered their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a research note on Tuesday, January 30th. Piper Sandler lowered 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 note on Friday, February 23rd. Canaccord Genuity Group reissued a hold rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Royal Bank of Canada reissued a sector perform rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note 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. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $107.61.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock traded down $0.86 on Wednesday, reaching $91.20. 1,558,345 shares of the stock were exchanged, compared to its average volume of 1,354,930. The firm’s 50 day moving average is $87.76 and its 200-day moving average is $89.21. 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 cap of $17.21 billion, a PE ratio of 104.61, a P/E/G ratio of 1.65 and a beta of 0.31.

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

Insider Buying and Selling

In other BioMarin Pharmaceutical news, 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 value of $3,010,346.38. Following the completion of the transaction, the insider now directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other BioMarin Pharmaceutical news, 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 value of $3,010,346.38. Following the completion of the transaction, the insider now directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction on 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 owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 in the last three months. 1.84% of the stock is owned by corporate insiders.

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.