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 earnings per share guidance of 2.750-2.950 for the period, compared to the consensus earnings per share 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 Trading Down 9.7 %

NASDAQ:BMRN traded down $8.82 on Thursday, reaching $82.38. The stock had a trading volume of 7,113,589 shares, compared to its average volume of 1,422,618. The company has a market cap of $15.55 billion, a price-to-earnings ratio of 92.36, a P/E/G ratio of 1.70 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. The firm’s fifty day moving average is $87.86 and its two-hundred day moving average is $89.23. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BMRN shares. Scotiabank increased their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research note on Thursday. Robert W. Baird lowered their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a report on Tuesday, January 30th. Piper Sandler lowered their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Canaccord Genuity Group reaffirmed a hold rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $108.17.

Insider Buying and Selling at BioMarin Pharmaceutical

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 owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the 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 completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Erin Burkhart sold 2,286 shares of the stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at $1,454,040. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,229 shares of company stock valued at $9,062,967. 1.84% of the stock is currently owned by company insiders.

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.