BioMarin Pharmaceutical (NASDAQ:BMRN) Updates FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 3.100-3.250 for the period, compared to the consensus estimate of 2.040. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $69.02 on Thursday. BioMarin Pharmaceutical has a 1 year low of $67.75 and a 1 year high of $99.56. The business’s fifty day moving average is $84.93 and its two-hundred day moving average is $84.02. The stock has a market capitalization of $13.11 billion, a P/E ratio of 64.51, a P/E/G ratio of 0.80 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. On average, research analysts forecast that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on BMRN shares. Royal Bank of Canada reduced their price objective on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating for the company in a research note on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Sanford C. Bernstein lowered their price objective on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an outperform rating on the stock in a research report on Tuesday, September 17th. Bank of America reduced their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a buy rating for the company in a report on Tuesday, September 17th. Finally, Scotiabank lowered their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a sector perform rating on the stock in a report on Tuesday, September 17th. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of Moderate Buy and an average target price of $98.84.

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.