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

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 3.100-3.250 for the period, compared to the consensus estimate of 2.870. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $3.10-3.25 EPS.

Wall Street Analysts Forecast Growth

BMRN has been the topic of several research analyst reports. 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, April 26th. Canaccord Genuity Group restated a hold rating and set a $89.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, July 25th. Baird R W lowered shares of BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a research report on Friday, May 17th. Citigroup decreased their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating on the stock in a research report on Thursday, April 25th. Finally, Evercore ISI started coverage on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 14th. They issued an outperform rating and a $113.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $102.00.

BioMarin Pharmaceutical Trading Down 4.4 %

Shares of NASDAQ BMRN traded down $3.73 on Monday, reaching $80.47. 2,229,636 shares of the company traded hands, compared to its average volume of 1,864,912. BioMarin Pharmaceutical has a fifty-two week low of $73.68 and a fifty-two week high of $99.56. The company has a 50 day moving average of $82.53 and a 200 day moving average of $85.06. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $15.28 billion, a PE ratio of 76.24, a P/E/G ratio of 1.20 and a beta of 0.32.

Insider Buying and Selling

In related news, CFO Brian Mueller sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the completion of the sale, the chief financial officer now owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 40,850 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total value of $3,043,733.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the transaction, the chief financial officer now owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,850 shares of company stock valued at $5,052,084. 1.85% of the stock is currently 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.