BioMarin Pharmaceutical (NASDAQ:BMRN) Releases FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $3.10-3.25 for the period, compared to the consensus earnings per share estimate of $2.89. The company issued revenue guidance of $2.75-2.825 billion, compared to the consensus revenue estimate of $2.74 billion. BioMarin Pharmaceutical also updated its FY 2024 guidance to 3.100-3.250 EPS.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN traded down $0.05 on Wednesday, hitting $86.82. The stock had a trading volume of 654,570 shares, compared to its average volume of 1,870,722. The company’s 50-day moving average is $82.88 and its two-hundred day moving average is $84.94. The stock has a market cap of $16.49 billion, a price-to-earnings ratio of 81.84, a P/E/G ratio of 1.20 and a beta of 0.32. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a one year low of $73.68 and a one year high of $99.56.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BMRN shares. Barclays lowered their price target on BioMarin Pharmaceutical from $111.00 to $110.00 and set an overweight rating on the stock in a report on Tuesday. Citigroup dropped their price target 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. Royal Bank of Canada reaffirmed a sector perform rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday. Scotiabank raised their price objective on shares of BioMarin Pharmaceutical from $85.00 to $86.00 and gave the company a sector perform rating in a research note on Tuesday. Finally, Baird R W downgraded BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a research report on Friday, May 17th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of Moderate Buy and an average price target of $103.63.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $81.62, for a total value of $1,632,400.00. Following the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at $38,769,010.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $81.62, for a total value of $1,632,400.00. Following the transaction, the director now owns 474,994 shares in the company, valued at $38,769,010.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP George Eric Davis sold 40,850 shares of the business’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 transaction of $3,043,733.50. Following the completion of the sale, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The disclosure for this sale can be found here. Insiders sold 65,850 shares of company stock valued at $5,052,084 in the last quarter. Company insiders own 1.85% of the company’s stock.

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.