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

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

BioMarin Pharmaceutical stock opened at $70.24 on Friday. BioMarin Pharmaceutical has a 52-week low of $67.75 and a 52-week high of $99.56. The stock’s 50 day moving average price is $84.62 and its two-hundred day moving average price is $83.92. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of 65.65, a PEG ratio of 0.80 and a beta of 0.32.

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. The company had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. On average, equities analysts predict that BioMarin Pharmaceutical will post 2.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BMRN shares. JPMorgan Chase & Co. increased their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Canaccord Genuity Group reiterated a hold rating and set a $93.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. Scotiabank cut their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a sector perform rating for the company in a research note on Tuesday, September 17th. TD Cowen cut their target price on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a research note on Tuesday, August 6th. Finally, Sanford C. Bernstein dropped their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an outperform rating for the company in a research report on Tuesday, September 17th. Eight equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $98.84.

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.