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

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 3.100-3.250 for the period, compared to the consensus earnings per share 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 Trading Down 2.2 %

NASDAQ:BMRN opened at $69.13 on Tuesday. The firm has a market capitalization of $13.13 billion, a P/E ratio of 64.61, a PEG ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. BioMarin Pharmaceutical has a one year low of $68.83 and a one year high of $99.56. The company’s 50-day simple moving average is $85.26 and its 200 day simple moving average is $84.14.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. The business had revenue of $712.03 million during 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%. As a group, analysts forecast that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Analyst Ratings Changes

BMRN has been the topic of a number of recent analyst reports. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, September 9th. JPMorgan Chase & Co. upped their price objective on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Royal Bank of Canada reduced their price target on BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating for the company in a research report on Tuesday, September 17th. Piper Sandler raised their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Finally, William Blair raised shares of BioMarin Pharmaceutical to a strong-buy rating in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average 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.