BioMarin Pharmaceutical (NASDAQ:BMRN) Releases 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 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 %

Shares of BioMarin Pharmaceutical stock opened at $69.13 on Tuesday. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $85.26 and a 200-day simple moving average of $84.14. The stock has a market cap of $13.13 billion, a price-to-earnings ratio of 64.61, a PEG ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical has a 12-month low of $68.83 and a 12-month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million during the quarter, compared to the consensus estimate of $660.51 million. On average, equities analysts forecast that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen cut their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating on the stock in a research report on Tuesday, August 6th. Barclays reduced their price target on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an overweight rating for the company in a research report on Tuesday, August 6th. Piper Sandler increased their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an overweight rating in a research note on Thursday, September 5th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a research note on Thursday, August 8th. Finally, Bank of America reduced their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a buy rating for the company 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 given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target 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.