BioMarin Pharmaceutical (NASDAQ:BMRN) Releases FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $3.10-3.25 for the period, compared to the consensus EPS 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 Price Performance

Shares of NASDAQ BMRN traded down $0.05 during midday trading on Wednesday, reaching $86.82. The stock had a trading volume of 654,570 shares, compared to its average volume of 1,870,722. The stock has a 50-day moving average of $82.88 and a 200-day moving average of $84.94. BioMarin Pharmaceutical has a 12-month low of $73.68 and a 12-month high of $99.56. The company has a market capitalization of $16.49 billion, a price-to-earnings ratio of 81.84, a price-to-earnings-growth ratio of 1.20 and a beta of 0.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.70 and a current ratio of 2.74.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BMRN shares. TD Cowen cut their price objective on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a report on Tuesday. Cantor Fitzgerald reaffirmed an overweight rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday. Evercore ISI boosted their price target on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a research note on Tuesday. Baird R W downgraded shares of BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $103.63.

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the transaction, the chief financial officer now directly owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the transaction, the chief financial officer now owns 72,159 shares in the company, valued at $5,425,635.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $81.62, for a total transaction of $1,632,400.00. Following the sale, the director now directly owns 474,994 shares in the company, valued at approximately $38,769,010.28. The disclosure for this sale can be found here. Insiders sold 65,850 shares of company stock valued at $5,052,084 over the last 90 days. Insiders own 1.85% of the company’s stock.

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.