BioMarin Pharmaceutical (NASDAQ:BMRN) Updates 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.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank of Canada reduced their price objective on shares of 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. TD Cowen reduced their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a research report on Tuesday, August 6th. Evercore ISI boosted their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an outperform rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Finally, Sanford C. Bernstein reduced their target price on shares of 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 investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $98.84.

BioMarin Pharmaceutical Stock Up 1.8 %

Shares of NASDAQ BMRN opened at $70.24 on Friday. 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 market cap 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 has a 12 month low of $67.75 and a 12 month high of $99.56. The stock has a 50-day moving average price of $84.62 and a two-hundred day moving average price of $83.92.

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 return on equity of 6.91% and a net margin of 9.91%. The company had revenue of $712.03 million during the quarter, compared to the consensus estimate of $660.51 million. As a group, analysts forecast that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

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.