BioMarin Pharmaceutical (NASDAQ:BMRN) Issues 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 Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $69.13 on Tuesday. The business’s 50 day moving average price is $85.26 and its 200 day moving average price is $84.14. The company 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. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. BioMarin Pharmaceutical has a one year low of $68.83 and a one year high of $99.56.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on BMRN shares. JPMorgan Chase & Co. boosted their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a report on Thursday, September 5th. Canaccord Genuity Group restated a hold rating and issued a $93.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a report on Thursday, August 8th. Bank of America decreased their price target on BioMarin Pharmaceutical from $130.00 to $115.00 and set a buy rating on the stock in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada dropped their price objective on BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating for the company in a research note 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of Moderate Buy and a consensus price target 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.