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

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

Wall Street Analyst Weigh In

A number of brokerages have commented on BMRN. Cantor Fitzgerald reaffirmed an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. JPMorgan Chase & Co. lifted their price objective on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a research note on Thursday, September 5th. Canaccord Genuity Group reaffirmed a hold rating and set a $93.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. TD Cowen decreased their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a report on Tuesday, August 6th. Finally, Evercore ISI lifted their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an outperform rating in a report on Tuesday, August 6th. 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 company's stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of Moderate Buy and an average target price of $98.84.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN traded down $0.90 during midday trading on Tuesday, hitting $68.23. The company had a trading volume of 602,006 shares, compared to its average volume of 1,910,545. The business's 50-day simple moving average is $85.26 and its 200-day simple moving average is $84.14. The stock has a market cap of $12.96 billion, a price-to-earnings ratio of 64.61, a price-to-earnings-growth 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 twelve month low of $68.23 and a twelve month high of $99.56.

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

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.