Biomarin Pharmaceutical Analysts Boost Their Forecasts Following Better-Than-Expected Q2 Results

Author: Avi Kapoor | August 06, 2024 08:36am

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) reported better-than-expected second-quarter financial results on Monday.

Biomarin Pharmaceutical reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 35 cents per share. The company reported quarterly sales of $712.03 million which beat the analyst consensus estimate of $662.05 million, according to data from Benzinga Pro.

“Strong execution across our business resulted in record double-digit revenue growth in the second quarter and first half of 2024. These top-line results, along with a focus on operational efficiency, resulted in a 78% year-over-year improvement in quarterly non-GAAP earnings per share,” said Alexander Hardy, President and Chief Executive Officer of BioMarin. “Strong global demand for VOXZOGO led to nearly 900 new patient starts in the first half of 2024, the highest in VOXZOGO’s history. Record VOXZOGO contributions in the quarter, driven by patient growth in all geographies, combined with double-digit growth from our enzyme therapies drove today’s increased 2024 full-year guidance.”

Biomarin Pharmaceutical shares fell 4.4% to close at $80.47 on Monday.

These analysts made changes to their price targets on BioMarin Pharmaceutical following earnings announcement.

• Stifel analyst Paul Matteis maintained Biomarin Pharmaceutical with a Buy and raised the price target from $108 to $112.
• Evercore ISI Group analyst Cory Kasimov maintained Biomarin Pharmaceutical with an Outperform rating, while raising the price target from $113 to $115.

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Posted In: BMRN