Biotech company BioMarin Pharmaceutical (NASDAQ: BMRN) will be announcing earnings results tomorrow after market hours. Here’s what investors should know.
BioMarin Pharmaceutical beat analysts’ revenue expectations last quarter, reporting revenues of $989.7 million, up 19.9% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and a narrow beat of analysts’ full-year EPS guidance estimates.
Is BioMarin Pharmaceutical a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting BioMarin Pharmaceutical’s revenue to grow 31.9% year on year, improving from the 4.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. BioMarin Pharmaceutical has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at BioMarin Pharmaceutical’s peers in the therapeutics segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Biogen delivered year-on-year revenue growth of 10.6%, beating analysts’ expectations by 6.4%, and Gilead Sciences reported revenues up 6.8%, topping estimates by 6.3%. Biogen traded down 1.2% following the results while Gilead Sciences was up 4.1%.
Read our full analysis of Biogen’s results here and Gilead Sciences’s results here.
There has been positive sentiment among investors in the therapeutics segment, with share prices up 3.2% on average over the last month. BioMarin Pharmaceutical is up 1.7% during the same time and is heading into earnings with an average analyst price target of $91.56 (compared to the current share price of $58.54).
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