Name of opportunity: 👀
BioMarin Pharmaceutical Inc
Raised estimates: ⬆️
Yesterday BioMarin released strong Q2 results, including an impressive 20% year-over-year increase in revenue - the pharma company’s Q2 revenue was US$712 million.
Influenced by BioMarin's recent strong performance, the company’s management has raised its estimated total revenue for its 2024 guidance - increasing its range for the total revenue it expects to receive this year from $2.7 billion-$2.8 billion up to $2.75 billion-$2.825 billion.
How hot is this investment opportunity? 🔥🔥🔥
BioMarin is classed as a growth stock, as analysts think it will increase in value. It has a high projected price-to-earnings ratio of 44.71, the proportion of its share price to its earnings per share - this metric can often suggest that investors are expecting to see high growth rates.
BioMarin is currently rated as a ‘Buy’ and analysts predict the price of BioMarin Pharmaceutical Inc. will increase from $87.02 to $108.67 in the next 12 months. If you invested $1000, you might profit $248.76.
One reason for this predicted continued growth is that BioMarin has seen recent success with one drug in particular - VOXZOGO®. This is the first (and so far only) US Food and Drug Administration approved treatment for children with achondroplasia, a genetic condition causing short stature. The drug aims to increase their growth. Revenue for this drug grew 62% year-over-year in Q2, and the number of children taking it has increased hugely, with 900 new patients starting treatment in the first half of 2024 across 44 countries. The company is currently running clinical trials to learn if VOXZOGO is an effective treatment for other conditions.
BioMarin has also recently launched ROCTAVIAN, a one-time gene therapy treatment for adults with hemophilia. It was FDA approved last year and the company predicts it will be profitable by the end of 2025.
Pharmaceutical: 💊
BioMarin Pharmaceutical Inc is a biotechnology company that develops and commercialises therapies that address the root cause of genetic conditions. It is headquartered in California, US, but has offices across the United States, South America, Europe and Asia. BioMarin was founded in 1997 and has grown massively since then, acquiring a number of other pharmaceutical companies.
Which neme?: 🔍
‘Pharma’
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