BioMarin expands board, appoints new director

BioMarin Pharmaceutical (TADAWUL:2070) Inc. (NASDAQ:BMRN), a pharmaceutical company with a market capitalization of $13.15 billion, announced on Monday the appointment of Timothy P. Walbert to its Board of Directors, effective today. The company’s board has expanded from eleven to twelve members with this new addition. According to InvestingPro data, BioMarin maintains a strong financial health score of "GREAT," suggesting robust corporate governance practices.

Walbert, who joins as an independent director, will receive compensation in line with the company’s existing policy for non-executive directors. This policy, detailed in the Summary of Independent (LON:IOG) Director Compensation, was filed with the SEC on February 24, 2025, as part of the company’s annual 10-K report.

In alignment with his appointment, Walbert will be granted a pro-rated share of the standard $400,000 annual award given to independent directors in the form of restricted stock units (RSUs). These RSUs, awarded under BioMarin’s 2017 Equity Incentive Plan, will vest on the day before the company’s next annual stockholders’ meeting – the same vesting schedule applies to all independent directors’ 2024 annual awards.

BioMarin also plans to enter into an indemnification agreement with Walbert, consistent with the agreements it has with other directors. The form of this agreement was previously filed with the SEC on December 19, 2016.

The company confirmed that Walbert’s appointment was not the result of any arrangement or understanding with any other person. Additionally, there have been no reportable related party transactions involving Walbert.

The addition of Walbert to the Board comes as BioMarin continues to grow its presence in the pharmaceutical industry, with impressive revenue growth of 18% over the last twelve months to $2.85 billion. The company, headquartered in San Rafael, California, specializes in developing and commercializing innovative therapies for rare genetic diseases. InvestingPro analysis shows the company maintains excellent liquidity with a current ratio of 5.33, while operating with a moderate debt level.

This announcement, based on a press release statement, provides investors and stakeholders with the latest governance developments at BioMarin, as the company strengthens its leadership team. With a net income of $427 million in the last twelve months and strong cash flows, BioMarin appears well-positioned for future growth. For deeper insights into BioMarin’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports, which transform complex Wall Street data into actionable intelligence.

In other recent news, BioMarin Pharmaceutical Inc. reported strong financial performance for the fourth quarter of 2024, with total revenues of $747 million, surpassing the consensus estimate of $712 million. The company’s guidance for 2025 suggests revenue growth of 9-12% year-over-year, reaching $3.1 billion to $3.2 billion, exceeding the consensus estimate of $3.095 billion. Earnings are projected to grow by 20-25% year-over-year, reaching $4.20-$4.40 per share, also surpassing the consensus forecast of $4.15. Analysts from Oppenheimer upgraded BioMarin’s stock rating to Outperform, citing confidence in the company’s long-term financial prospects and strategic investments in research and development. Cantor Fitzgerald maintained an Overweight rating with a $90 target, while BMO Capital Markets reiterated an Outperform rating with a $115 target, highlighting BioMarin’s growth potential. Piper Sandler increased the price target to $126, maintaining an Overweight rating, noting BioMarin’s impressive financial performance and promising guidance for 2025. The company’s innovative treatments, such as Voxzogo, and its robust pipeline are seen as key drivers of future growth. Additionally, BioMarin announced the appointment of Timothy P. Walbert, former CEO of Horizon Therapeutics (NASDAQ:HZNP), to its Board of Directors, which is expected to enhance the company’s strategic vision and operational expertise.

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