Why BioMarin Pharmaceutical Tumbled on Thursday

The stock performance of BioMarin (NASDAQ: BMRN) was less than healthy on Thursday. Shares of the biotech, which specializes in treatments for rare diseases, fell by more than 6% after management delivered an earnings release that did not please investors.

After the close of trading Wednesday, BioMarin unveiled its results for the fourth quarter and full year. The company's revenue slipped by 1% in the quarter to just under $450 million. The change was more dramatic on the bottom line, where the biotech flipped to a nearly $58 million ($0.32 per share) GAAP loss, compared to the more than $22 million profit it earned in Q4 2020.

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Source Fool.com