BioMarin Pharmaceutical Inc. (BMRN) Management Call Takeaways - BofA Securities

BofA Securities analyst Geoff Meacham reiterated a Buy rating and $120.00 price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) after hosting an investor call with CEO, JJ Bienaime, and CFO, Brian Mueller where much of the discussion revolved around the ongoing Voxzogo launch and timeline for submission for roctavian in the US/EU after the previous CRL.

The analyst stated "We thought management’s tone was very positive heading into a CHMP opinion for roctavian (expected by end of 2Q/ summer), with the team noting its discussions mirrored those it had with Voxzogo ahead of its approval. Indeed, BioMarin confirmed it is in advanced discussions with regulators in the EU after it refiled last summer on the one year data / an agreement with the EMA to submit the 2-year data prior to approval (our thoughts on the 2-year data here). In the US, BioMarin has not yet refiled with the FDA, but has plans to refile in late June. And while the theoretical risk of oncogenesis has been raised for roctavian, the company seemed confident in roctavian’s safety profile. That said, there has been a fair amount of uncertainty based on a patient in phase 2 who developed a salivary gland tumor (deemed not related to the drug). BioMarin plans to present additional data on this patient to the FDA prior to refiling, which we think bodes well for removing a theoretical safety overhang."

For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.

Shares of BioMarin Pharmaceutical Inc. closed at $85.99 yesterday.

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