BioMarin Pharmaceutical Inc. (BMRN) PT Raised to $107 at Credit Suisse on Positive CHMP Opinion

Credit Suisse analyst Tiago Fauth raised the price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $107.00 (from $106.00) on the belief that the positive CHMP opinion on Roctavian will lead to European Commission (EC) approval for conditional marketing authorization (CMA) in Q3 and an EU launch by year-end.

The analyst reiterated an Outperform rating, stating "It is estimated that hemophilia A occurs in 1 in 10,000 people in Europe (per the European Haemophilia Network), with the region accounting for ~25-30%+ of the $12-$15B+ in global hemophilia sales. Focus now turns to BMRN resubmitting its BLA in Q3 (which the company anticipates by late September), setting up a potential US approval by late Q1’23/early Q2’23. Overall, we continue to believe that Roctavian reflects an undervalued opportunity for BMRN shares, with consensus estimates of ~$250M for 2023 potentially beatable in our view. Notably, as highlighted by our proprietary hemophilia surveys, physicians appear to have grown increasingly receptive to using gene therapy, with 53%% of physicians in our latest survey indicating they would use the therapy with 12 months of approval vs. 30% when we asked the same question in 2020."

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