UBS Starts BioMarin Pharmaceutical Inc. (BMRN) at Buy, 'Undervalued sustainable profits'

UBS analyst Eliana Merle initiates coverage on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) with a Buy rating and a price target of $120.00.

The analyst comments "BioMarin is a commercial stage rare disease company, with multiple approved products and ~$2B in '22 revenues. We think BMRN is turning a corner with its recent transition to profitability and two major product approvals secured (Roctavian and Voxzogo) with launches underway. We see BMRN’s core base business, with five enzyme replacement (ERT) therapies approved, as one of the most sustainable, diversified revenue streams across biopharma (and resilient to IRA). We estimate that BMRN’s approved products, excluding Roctavian & Voxzogo, could be worth ~$80-$90/sh as a standalone, which is not far from where shares are currently trading. Long-term, we see potential meaningful revenues from Roctavian gene therapy in Hemophilia (even if the rollout initially takes time) & we think Voxzogo could be larger than appreciated, driven by indication expansion. We think the next 12 months will add visibility to these two key emerging products & long-term growth beyond the base business."

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 $88.16 yesterday.

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