Jan 30, 2023 1:16 p.m | 1 minute read
- BMO Capital Markets initiated reporting BioMarin Pharmaceutical Inc BMRN with a Market Perform rating and a Price target of $107.
- Related: BioMarin’s growth prospects rise with potential launches of Voxzogo and Roctavian, analyst raises price target.
- The analyst writes that Biomarin’s first FDA-approved product, Voxzogo, for achondroplasia may have peak sales of around $1.5 billion. Commercial acceptance of Voxzogo will be significant and will provide long-term growth for BioMarin.
- BMO also says that while management’s market research indicates commercial uptake of about 35-40% for the hemophilia treatment (Valrox), acceptance is due to uncertainty about drug effects, limited duration of action and required (bi)weekly monitoring will be lower for around a year.
- Analyst expects ~$900M Valrox peak sales and awaits updates surrounding FDA clearance (PDUFA on 03/31/2023).
- According to BMO valuation multiples, BioMarin is fairly valued.
- Price promotion: BMRN shares are down 2.03% to $114.89 on Monday’s most recent check.
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