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Biomarin Pharmaceutical Inc BMRN Stock Quote

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Morningstar‘s Stock Analysis BMRN

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Maintaining Our $105 FVE for BioMarin Following Q3; We’re Bullish on Two Key Launches

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

BioMarin reported solid 24% revenue growth in the third quarter, with very strong sales of new achondroplasia drug Voxzogo ($48 million) but lower sales of established rare disease therapies like Vimizim and Naglazyme, as expected, due to the timing government orders. The launch of phenylketonuria drug Palynziq continues to disappoint, with sales of the drug expected to be at the low end of guidance for the year. We’ve lowered our long-term peak sales estimate to less than $500 million, with sales for 2022 on track to reach roughly $250 million. However, this did not have a significant impact on our fair value estimate, which stands at $105 per share. We continue to see BioMarin’s diversified rare disease portfolio and new product launches, particularly Voxzogo and hemophilia A gene therapy Roctavian, supporting a narrow moat.

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Company Profile BMRN

Business Description

BioMarin's focus is on rare-disease therapies. Genzyme (now part of Sanofi) markets Aldurazyme through its joint venture with BioMarin, and BioMarin markets Naglazyme, Vimizim, and Brineura independently. BioMarin also markets Kuvan and Palynziq to treat the rare metabolic disorder PKU (in addition to long-standing U.S. rights, BioMarin has reacquired international rights for Kuvan and Palynziq from Merck KGaA). Voxzogo (vosoritide) was approved in achondroplasia in 2021. BioMarin's Roctavian (hemophilia A gene therapy) is poised to potentially launch in the 2022-23 timeframe.

770 Lindaro Street
San Rafael, CA, 94901
T +1 415 506-6700
Industry Biotechnology
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 3,045

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