Bernstein Reiterates Outperform Rating on BioMarin Pharmaceutical Inc. (BMRN)

Bernstein SocGen Group analyst William Pickering reiterated an Outperform rating and $95.00 price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN).

The analyst commented: "Strong beat, BMN333 moving ahead to Ph2/3; BMRN reported a strong beat, +8% on topline and +38% on EPS vs. consensus. Equally important, they reported Ph1 PK data for long-acting Voxzogo-successor BMN333 that met their target product profile, with plans to start Ph2/3 in 1H26. We continue to like BMRN into the back half of the year, particularly with unpriced optionality from ongoing IP disputes.

BMN333 Ph1 HV data showed exposure levels by AUC of 3x greater than competitor TransCon CNP. Data to be presented in 1H26. The open question is whether this translates into superior efficacy in the clinic, given that Voxzogo did not show a clear exposure-response relationship from 15-30 mcg/kg. Looking ahead, BMRN plans to start a registration-enabling Ph2/3 in 1H26. We are pleased to see BMRN execute well on this program. While we understand they are being thoughtful about spend, we believe it’s well worth considering moving this program ahead in other non-ACH indications with similar haste.

We rate BMRN Outperform. Our price target of $95 is unchanged after our latest estimate tweaks and rolling forward our DCF by one quarter. Our EPS cut for FY25 reflects the impact of the Inozyme acquisition."

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 $60.31 yesterday.

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