BioMarin: Maintaining Our Fair Value Estimate Following Roctavian’s U.S. Approval

BioMarin’s hemophilia A gene therapy Roctavian has received U.S. Food and Drug Administration approval, and management expects the first patients could begin to receive treatment in September, with patients able to begin navigating eligibility requirements starting today. We’ve removed the probability weighting on our sales forecast for the drug, although we’ve slightly reduced our assumed peak patients treated annually to less than 900 per year, leading us to maintain our $96 fair value estimate.