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Biomarin Pharmaceutical Inc BMRN

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BioMarin Shares Remain Undervalued Following In-Line Q1; Maintaining FVE at $101

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our BioMarin fair value estimate at $101 per share following first-quarter results that were in line with our estimates. BioMarin's portfolio of rare-disease therapeutics drove a 3% decline in total revenue for the quarter, but excluding Kuvan (BioMarin's only small-molecule therapy, which is facing generic competition), sales for the remaining portfolio grew 9%. BioMarin's two key pipeline programs continue to generate long-term data that we think supports approval, and we model probability-adjusted peak sales for Voxzogo (vosoritide) and Roctavian at more than $1 billion each. We think BioMarin's growing rare-disease portfolio supports a narrow moat.

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Company Profile

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). BioMarin has a hemophilia A gene therapy and a treatment for achondroplasia in late-stage clinical trials.

770 Lindaro Street
San Rafael, CA, 94901
T +1 415 506-6700
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 3,059