On Tuesday, Biomarin Pharmaceutical Inc. BMRN reported third-quarter adjusted EPS of 91 cents, virtually double the 46 cents reported a 12 months in the past, beating the consensus of 52 cents.
The corporate reported gross sales of $745.74 million, beating the consensus of $700.14 million. Gross sales elevated 28%, pushed by robust VOXZOGO contributions from new affected person begins in all areas.
Within the quarter, revenues from BioMarin’s Enzyme Therapies (Vimizim, Naglazyme, Aldurazyme, Brineura, and Palynziq) elevated 27% 12 months over 12 months.
Additionally Learn: BioMarin Stands Agency on 2027 Income Goal Amid Ascendis Competitors, Goldman Sachs Analyst Stays Bullish
Steerage: BioMarin reaffirmed its long-term steerage and outlook, focusing on round $4 billion in revenues in 2027.
The corporate expects a 40% adjusted working margin beginning in 2026 and rising to the low-to mid-40% vary over time.
William Blair has downgraded BioMarin to a Market Carry out.
The analyst provides, “We consider the corporate’s present valuation adequately displays income estimates for the corporate’s business portfolio, and we don’t suppose its scientific pipeline shall be a supply of serious worth creation within the close to time period.”
William Blair fashions 2024 and 2025 income of $2.8 billion and $3.1 billion, respectively.
Voxzogo gross sales elevated 54% to $190 million within the third quarter. The analyst says Voxzogo stays the corporate’s key topline progress driver, however the specter of competitors might erode its income progress and market share.
Final month, Ascendis Pharma A/S ASND launched topline knowledge from a trial in achondroplasia, exhibiting its long-acting CNP, navepegritide, might doubtlessly ship related efficacy as Voxzogo however with a extra enticing once-weekly dosing.
Though Voxzogo’s label may increase, William Blair doesn’t anticipate a major enhance within the complete addressable affected person inhabitants till 2030.
Regardless of BioMarin’s robust pipeline, the analyst doesn’t take into account knowledge readouts from its early-stage packages over the subsequent 12 months as vital worth drivers.
Solely two packages are anticipated to contribute to BioMarin’s high line by means of label expansions by 2027: Palynziq for adolescent Phenylketonuria (PKU) sufferers and Voxzogo for Hypochondroplasia (HCH).
Analyst Response:
- Baird maintains Biomarin and lowers the worth goal from $72 to $65.
- UBS reaffirms the Purchase score, elevating the worth goal from $104 to $106.
- Evercore ISI maintains Biomarin with an Outperform score, reducing the worth goal from $115 to $105.
- RBC Capital reiterates Biomarin with a Sector Carry out and worth goal of $80.
Worth Motion: BMRN inventory is down 3.1% at $67.74 finally test Wednesday.
Learn Subsequent:
Picture created utilizing synthetic intelligence by way of Midjourney.
Market Information and Information delivered to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.
