Biomarin Pharmaceutical Inc

BMRN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$78.00	Pmnjd	Pvylcvks

BioMarin Earnings: In-Line 2023 Results; Maintaining FVE Despite Lowering Our 2024 Forecast

Karen Andersen

Feb 23, 2024

BioMarin saw 20% year-over-year revenue growth in the fourth quarter as achondroplasia drug Voxzogo continued its strong trajectory, and we're maintaining our $96 fair value estimate. We think BioMarin shares are fairly valued at recent prices, incorporating both Voxzogo's strong potential and BioMarin's improving overall operating margins, but also a disappointing launch for hemophilia A gene therapy Roctavian and unclear potential for the firm's pipeline. We continue to see BioMarin's portfolio and pipeline of rare disease drugs supporting a narrow moat.

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