Looking for R&D Levers

Goldman Sachs reinstates BioMarin at Neutral with a $69 price target, citing stable ERT revenues but significant competitive threats to its core growth product, Voxzogo.

Key Takeaways

• 1.Goldman Sachs reinstates coverage of BioMarin (BMRN) with a Neutral rating and a $69 price target following the Amicus acquisition.
• 2.Voxzogo, the primary growth driver, faces significant competitive overhangs from oral FGFR inhibitors, particularly BridgeBio's infigratinib.
• 3.The ~$4.8bn acquisition of Amicus adds key commercial rare disease products but shifts the focus to integration and long-term profitability.

Table of Contents

• FY26 guidance reflects closing of Amicus acquisition; Looking to 2Q earnings for details on the integration
• Monitoring switching behavior in achondroplasia as competitors enter
• On the pipeline, we are watching:
• Valuation and risks
• Disclosure Appendix

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