BioMarin initiated with a Buy at UBS

UBS initiated coverage of BioMarin Pharmaceutical with a Buy rating and $120 price target. The analyst believes the company is “turning a corner” with its recent transition to profitability and two major product approvals secured with launches underway. BioMarin’s core base business, with five enzyme replacement therapies approved, is one of the most sustainable, diversified revenue streams across biopharma, the analyst tells investors in a research note. UBS estimates that BioMarin’s approved products, excluding Roctavian and Voxzogo, could be worth $80-$90 per share as a standalone, “which is not far from where shares are currently trading.”