BioMarin launch of Roctavian to bring upside, says Barclays

Barclays keeps an Overweight rating on BioMarin Pharmaceutical with a $125 price target after the company received approval of Roctavian one day ahead of the FDA action date. The label is largely consistent with the Euboean label, with no major concerns on efficacy and safety, and the $2.9M wholesale acquisition cost price was higher than expectations but the 35% discount was more aggressive than assumptions, the analyst tells investors in a research note. The firm continues to believe the Roctavian global launch will provide “significant growth potential” and upside.