BioMarin price raises ‘more aggressive’ in 2023, says Piper Sandler

Effective this week, BioMarin has taken a "somewhat more aggressive stance" to U.S. price increases in 2023, Piper Sandler analyst Christopher Raymond tells investors in a research note. The company usually takes increases at the beginning of each year in the U.S., and generally these increases have ranged in the low single digits, says the analyst. However, this year, BioMarin’s increases are skewing toward the mid-to-high single digits, which could bode well for U.S. revenue upside as 2023 progresses, writes Raymond. He keeps an Overweight rating on the shares with a $128 price target.