BioMarin price target lowered to $74 from $83 at Wedbush

Wedbush analyst Andreas Argyrides lowered the firm’s price target on BioMarin to $74 from $83 and keeps a Neutral rating on the shares following quarterly results and key business updates. While BioMarin achieved double-digit revenue growth and GAAP profitability in 2022, the focus on the stock remains fixated on laying the groundwork to achieve guidance of $4B-$5B in revenue by year-end 2025 driven by blockbuster sales of VOXZOGO and ROCTAVIAN, the firm notes. Wedbush believes the Q4/2022 earnings update provided more questions than answers giving credence to its conservative outlook specifically around ROCTAVIAN. In the 6 months since conditional EU approval, not a single patient has been dosed in the face of reimbursement headwinds. Given these headwinds are likely to persist in the EU as well as the growing uncertainty around FDA approval and commercial hurdles in the U.S., the firm finds it unrealistic that BioMarin can dose 70 patients with ROCTAVIAN to achieve its lower range of the 2023 guidance of $100M.