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BioMarin Valuation Fair, But Expectations From Hemophilia Therapy Too High, Says Analyst

BioMarin Valuation Fair, But Expectations From Hemophilia Therapy Too High, Says Analyst

分析师表示，BioMarin估值尚可，但对血友病疗法的期望过高
Benzinga Real-time News ·  2023/01/30 13:17
  • BMO Capital Markets initiated coverage on BioMarin Pharmaceutical Inc (NASDAQ:BMRN) with a Market Perform rating and a price target of $107.
  • Related: BioMarin's Growth Prospects Soar with Potential Voxzogo and Roctavian Launches, Analyst Raises Price Target.
  • The analyst writes that Biomarin's first FDA-approved product, Voxzogo, for achondroplasia can drive around $1.5 billion in peak sales. Voxzogo commercial uptake will be significant, providing long-term growth to BioMarin.
  • BMO also says that while the management's market research indicates ~35-40% commercial uptake for hemophilia treatment (Valrox), adoption will be (s)lower due to uncertainty around the drug effect, limited effect durability, and required (bi)weekly monitoring for around one year.
  • The analyst models peak Valrox sales of ~$900 million and await updates around FDA approval (PDUFA on 3/31/2023).
  • According to BMO valuation multiples suggest, BioMarin is fairly valued.
  • Price Action: BMRN shares are down 2.03% at $114.89 on the last check Monday.
  • 蒙特利尔银行资本市场在以下日期开始覆盖BioMarin制药公司(纳斯达克：BMRN)，市场表现评级，目标价107美元。
  • 相关：BioMarin的增长前景因潜在的Voxzogo和Roctaian推出而飙升，分析师上调目标价。
  • 这位分析师写道，BioMarin的第一个FDA批准的治疗软骨发育不全的产品Voxzogo可以带动约15亿美元的峰值销售额。Voxzogo的商业应用将是重要的，为BioMarin提供长期增长。
  • 蒙特利尔银行还表示，虽然管理层的市场研究表明，血友病治疗药物(Valrox)的商业使用率约为35%-40%，但由于药物效果的不确定性、有限的效果持久性以及大约一年的(两周)监测要求，采用率将较低。
  • 这位分析师预测Valrox的最高销售额约为9亿美元，并等待FDA批准的最新消息(PDUFA将于2023年3月31日公布)。
  • 根据BMO估值倍数显示，BioMarin的估值是公平的。
  • 价格行动：周一收盘时，宝马汽车股价下跌2.03%，至114.89美元。
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