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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

分析師說，BioMarin 估值博覽會，但血友病治療的期望太高
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.
  • 蒙特利爾銀行資本市場在以下日期開始覆蓋BioMarin製藥公司(納斯達克：BMRN)，市場表現評級，目標價107美元。
  • 相關：BioMarin的增長前景因潛在的Voxzogo和Roctaian推出而飆升，分析師上調目標價。
  • 這位分析師寫道，BioMarin的第一個FDA批准的治療軟骨發育不全的產品Voxzogo可以帶動約15億美元的峰值銷售額。Voxzogo的商業應用將是重要的，為BioMarin提供長期增長。
  • 蒙特利爾銀行還表示，雖然管理層的市場研究表明，血友病治療藥物(Valrox)的商業使用率約為35%-40%，但由於藥物效果的不確定性、有限的效果持久性以及大約一年的(兩周)監測要求，採用率將較低。
  • 這位分析師預測Valrox的最高銷售額約為9億美元，並等待FDA批准的最新消息(PDUFA將於2023年3月31日公佈)。
  • 根據BMO估值倍數顯示，BioMarin的估值是公平的。
  • 價格行動：週一收盤時，寶馬汽車股價下跌2.03%，至114.89美元。
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