2024-05-15 09:55:08 ET
Summary
- BioMarin's 1Q24 revenue was $649 million, with a 9% YoY increase, but uncertainty around the commercial prospects of Roctavian has dampened optimism.
- The company's core drug portfolio performed as expected, with some drugs exceeding consensus expectations and others falling short.
- Voxzogo remains a strong revenue driver, with sales of $153 million in 1Q24, and plans to expand into new indications, potentially significantly expanding the addressable market.
- I maintain my bullish view on BMRN stock, but it has become less bullish. My new fair price for BMRN is $112.
Background
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BioMarin: Short-Term Headwinds But Long-Term Opportunities Remain