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Investing.com - RBC Capital has lowered its price target on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to $66.00 from $70.00 while maintaining a Sector Perform rating, citing concerns about upcoming competition for the company’s Voxzogo treatment. According to InvestingPro data, the stock is currently trading near its 52-week low of $51.56, suggesting potential undervaluation based on the platform’s Fair Value analysis.
BioMarin reported quarterly results that were generally in line with expectations, as a miss in Voxzogo sales ($218 million versus consensus of $232 million) was offset by stronger performance in the company’s base business ($540 million versus $523 million). The quarter marked the first sequential decline for Voxzogo since its launch, with the company noting some seasonality and mixed uptake among older U.S. patients. Despite these challenges, InvestingPro analysis reveals the company maintains excellent financial health with a perfect Piotroski Score of 9 and robust revenue growth of 18.36% over the last twelve months.
The pharmaceutical firm has reduced its 2027 revenue guidance from $4 billion to $3.65-4 billion, primarily due to anticipated competition for Voxzogo. Competitors include Ascendis Pharma, which has a PDUFA date in November 2025, and BridgeBio Pharma, which expects pivotal trial results in early 2026.
BioMarin has also withdrawn its previous guidance of $1.25 billion in operating cash flow for 2027, citing the reduced revenue outlook. The company’s pipeline includes upcoming data readouts for Duchenne muscular dystrophy in the second half of 2025, and both hypochondroplasia and ENPP1 deficiency in the first half of 2026.
RBC Capital noted that despite BioMarin’s attractive valuation, the firm remains on the sidelines awaiting further clarity on the competitive landscape for Voxzogo and ongoing business development conversations, which the company has prioritized over share buybacks. For deeper insights into BioMarin’s competitive position and comprehensive financial analysis, InvestingPro subscribers can access the detailed Pro Research Report, which includes peer comparison tools and expert analysis of all key metrics.
In other recent news, BioMarin Pharmaceutical Inc. reported its third-quarter 2025 earnings, which fell short of analyst expectations. The company posted an earnings per share (EPS) of $0.12, compared to the forecasted $0.08, resulting in a surprise of -250%. Revenue was reported at $776 million, slightly under the expected $782.3 million, marking a -0.81% revenue surprise. Following the earnings report, Stifel lowered its price target for BioMarin from $91.00 to $73.00, maintaining a Buy rating, and highlighted the company’s revised revenue outlook for 2027. BioMarin has adjusted its 2027 revenue guidance from a specific $4 billion target to a range of $3.65 billion to $4 billion, excluding Roctavian, due to competitive pressures. Wolfe Research reiterated its Outperform rating with a $95.00 price target, noting potential market competition affecting BioMarin’s Voxzogo product. H.C. Wainwright also lowered its price target to $55.00 from $60.00, maintaining a Neutral rating, citing increasing competition for Voxzogo. These developments reflect ongoing challenges and adjustments for BioMarin in a competitive market landscape.
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