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On Tuesday, Goldman Sachs reiterated its Buy rating on BioMarin Pharmaceutical (TADAWUL:2070) Inc. (NASDAQ:BMRN), maintaining a $127.00 price target. The endorsement comes as BioMarin seeks to strengthen its market position with its product Voxzogo amidst competitive pressures.
According to InvestingPro data, analysts maintain a strong buy consensus with targets ranging from $65 to $127, while the company's current market capitalization stands at $12.8 billion. The company announced it is pursuing an injunction to prevent the launch of competitor Ascendis Pharma (NASDAQ:ASND)'s TransCon CNP in 18 European Union countries, with a decision expected within the next 12 to 15 months.
BioMarin has emphasized its strong global presence, with Voxzogo available in approximately 80 countries, covering nearly 90% of the addressable market outside the United States. The company has plans to further expand Voxzogo's reach into 20 additional markets by 2027.
The company's financial health supports these expansion plans, with InvestingPro analysis showing strong liquidity metrics, including a healthy current ratio of 4.27 and sufficient cash flows to cover debt obligations. Management underscored the comprehensive clinical data and real-world experience supporting Voxzogo's sustained benefits, which are bolstered by new guidelines that promote early diagnosis and treatment.
The company is also focusing on expanding its indications, with approval and launch of treatment for hypochondroplasia anticipated by 2027. The strategy for lifecycle management of Voxzogo includes the development of long-acting BMN333, with initial data expected in the first half of 2026. Additionally, BioMarin highlighted the enduring nature of its enzyme replacement business.
Goldman Sachs is closely watching BioMarin's early-stage programs, including upcoming data on Duchenne muscular dystrophy expected in the second half of 2025, and the company's business development efforts to potentially augment its mid-stage pipeline, targeting deals under $1.5 billion.
Despite the positive outlook on Voxzogo, the market's perception is likely to remain mixed until there is more clarity on the legal proceedings, the full profiles of competing drugs from BridgeBio Pharma (NASDAQ:BBIO) (expected Phase 3 data by the end of 2025) and Ascendis Pharma (growth hormone combination data expected in the second quarter of 2025), and the competitiveness of BMN333.
With revenue growth of 19% in the last twelve months and an expected profitable year ahead, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro's detailed research reports.
In other recent news, BioMarin Pharmaceutical Inc. reported a robust financial performance in the third quarter of 2024.
The company saw a 28% year-over-year revenue growth, reaching $746 million, driven by a 50% surge in sales of its achondroplasia treatment, VOXZOGO. The company is restructuring into new business units to improve efficiency and expand its market reach. BioMarin also raised its revenue guidance for 2024 to $2.79 billion - $2.825 billion and updated its non-GAAP diluted EPS target to $3.25 - $3.35, reflecting strong financial performance and effective debt management.
The company anticipates high single-digit growth for its Enzyme Replacement Therapy business and aims to expand VOXZOGO into over 20 additional markets by 2027. The company is targeting $4 billion in revenue by 2027 and a 40% non-GAAP operating margin starting in 2026. Lastly, BioMarin is preparing for 11 high-impact product launches by 2034, with pivotal data for VOXZOGO in hypochondroplasia expected in 2026.
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