Balanced View on BioMarin’s Amicus Acquisition: Strategic Rare-Disease Upside Versus Near-Term Leverage and Earnings Dilution Supports Hold Rating

William Blair analyst Sami Corwin has maintained their neutral stance on BMRN stock, giving a Hold rating on December 11.

Sami Corwin has given his Hold rating due to a combination of factors tied to BioMarin’s planned acquisition of Amicus Therapeutics and the transaction’s financial profile. The deal adds two commercial rare-disease products with meaningful current sales and long-duration exclusivity, which should broaden BioMarin’s portfolio and support higher long-term revenue growth. Management also expects to use BioMarin’s broader global footprint to expand market penetration for Galafold and Pombiliti/Opfolda, with each asset viewed as having the potential to reach roughly $1 billion in peak sales over the next decade, and to realize operational synergies that enhance profitability over time.
At the same time, the transaction is being funded largely with new nonconvertible debt, pushing leverage initially to about 3–3.5 times and only gradually declining, which introduces balance-sheet and interest-expense risk. Management indicated the acquisition will be modestly dilutive to earnings in 2026 and only turn accretive in 2027, suggesting a lag before shareholders fully benefit from the combination. Given this mix of strategic upside from strengthened rare-disease assets and near- to medium-term financial and execution risks around integration, leverage, and realization of the growth targets, Corwin’s overall risk-reward assessment supports maintaining a Hold rather than a more aggressive rating.

According to TipRanks, Corwin is a 4-star analyst with an average return of 11.3% and a 50.61% success rate. Corwin covers the Healthcare sector, focusing on stocks such as uniQure, Neurogene, and Solid Biosciences.

In another report released on December 11, Stifel Nicolaus also maintained a Hold rating on the stock with a $0.00 price target.