BioMarin: Buy Rating Reaffirmed on Strong 2025 Outlook, Promising Pipeline, and Accretive M&A

Phil Nadeau, an analyst from TD Cowen, maintained the Buy rating on BioMarin Pharmaceutical. The associated price target remains the same with $120.00.

Phil Nadeau has given his Buy rating due to a combination of factors that point to sustained growth and value creation at BioMarin. The company’s 2025 revenue outlook, led by stronger‑than‑expected performance from Voxzogo, modestly exceeds both prior estimates and Street consensus, reinforcing confidence in the durability of its commercial portfolio. While a sizable Roctavian write‑down will weigh on near‑term non‑GAAP earnings, Nadeau views this as a largely non-recurring accounting adjustment rather than a deterioration of BioMarin’s underlying fundamentals. His updated model reflects higher 2025 revenue expectations with only a partial offset from the lower EPS outlook, leaving the overall earnings power and growth trajectory intact.
In addition, early clinical data from BMN 351 in Duchenne muscular dystrophy and BMN 333 in achondroplasia show promising signals that support advancing both programs into later-stage development. The dystrophin expression levels seen with BMN 351, particularly at higher doses, and the robust pharmacokinetic profile of BMN 333 versus a key comparator suggest meaningful long-term pipeline value if these results are confirmed in upcoming readouts. Nadeau also highlights the pending acquisition of Amicus Therapeutics’ FOLD assets, which remains on schedule to close in the second quarter and is expected to be accretive to long-term shareholder value. Taken together—near-term revenue outperformance, encouraging pipeline progress, and strategic M&A—these elements underpin his continued Buy recommendation on BioMarin.