Morgan Stanley analyst Sean Laaman resumed coverage of BioMarin (BMRN) with an Overweight rating with a price target of $120, up from $98. The Amicus (FOLD) acquisition does not eliminate Voxzogo risk, but it “materially changes the set up” for BioMarin, the analyst tells investors. By 2030, Galafold and Pombiliti plus Opfolda should contribute greater than $1.3B of revenue, broadening the revenue base, smoothing cash flows, and reducing reliance on the skeletal franchise, the analyst added.
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