Analyst Vikram Purohit of Morgan Stanley maintained a Buy rating on BioMarin Pharmaceutical (BMRN – Research Report), retaining the price target of $105.00.
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Vikram Purohit’s rating is based on BioMarin Pharmaceutical’s strong financial performance and positive future outlook. The company reported higher-than-expected revenues for the fourth quarter and full year of 2024, with a notable year-over-year growth. The revenue from their enzyme replacement therapy and Voxzogo exceeded consensus estimates, demonstrating robust sales performance across its product lines.
Looking ahead, BioMarin’s management provided promising guidance for 2025, projecting substantial increases in sales and operating margins. The anticipated growth in Voxzogo sales, with a projected compound annual growth rate exceeding 25%, reinforces confidence in the company’s strategic positioning amidst increasing competition. Additionally, BioMarin’s openness to expanding its pipeline further supports its potential for continued growth and innovation in the biotechnology sector.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $126.00 price target.