JPMorgan sees attractive entry point after BioMarin investor day

JPMorgan thinks BioMarin’ mid- and longer-term financial goals announced at yesterday’s investor event will be well received by investors. The outlook for both Voxzogo and the pipeline will help address questions about the long-term business and terminal value, the analyst tells investors in a research note. The firm is “particularly impressed” by the mid-term target for 40% non-GAAP operating margins in 2026, expanding to low-to-mid 40%s from there. JPMorgan left the investor day more confident in BioMarin’s long-term prospects. It sees an attractive entry point in the stock at current levels “with a durable base business and potential for meaningful operating margin expansion ahead with long-term levers for topline growth.”