Stifel maintains Buy on BioMarin, price target at $91

Stifel analysts reaffirmed a Buy rating on BioMarin (BMRN) with a $91 price target, citing the growth potential of Voxzogo, the BMN333 trial, and the recent Inozyme Pharma acquisition for $270 million, which Bernstein, TD Cowen, and Evercore ISI also view favorably with price targets of $95, $120, and $105 respectively. The acquisition of Inozyme, including the Phase 3 candidate INZ-701, strategically expands BioMarin's enzyme replacement therapy portfolio, with pivotal trial data expected in early 2026 and peak sales estimated between $400 million and $600 million; however, Ascendis Pharma's Transcon-CNP poses a potential competitive challenge.

Analysis

Stifel analysts have maintained a Buy rating for BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) with a $91.00 price target, citing robust financial health underscored by a perfect Piotroski Score of 9, significant revenue growth of 19.36%, and a strong gross profit margin of 81.01%. Key growth drivers include the drug Voxzogo, a planned superiority trial for BMN333 in Achondroplasia, and the underappreciated potential of the legacy Enzyme Replacement Therapy (ERT) drug Palynziq, which has seen improved performance following a corporate reorganization. BioMarin's strategic acquisition of Inozyme Pharma for approximately $270 million in cash further enhances its ERT pipeline with INZ-701, a Phase 3 candidate for ENPP1 deficiency. This acquisition has garnered positive reactions from other analysts, with Bernstein setting a $95 price target, TD Cowen at $120, and Evercore ISI at $105. Pivotal trial data for INZ-701 is expected in early 2026, with a potential market launch in 2027 and Stifel estimating peak sales between $400 million and $600 million. Despite these positive developments, BioMarin faces potential competition from Ascendis Pharma's Transcon-CNP. Stifel analysts believe the current stock price reflects a conservative outlook, viewing 2026 as a key year for the company, while InvestingPro data also suggests BioMarin is currently undervalued.

Key Decisions for Investors

• Investors may find BioMarin's current stock price an attractive entry point, given the strong analyst consensus, solid financial metrics including 19.36% revenue growth and an 81.01% gross profit margin, and the perception that the stock is undervalued.
• It is advisable to monitor upcoming catalysts, particularly the clinical progress of Voxzogo and BMN333, the successful integration of Inozyme Pharma, and the pivotal trial data for INZ-701 anticipated in early 2026, which could significantly impact future revenue streams.
• Investors should remain vigilant regarding the competitive landscape, specifically the development and market penetration of Ascendis Pharma's Transcon-CNP, as this poses a notable risk to BioMarin's market share in relevant therapeutic areas.