BioMarin stock rating reiterated at Overweight by Cantor Fitzgerald

BioMarin Pharmaceutical Inc. (BMRN) significantly surpassed Q2 2025 expectations, reporting EPS of $1.44 against a $0.83 forecast and revenue of $825 million, driven by strong performance in Voxzogo and enzyme replacement therapies. This impressive operational execution, highlighted by an 81% gross margin and an improved full-year operating margin outlook of 33-34%, led multiple research firms including Cantor Fitzgerald, Stifel, and UBS to reiterate or raise their Buy/Overweight ratings and price targets. Management plans to update its 2027 and long-term revenue guidance by the end of 2025, acknowledging competitive dynamics for Voxzogo.

Analysis

BioMarin Pharmaceutical Inc. (BMRN) reported a significant outperformance for the second quarter of 2025, with earnings per share of $1.44 massively exceeding the $0.83 forecast, constituting a 73.49% surprise. Revenue also beat expectations, coming in at $825 million against a $760.37 million consensus, driven by robust, broad-based growth across its portfolio. Key drivers included a 20% year-over-year increase for Voxzogo and a 15% rise in its enzyme replacement business, with Naglazyme, Vimizim, and Aldurazyme highlighted as particularly strong performers. The company's operational execution is underscored by its 19.36% revenue growth and an industry-leading gross margin of 81%. Reflecting this strength, management raised its full-year operating margin guidance to a range of 33-34% from 32-33%. Despite the strong results, a key forward-looking consideration is management's plan to update its 2027 and long-term revenue guidance by the end of 2025, explicitly acknowledging the need to address competitive dynamics for Voxzogo. The positive results prompted a wave of reiterated Buy and Overweight ratings from firms like Cantor Fitzgerald, Stifel, and UBS, with price targets ranging from $90 to $120, suggesting a significant disconnect with the current trading price of $63.50.

Key Decisions for Investors

• Given the substantial earnings beat, raised margin guidance, and strong analyst price targets suggesting significant upside, investors may view the current valuation as a compelling entry point.
• It is critical to monitor for the updated 2027 and long-term revenue guidance, expected by the end of 2025, as this will be a key catalyst clarifying the future growth trajectory of Voxzogo amid competitive pressures.
• Consider the wide disparity between the current stock price and analyst price targets as a signal that the market may be discounting longer-term competitive risks for Voxzogo more heavily than its present strong performance.