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BioMarin Seen Building Broader Rare-Disease Platform After Amicus Deal, Morgan Stanley Says

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-- BioMarin Pharmaceutical (BMRN) is emerging as a broader rare-disease platform as its acquisition of Amicus Therapeutics (FOLD) adds two approved medicines and reduces reliance on Voxzogo, Morgan Stanley said Monday in a report.

The Amicus deal reshapes BioMarin's outlook by adding Galafold and Pombiliti with Opfolda, products that fit the company's global commercial network, the report said. The therapies are expected to generate more than $1.3 billion in revenue by 2030, Morgan Stanley said.

The acquisition is projected to accelerate revenue growth immediately after closing and to be accretive to non-GAAP earnings within 12 months, with "substantial accretion" beginning in 2027, the report said. BioMarin closed its $4.8 billion purchase of Amicus on Monday.

Morgan Stanley resumed coverage on BioMarin stock with an overweight rating and a $120 price target.

Price: $54.08, Change: $+0.90, Percent Change: +1.68%

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