BioMarin: Better Risk-Reward Ahead Of Three FDA Decisions

BioMarin's lower valuation and broader commercial portfolio now offer a better entry point compared with my previous Hold rating on this name. Voxzogo's potential hypochondroplasia expansion is a nice growth catalyst, and a full approval would further strengthen BMRN's existing achondroplasia franchise. Their Amicus acquisition also brings new revenue sources, though I reckon it remains to be seen if it fully justifies the debt required to finance the transaction.