BioMarin Pharmaceutical (BMRN) Stock Forecast & Price Target

BioMarin Pharmaceutical is supported by a durable base business in rare genetic disease therapies, with mature enzyme therapies generating $2.1B in 2025 and still growing at high single-digits, while VOXZOGO is expected to reach $1B in 2026 despite competitor entry. Its outlook is further strengthened by accelerating contributions from acquired assets, as GALAFOLD delivered $152M and POMBILITI + OPFOLDA $49M in their first full quarter, and management expects $220M of non-GAAP cost synergies to be fully realized in 2028. The pipeline adds longer-dated upside through BMN 333, BMN 440, BMN 450, and BMN 820, alongside 3Q26 revenue of $1.025B and operating cash generation of about $188M.

BioMarin Pharmaceutical is viewed negatively because its key growth driver, VOXZOGO, showed softer 3Q26 sales of $245M, retention slipped to about 85% in the U.S. by end-September, and 2026 guidance was cut to $975M-$1.025B amid shipment timing issues and slower switching. The company also faces meaningful competitive pressure from BridgeBio’s oral infigratinib ahead of the May 30, 2027 hypochondroplasia decision, while VOXZOGO’s daily injection burden and potential ACH erosion limit confidence that HCH will fully offset loss of share. Although royalties from YUVIWEL and growth in Galafold and Pombiliti provide some cushion, the lowered total revenue guidance of $3.8B-$3.9B and non-GAAP EPS range of $2.80-$3.10 suggest weaker profitability and limited near-term catalyst support.