BioMarin Pharmaceutical Inc. (BMRN) PT Raised to $105 at Jefferies

Jefferies analyst Akash Tewari raised the price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $105.00 (from $104.00) while maintaining a Buy rating.

The analyst comments "BMRN announced a global settlement w/ ASND for Yuviwel, which A) gives BMRN royalties on Yuviwel net sales through May 2030 of 20% in the US & 18% EU/BR/KR, and B) resolves all pending patent-related proceedings btwn the co's. We think the agreement adds ~$1/sh NPV and more importantly validates BMRN’s CNP IP + adds credibility to mgmt., removes the Vox litigation overhang, and allows BMRN to share in pot'l upside if Yuviwel gains share. Bottom line: BMRN announced a global settlement w/ ASND for Yuviwel (a competing product), where A) ASND will pay BMRN royalties on Yuviwel net sales through May 20, 2030, retroactive to first commercial sale (20% in US and 18% in EU, Brazil and South Korea); B) the agreement resolves all pending patent disputes, including the Sec.337 ITC investigation and litigation in Brazil, Denmark, Germany, South Korea and the Northern District of California. The settlement also licenses BMRN’s Yuviwel-related patents across current/potential indications, incl. ACH, HCH and combination use. Following the news, BMRN also noted that the deal captures royalties the ITC could not have awarded - the ITC cannot award damages and the settlement secures royalties across key territories, representing ~60% of Vox's forecast 2026 WW Vox rev."

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