BMRN

ACCE thesis

BioMarin develops and commercializes enzyme replacement therapies and gene therapies for rare genetic diseases, with a portfolio spanning PKU, Pompe disease, and severe hemophilia A. The company owns the largest rare disease commercial infrastructure globally, creating substantial barriers to entry for competitors targeting the same ultra-orphan patient populations. Valrox gene therapy for severe hemophilia A launches in Europe this year following regulatory approval, representing a potential $2+ billion peak sales opportunity that transforms BioMarin from an enzyme replacement company into a curative gene therapy leader. Trading at 8.1x forward earnings despite 17% revenue growth, the stock prices in none of the Valrox upside while the base business of established therapies like Vimizim and Naglazyme generates expanding cash flows. Management guides to $2.8-3.0 billion revenue by 2027, implying the current $2.4 billion run rate accelerates meaningfully as gene therapy revenues ramp.

Snapshot