Stifel updated its outlook on BioMarin Pharmaceutical Inc., increasing its price target to $68 from $61 while maintaining a Hold rating. The broker noted valuation metrics that appear attractive relative to growth assumptions, pointing to a price-to-earnings ratio of 23.66 and a price/earnings-to-growth ratio of 0.39.
The analyst move followed BioMarin's fourth-quarter 2025 operational update, where company guidance landed modestly below consensus for both Voxzogo and the enzyme replacement therapy business. Stifel described investor discussions as focused on several core topics: how sustainable Voxzogo revenue will be given intensifying competition, how the Fold Therapeutics acquisition should be valued, and whether the clinical pipeline can deliver upside surprises.
On Voxzogo specifically, Stifel expressed concern that revenue assumptions over the next four to five years may be optimistic if competitor products enter the market. That uncertainty underpins part of the firm’s cautious stance despite the higher price target.
By contrast, Stifel characterized the Fold Therapeutics deal as compelling and value-creating. The firm said the transaction makes both strategic and financial sense for BioMarin and that it raises the stock's floor and ceiling, suggesting that the acquisition provides downside protection while also improving upside potential if integration and development proceed as planned.
Independent analysis referenced by the firm indicates the stock is currently undervalued under certain metrics. InvestingPro analysis assigns BioMarin a Financial Health Score of 3.72 out of 5, labeled as "GREAT," and a Piotroski Score of 9, reflecting strong accounting and balance-sheet signals. Nonetheless, Stifel warned that absent an unexpected positive from the pipeline, there is limited upside variance from current estimates.
Fourth-quarter 2025 financials
BioMarin's fourth-quarter 2025 reported results painted a mixed picture. Earnings per share were $0.46, which missed the forecasted $0.77 and represented a 40.26% negative surprise. Revenue for the quarter was $875 million, exceeding expectations by 5.51%.
The combination of an earnings miss alongside revenue outperformance highlights the company's complex near-term financial dynamics. Following the release, BioMarin's shares traded lower in aftermarket sessions.
Outlook and market reaction
Stifel's note frames current debate around BioMarin in terms of competitive risk for established products, the valuation and strategic fit of the Fold deal, and the potential for pipeline-driven upside. The broker's view that the Fold transaction raises both downside protection and upside potential captures why the price target was lifted even as the rating remained unchanged.
Investors and market watchers are likely to continue monitoring Voxzogo uptake, competitor launches, integration of Fold Therapeutics, and any material pipeline developments that could alter revenue trajectories or margins.