Amicus Coming Into The FOLD

研报英文原文证据摘录

Amicus Coming Into The FOLD

May 14, 2026

Investment Conclusion

We reiterate our Outperform rating and $95 PT. BMRN shares have underperformed the sector YTD (-10%; NBI:

+5%) as investors wrestle with Voxzogo competitive dynamics and wait for more details on the Amicus (FOLD,

not covered) integration, which closed on April 27th, 2026 (see our thoughts here). Overall, we'd argue the FOLD

acquisition makes a lot of sense, as we see more value for commercial assets Pombiliti + Opfolda (Pompe disease)

and Galafold (Fabry disease) in BMRN's hands than FOLD's. Indeed, BMRN has a right to win in ERT, driven by its

impressive global sales force, where we expect the company to continue its strategy of BD in the space. And this right

to win is even more crucial given the ongoing competitive concerns for Voxzogo in Achondroplasia and eventually

Hypochondroplasia, with pivotal results expected for the latter indication imminently. Beyond Hypochondroplasia,

in 2026 we also expect phase 3 results for BMN401 in ENPP1 deficiency, and phase 1 results for BMN351 in DMD

at higher doses.

Ultimately, we'd argue there's a lot to like about BMRN with multiple levers for value, but for the stock to work,

the Ascendis (ASND; covered by Kalpit Patel) and Bridge Bio (BBIO; covered by Andy Chen) overhangs need to

clear, management needs to commercially execute, and we have to see continued strategic M&A, which we'd argue

is starting to materialize. Regardless, BMRN continues to trade at a P/E multiple of 10.6x, 7.6x, 6.7x and 6.2x on

2026-2029 earnings, an average discount of -58% as compared to the S&P 500. Given this backdrop, in our view,

BMRN's valuation is particularly attractive, and we'd be buyers of weakness.

BMRN P/E Evolution

Historical P/E multiple