BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is back in the rare-disease spotlight on December 22, 2025, as investors digest a blockbuster acquisition, a quiet pipeline pruning, and a new round of analyst price-target resets.
As of 20:24 UTC (3:24 p.m. ET), BioMarin stock traded at about $58.98, down roughly 3.5% on the session, after swinging between $58.75 and $61.44 on heavy volume.
That day’s churn isn’t happening in a vacuum. The market is trying to answer one core question: Does BioMarin’s Amicus deal meaningfully “de-risk” growth as Voxzogo heads into a tougher competitive era—without loading the balance sheet too heavily?
What moved BioMarin stock on Dec. 22: the three headlines investors cared about
1) The $4.8B Amicus deal is still the story—and new notes keep landing
BioMarin’s agreement to acquire Amicus Therapeutics for $14.50 per share in cash (about $4.8 billion equity value) was announced Dec. 19, but Dec. 22 is when the analyst machinery really started to whir: “model updates,” synergy talk, and debates over how quickly the acquired drugs can scale. [1]
BioMarin says the acquisition adds two marketed rare-disease products—Galafold (Fabry disease) and Pombiliti + Opfolda (Pompe disease)—and also brings U.S. rights to DMX-200, a Phase 3 program in focal segmental glomerulosclerosis (FSGS). BioMarin highlights $599 million in combined net product revenue over the past four quarters for the two marketed products. [2]
Importantly for stockholders who have lived through BioMarin’s gene-therapy disappointment, management is pitching the deal as a portfolio “durability” move: revenue added immediately after close, accretive to Non-GAAP diluted EPS within 12 months post-close, and substantially accretive beginning in 2027 (company guidance). [3]
2) BioMarin “quietly” ended BMN 349—an unglamorous but telling pivot
On Dec. 22, Fierce Biotech reported that BioMarin ended development of BMN 349, an oral small molecule in a Phase 1 trial for alpha-1 antitrypsin deficiency (AATD)-associated liver disease. The report notes the move appeared via a short SEC filing tied to a Dec. 19 decision, and included a BioMarin spokesperson emphasizing routine portfolio prioritization. [4]
This matters to the stock because it reinforces what investors have been hearing for months: BioMarin is actively reshaping R&D around fewer, higher-conviction bets—and using M&A to broaden the revenue base.
3) Wall Street rewrote price targets on Dec. 22—bulls and skeptics both showed up
Two analyst updates circulating on Dec. 22 captured the market’s split-brain reaction:
- Truist Securities raised its price target to $100 from $80, reiterating the view that Amicus is strategically aligned (rare disease + enzyme replacement therapy footprint) and could be accretive about a year after close, with potential synergies through BioMarin’s larger global reach and product exclusivity running to 2037 for Galafold in the U.S. (per BioMarin’s litigation settlements). [5]
- H.C. Wainwright lifted its price target to $60 from $55 while keeping a Neutral rating, arguing the acquisition may strengthen long-term cash flow durability—but that a meaningful “peak sales payoff” sits further out, while near-term competitive and franchise erosion risks (especially around Voxzogo) still need to be proven manageable. [6]
That push-pull—strategic improvement vs. near-term uncertainty—is a big reason BMRN shares were volatile rather than trending cleanly higher on Dec. 22.
Deal mechanics investors are modeling: cash today, debt tomorrow, leverage targets later
BioMarin’s own deal terms give investors plenty to stress-test:
- Financing: combination of cash on hand and about $3.7B of non-convertible debt financing (no financing condition); Morgan Stanley provided a bridge commitment (company statement). [7]
- Close timing: expected Q2 2026, subject to approvals and clearances. [8]
- Deleveraging target: BioMarin aims for gross leverage <2.5x within two years after close. [9]
- Galafold generic timing: BioMarin notes litigation settlements implying U.S. exclusivity through January 2037, with licenses allowing generic entry beginning Jan. 30, 2037 if FDA-approved (company statement). [10]
Meanwhile, Reuters noted BioMarin ended September with about $2 billion in total cash and investments, which sets the baseline for how much balance-sheet stretch investors may tolerate. [11]
The BioMarin baseline: what the company was doing before Amicus
The Amicus narrative is cleaner if BioMarin’s core engine is stable—and management has been pointing to that.
In its Q3 2025 update, BioMarin reported $776 million in total revenue (up 4% year over year), driven by Voxzogo and Palynziq growth. [12]
BioMarin also raised full-year 2025 revenue guidance to $3.15B–$3.20B, reaffirmed Voxzogo full-year 2025 revenue of $900M–$935M, and guided Non-GAAP diluted EPS of $3.50–$3.60 (updated Oct. 27, 2025). [13]
In other words: the company is not buying Amicus because the current business is collapsing—it’s buying because the market is increasingly skeptical that BioMarin can remain a one-franchise growth story as competition approaches.
Voxzogo competition is the shadow behind every BMRN model—here’s the latest on that front
The market’s anxiety here isn’t theoretical.
BioSpace reported in late October that BioMarin had already signaled a softer long-term stance on Voxzogo as competitors advanced, specifically calling out Ascendis and BridgeBio programs as meaningful threats. [14]
Since then, the competitive calendar has sharpened:
- Ascendis’ TransCon CNP (navepegritide): The FDA delayed the decision by three months, setting a new decision deadline of Feb. 28, 2026, after a submission related to post-marketing requirements was deemed a major amendment (per reporting). [15]
- BridgeBio’s infigratinib (achondroplasia): BridgeBio said its registrational Phase 3 PROPEL 3 trial expects topline results in early 2026, and noted the program has FDA Breakthrough Therapy Designation among other designations. [16]
- BioMarin’s “defense” plan: BioMarin has said it plans to initiate dosing of children in a registration-enabling Phase 2/3 study of BMN 333 (a long-acting CNP program) in the first half of 2026, and expects pivotal hypochondroplasia data for Voxzogo in the first half of 2026. [17]
So the market’s real debate isn’t “Is Voxzogo a good product?” It’s: How fast does the category become a two- (or three-) player market, and what does that do to BioMarin’s growth curve?
Stock forecasts and price targets: what analysts are implying as of Dec. 22, 2025
On Dec. 22, the easiest SEO-friendly way to summarize “BioMarin stock forecast” without pretending anyone owns a crystal ball is to look at published analyst price targets.
- MarketBeat’s compilation shows an average 12‑month price target around $88.83 and a “Moderate Buy” consensus, with targets ranging roughly from $60 to $126 (methodology varies by outlet). [18]
- MarketScreener/MT Newswires flagged Truist’s move to $100 on Dec. 22 (headline-level disclosure). [19]
- Investing.com summarized the day’s key target moves: Truist to $100 and H.C. Wainwright to $60 (Neutral). [20]
Read together, the “street view” looks like this:
- Upside case: Amicus expands BioMarin’s rare-disease base, lifts long-term growth, and offsets Voxzogo share loss—while integration and debt stay controlled.
- Cautious case: The Amicus assets are real, but the revenue ramp and synergy capture take time—while Voxzogo competition and pipeline execution risk remain immediate.
What to watch next: near-term catalysts that could reset the BMRN narrative
Between now and mid‑2026, the BMRN setup is unusually catalyst-heavy for a large-cap biotech:
- Regulatory dates to circle:
- Clinical/data milestones: Voxzogo hypochondroplasia pivotal readout (H1 2026), and BMN 333 Phase 2/3 dosing plans (H1 2026). [23]
- M&A timeline: deal close targeted for Q2 2026, with the accretion story largely judged post-close. [24]
- Pipeline pruning / prioritization: BMN 349’s discontinuation is a reminder BioMarin will keep making hard calls—good for focus, but it can surprise investors. [25]
Bottom line for BioMarin stock on Dec. 22, 2025
BioMarin’s Dec. 22 tape action reads like a market doing real-time probability math:
- Pro: A large, on-strategy rare-disease acquisition that adds marketed products and pushes BioMarin toward a broader base than Voxzogo alone—plus bullish analysts lifting targets as models incorporate Amicus. [26]
- Con: A pipeline cut (BMN 349) landing the same news cycle, and persistent questions about how BioMarin navigates a rapidly evolving achondroplasia landscape where key competitor decisions and data are queued for early 2026. [27]
References
1. www.biomarin.com, 2. www.biomarin.com, 3. www.biomarin.com, 4. www.fiercebiotech.com, 5. www.investing.com, 6. www.investing.com, 7. www.biomarin.com, 8. www.biomarin.com, 9. www.biomarin.com, 10. www.biomarin.com, 11. www.reuters.com, 12. www.biomarin.com, 13. www.biomarin.com, 14. www.biospace.com, 15. www.fiercebiotech.com, 16. investor.bridgebio.com, 17. www.biomarin.com, 18. www.marketbeat.com, 19. www.marketscreener.com, 20. www.investing.com, 21. www.fiercebiotech.com, 22. www.biomarin.com, 23. www.biomarin.com, 24. www.biomarin.com, 25. www.fiercebiotech.com, 26. www.biomarin.com, 27. www.fiercebiotech.com
