BioMarin Pharmaceutical's (BMRN) Q2 Voxzogo sales exceeded expectations, and the company raised its 2026 outlook, reinforcing the view that performance remains strong despite emerging competition, Wedbush Securities said Friday in a report.

Voxzogo net revenue of $253 million topped the $239 million consensus estimate, and BioMarin raised full-year revenue guidance for the drug to the range of $1 billion to $1.05 billion from $975 million to $1.03 billion, while lifting the lower end of its total revenue outlook to $3.88 billion from $3.83 billion, the report said.

Voxzogo, an injectable therapy that stimulates bone growth in children with achondroplasia, continues to benefit from a 90% adherence rate and strong uptake among younger patients, with more than half of new US starts involving children under age 2, the report said.

Wedbush also highlighted BioMarin's plans to expand Voxzogo into hypochondroplasia, with a potential launch in 2027, as well as longer-term growth opportunities from Galafold for Fabry disease and Pombiliti plus Opfolda in Pompe disease.

Wedbush has an outperform rating on BioMarin stock with a $94 price target.

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