BioMarin Pharmaceutical (BMRN) reported a Q1 beat on revenue, driven by Voxzogo and continued portfolio diversification amid emerging competition, Wedbush Securities said in a note Tuesday.

Voxzogo and total revenue came in at $220 million and $766 million, compared with the consensus of $216 million and $757 million, respectively. The decline from Q4 was mainly seasonal, and the company expects a stronger H2, due to recent acquisitions of Galafold and Pombiliti/Opfolda, the firm said.

The firm said the company has kept its Voxzogo guidance unchanged at $975 million to $1.025 billion, and despite rising competition, BioMarin plans to focus on execution to maintain its lead in achondroplasia using "robust" safety and efficacy data and broad early-treatment use.

"Recall management announced in January a goal of achieving sustained double-digit long-term total revenue compound annual growth rate into the 2030s, and we believe that BioMarin Pharmaceutical remains on track to deliver," the firm said.

Wedbush Securities has an outperform rating and $94 price target on BioMarin Pharmaceutical.

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