Why BioMarin (BMRN) Shares Are Plunging Today? - Biomarin Pharmaceutical (NASDAQ:BMRN)

Biomarin Pharmaceutical Inc BMRN shares are falling in reaction to positive data from BridgeBio Pharma Inc's BBIO dwarfism drug, heating the competition.
At the highest dose level evaluated to date (Cohort 5, 0.25 mg/kg once daily), the mean increase from baseline in annualized height velocity (AHV) for the ten children with six-month visits was +3.03 cm/yr.
80% of the ten children with six-month visits were responders, with a change from baseline AHV of at least 25%. Among the responders, the average change from baseline in AHV was +3.81 cm/yr.
BioMarin's Voxzogo (vosoritide) became the first drug to win FDA approval in achondroplasia or short-limbed dwarfism space.
The therapy was OK'ed in November 2021. In BioMarin's pivotal study, patients on the drug grew an average of 1.57 centimeters taller per year.
In 2022, BioMarin generated $169.1 million in Voxzogo sales; for FY23, the company forecasts $330 million - $380 million.
Price Action: BMRN shares are down 7.27% at $93.84 on the last check Monday.

Why BioMarin Shares Are Plunging Today?