Raymond James initiated coverage on BioMarin Pharmaceuticals Inc (NASDAQ:BMRN) with a Market Perform rating, noting sparsity in near-term growth drivers. 

Analysts Danielle Brill and Alex Nackenof say the launch of Roctavian and Voxzogo are the company's key growth drivers. 

The analyst also expects a slow ramp for Roctavian, given 

the hemophilia doc survey work pointing to limited plans for early adoption. 

Voxzogo launch in achondroplasia has been a success, with ~$380 -430 million in revenues expected this year. 

Though there is ~20% upside potential for achondroplasia alone – given the recent advances from competitor BBIO's much more convenient oral FGFR3-inhibitor, Voxzogo's future is in jeopardy. 

BioMarin's shares will remain under pressure until BBIO reports 12-month data (anticipated early-mid 24). 

Raymond James also questions the potential value of BMRN's two clinical-stage pipeline assets: BMN331 for HAE and BMN255 for hyperoxaluria. 

The HAE market is becoming increasingly competitive, and though BMN255 shows promise as a convenient oral treatment for hyperoxaluria, it is still in its early stages.

Price Action: BMRN shares are down 1.47% at $89.04 on the last check Thursday.