Spruce Biosciences (NasdaqCM:SPRB) FY Conference February 25, 2026 03:20 PM ET Company ParticipantsJavier Szwarcberg - CEOConference Call ParticipantsLeland Gershell - Managing Director and Senior Biotechnology AnalystLeland Gershelleveryone, back to Oppenheimer's 36th Annual Healthcare and Life Sciences Conference. I'm Leland Gershell, one of the analysts here at the firm, up next, we have Spruce Bio, ticker SPRB. This is a company that we cover, we like the story very much. We have an outperform rating. O ...

Key Takeaways BioMarin reported Q4 EPS of 46 cents, beating estimates while revenues rose 17% Y/Y to $875M.Voxzogo sales jumped 31% to $273M in Q4, while BioMarin's enzyme therapies sales rose 13%.BioMarin will withdraw Roctavian after failing to find a buyer, recording a $119.2M charge in Q4.BioMarin Pharmaceutical (BMRN) reported fourth-quarter 2025 adjusted earnings per share of 46 cents, beating the Zacks Consensus Estimate of 25 cents. However, earnings declined 50% year over year, largely due to a $11 ...

Core Insights - BioMarin Pharmaceutical (BMRN) has entered a definitive agreement to acquire Amicus Therapeutics (FOLD) for $14.50 per share, totaling $4.8 billion, with the deal expected to close in Q2 2026 [1][6] - The acquisition will enhance BioMarin's portfolio with Amicus' marketed therapies, Galafold and Pombiliti-Opfolda, which generated $449 million in sales in the first nine months of 2025, reflecting a 19% year-over-year growth [2][6] - BioMarin will also gain exclusive U.S. rights to the late-stage drug DMX-200, aimed at treating focal segmental glomerulosclerosis, a rare kidney disease [4][6] Acquisition Details - The acquisition is financed through BioMarin's existing cash and $3.7 billion in non-convertible debt [1] - The deal is expected to be accretive to BioMarin's bottom line within the first 12 months post-closure [8] - BioMarin's strategic fit includes expanding its enzyme therapies portfolio, which already consists of five first-in-disease therapies [7] Market Reaction - Following the acquisition announcement, shares of Amicus Therapeutics rose by 30%, while BioMarin's shares increased by 18% [5] - Year-to-date performance shows BioMarin's shares have decreased by 7%, whereas Amicus shares have increased by nearly 51% [5] Strategic Context - This acquisition aligns with BioMarin's strategy of pursuing partnerships and acquisitions, with an estimated $4-$5 billion available for future growth initiatives [9] - This marks BioMarin's second targeted acquisition in 2023, following the acquisition of Inozyme Pharma for $270 million [10]

Group 1: Acquisition Details - BioMarin Pharmaceutical (BMRN) has entered into a definitive agreement to acquire Inozyme Pharma (INZY) for $4.00 per share, totaling nearly $270 million [1] - The acquisition is expected to close in the third quarter of 2025, following approval from the boards of both companies [1] Group 2: Strategic Fit and Pipeline Expansion - The acquisition will add Inozyme's lead asset, INZ-701, to BioMarin's pipeline, which is an investigational enzyme replacement therapy for ENPP1 deficiency, a rare genetic disorder [2][3] - INZ-701 is currently in a pivotal late-stage study, with interim results expected in early 2026 and potential regulatory approval in 2027 [3] Group 3: Market Impact and Stock Performance - Following the acquisition announcement, shares of Inozyme surged by 178%, while BioMarin's shares gained about 2% [5] - Year-to-date, BioMarin's shares have decreased by 10%, whereas Inozyme's shares have increased by 43% [5] Group 4: Benefits of the Acquisition - The deal is seen as a strategic fit for BioMarin, which already markets five first-in-disease enzyme therapies, thus expanding its Enzyme Therapies portfolio and diversifying revenue streams [6] - Inozyme benefits from the acquisition as it lacks the commercial infrastructure to bring a drug to market, an area where BioMarin is well established [8] Group 5: Financial Guidance - BioMarin has reaffirmed its full-year 2025 sales guidance of $3.1-$3.2 billion and adjusted EPS guidance of $4.20-$4.40 [8]

Core Insights - The article emphasizes the growing popularity of value investing as investors seek strategies that assess a stock's inherent potential amidst market volatility [1][2] - Warren Buffett's perspective on understanding a stock's "intrinsic value" is highlighted as a means to mitigate common pitfalls in value investing [2] - The article discusses four stocks that have recently performed well under a value investment strategy: Molson Coors Beverage, BioMarin Pharma, Devon Energy, and Jazz Pharmaceuticals [3] Value Investment Strategy - Value investing is gaining traction, but it can lead to "value traps" if investors do not fully understand the strategy [4] - Key metrics for identifying value stocks include dividend yield, P/E ratio, and P/B ratio, which help determine if a stock is undervalued [4] Importance of Earnings Growth - Investors are advised to focus on a stock's earnings growth potential over the next 12 to 24 months to avoid value traps [5] - The PEG ratio, which considers both price/earnings and earnings growth rate, is presented as a valuable metric for assessing intrinsic value [6] Screening Criteria for Value Stocks - Effective screening criteria for identifying promising value stocks include: - PEG Ratio less than industry median - P/E Ratio less than industry median - Zacks Rank 1 or 2 - Market Capitalization greater than $1 billion - Average 20-Day Volume greater than 50,000 - Percentage Change in F1 Earnings Estimate Revisions greater than 5% - Value Score of A or B [7] Featured Stocks - **Molson Coors Beverage (TAP)**: Holds a Zacks Rank 1, Value Score of A, and a five-year expected growth rate of 6.3% [8][9] - **BioMarin Pharma (BMRN)**: Has a Zacks Rank 2, Value Score of B, and a long-term historical growth rate of 77.6% [9][10] - **Devon Energy (DVN)**: Carries a Zacks Rank 2, Value Score of A, and a five-year historical growth rate of 40.1% [10][11] - **Jazz Pharmaceuticals (JAZZ)**: Holds a Value Score of A, Zacks Rank 1, and an expected long-term earnings growth rate of 7.4% [11][12]