BioMarin Valuation Fair, But Expectations From Hemophilia Therapy Too High, Says Analyst

BMO Capital Markets initiated coverage on BioMarin Pharmaceutical Inc BMRN with a Market Perform rating and a price target of $107.
Related: BioMarin's Growth Prospects Soar with Potential Voxzogo and Roctavian Launches, Analyst Raises Price Target.
The analyst writes that Biomarin's first FDA-approved product, Voxzogo, for achondroplasia can drive around $1.5 billion in peak sales. Voxzogo commercial uptake will be significant, providing long-term growth to BioMarin.
BMO also says that while the management's market research indicates ~35-40% commercial uptake for hemophilia treatment (Valrox), adoption will be (s)lower due to uncertainty around the drug effect, limited effect durability, and required (bi)weekly monitoring for around one year.
The analyst models peak Valrox sales of ~$900 million and await updates around FDA approval (PDUFA on 3/31/2023).
According to BMO valuation multiples suggest, BioMarin is fairly valued.
Price Action: BMRN shares are down 2.03% at $114.89 on the last check Monday.