BioMarin up as investors applaud new focus for hemophilia gene therapy
** Shares of BioMarin Pharmaceutical BMRN.O rise ~8% to hit over 3-month high of $86.48
** BMRN plans to cut direct annual expenses for its hemophilia gene therapy, Roctavian, by directing commercial focus to markets in the U.S., Germany and Italy
** Co anticipates reducing annual direct expenses on Roctavian to ~$60 million beginning in 2025
** "Investors appear to be applauding the decision to downsize Roctavian's expense footprint, essentially wiping some $120 mln expense from the books," according to Piper Sandler analysts
** BMO Capital analysts described BMRN's strategy as the "right steps towards increasing focus, reducing costs, and improving margins"
** Roctavian brought in sales of $7.4 million in Q2, compared with Wall Street estimates of ~$3 mln, according to Piper Sandler analysts
** U.S. FDA approved Roctavian last year for patients with severe hemophilia A, an inherited bleeding disorder
** Including session gains, stock down ~9.6% YTD
Reporting by Mariam Sunny in Bengaluru
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