Jan. 6 at 11:23 AM
Morgan Stanley🏁
$BBIO Overweight/
$96 and said: Initiating coverage of BridgeBio Pharma (BBIO) with an Overweight rating and a
$96 price target, implying 20%+ upside from current levels.
$ALNY $PFE $AZN $BAYRY BMRN ASND
MS added: BBIO is well- positioned as a leading rare disease company with a diversified late-stage pipeline and a commercial-stage asset (Attruby/acoramidis) in ATTR-CM, a serious heart condition that can lead to heart failure. The company is evolving into a multi-product rare disease franchise, supported by recent Phase 3 wins and upcoming regulatory catalysts.
Profitability inflexion point - another "SMID to Big" candidate: We see BBIO achieving positive net income and free cash flow in 2027E. Given our forecast top-line 2025-2030 CAGR of +39% with relatively more modest growth in opex, our implied BBIO P/E in 2030E is a lowly 5.7x (for reference, MS US Large Cap Biopharma average 2025E P/E stands at ~14x) suggesting a compelling long-term opportunity for investors.
