04:26 PM EDT, 04/22/2024 (MT Newswires) -- BioMarin Pharmaceutical ( BMRN ) investors will focus Q1 on for updates regarding its strategic review and cost-cutting measures, UBS said in a note Monday.

UBS emphasized BioMarin's core business and the potential expansion of Voxzogo remains undervalued, adding that its revenue estimate for Q1 is $638 million, slightly below the consensus of $655 million on Bloomberg.

UBS forecasts Q1 non-GAAP diluted EPS at $0.54, below consensus of $0.60. For full-year 2024, UBS estimates BioMarin's total revenue at $2.761 billion, close to the consensus estimate of $2.766 billion, the note said.

"For [BioMarin], products of focus are Voxzogo and Roctavian," UBS said, adding that it expects Q1 revenues of $152 million for Voxzogo and $5 million for Roctavian.

"[BioMarin] remains a top pick for 2024, as we think that Voxzogo expansion opportunities remain underappreciated by investors, particularly with further data and regulatory clarity expected in '24," UBS said.

UBS reiterated its buy rating with a price target of $119. The company's Q1 results are scheduled for April 24.