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BioMarin Pharmaceutical Inc. (BMRN): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:

BioMarin's third-quarter 2014 loss of $0.16 per share was narrower than the Zacks Consensus Estimate of a loss of $0.22. Higher revenues led to the narrower loss. Total revenues climbed 32.2% to $177 million driven by Vimizim and Kuvan. BioMarin raised its guidance again this year. Both Vimizim and Kuvan should continue performing well. Meanwhile, the impending Prosensa acquisition should boost BioMarin's rare disease portfolio. BioMarin has several pipeline updates lined up for 2015. While we remain encouraged by the company's progress with its pipeline, the generic challenge for Kuvan is a concern. We maintain a Neutral recommendation on the company.

Overview:

San Rafael, CA based BioMarin Pharmaceutical Inc. focuses on the development and commercialization of treatments for serious diseases and medical conditions. The company's product portfolio comprises five marketed products namely Aldurazyme (mucopolysaccharidosis type I (MPS I)), Naglazyme (MPS-VI), Kuvan (phenylketonuria (PKU) - a rare genetic enzyme deficiency disorder), Firdapse (Lambert Eaton myasthenic syndrome (LEMS) - a rare autoimmune disorder) and Vimizim (MPS IVA or Morquio syndrome type A). BioMarin has a collaboration agreement with Sanofi for Aldurazyme.

BioMarin has several interesting candidates in its pipeline including PEG-PAL (phase III severe PKU results due in the first quarter of 2016) and talazoparib (phase III BRCA breast cancer enrollment to complete in the second half of 2015).

BioMarin is currently looking to acquire Prosensa in an all cash transaction valued at about $680 million or $17.75 per share. The Prosensa acquisition will add Duchenne muscular dystrophy (DMD) candidate, drisapersen, to BioMarin's portfolio and further expand its rare disease portfolio. With this acquisition, BioMarin will also gain worldwide rights to Prosensa's multiple orphan drug candidates that have the potential to be developed for the treatment of various genotypes of DMD and other genetic disorders. The acquisition is slated to go through in the first quarter of 2015.

BioMarin generated total sales of $538.4 million in 2013, up 8.4%. Naglazyme, Kuvan, Aldurazyme and Firdapse contributed 50.4%, 31.1%, 15.5% and 3.0%, respectively, to total net product revenues in 2013.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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