BioMarin Pharma (BMRN): Executing Well But For How Long - Piper Jaffray
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Piper Jaffray analyst, Joshua Schimmer, reiterated his Overweight rating on shares of BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) as the company continues to execute and transition to (non-GAAP) profitability. The analyst believes BMRN is well positioned for NT growth as Kuvan and Vimizim continue to grow, along with Batten's positioned to launch next year.
Valuation, on the other hand, seems lofty, as there is still risk in key pipeline programs (hemophilia A gene therapy, vosoritide for achondroplasia, and pegvaliase PKU) that may be underappreciated.
The base business continues to perform well and the Batten's program appears well positioned to add another layer of growth. We do note many of the company's programs still retain some level of theoretical risk, including hemophilia A (thrombosis/regulatory, competitive dynamics), vosoritide (strength of effect with no placebo), pegvaliase (immune complexes) which appear underappreciated by investors. That said, consensus estimates do not have substantial contribution from these products and probably underestimate margin expansion opportunities.
Shares of BioMarin Pharmaceutical Inc. closed at $93.30 yesterday.
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