BioMarin Remains Undervalued Following In-Line 2Q; Late-Stage Pipeline Moving Forward in 2017
BioMarin reported somewhat weaker growth in the second quarter (6%, compared with the 28% revenue growth in the first quarter), as lumpy reporting of Vimizim sales led to a swing in its sales growth from 31% in the first quarter to a 3% year-over-year decline in the second quarter. However, we’re maintaining our $107 fair value estimate and believe the shares are still slightly undervalued. We think the firm is consistently turning a corner on non-GAAP profitability so far this year, and we expe...BioMarin Pharmaceutical is a biotechnology company that develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. The company's commercial products are Aldurazyme (laronidase) for Mucopolysaccharidosis I; Brineura (cerliponase alfa) for the treatment of late infantile neuronal ceroid lipofuscinosis type 2; Kuvan (sapropterin dihydrochloride) for the treatment of phenylketonuria; Naglazyme (galsulfase) the treatment of Mucopolysaccharidosis VI ; Palynziq (pegvaliase-pqpz) for adult patients with phenylketonuria; and Vimizim (elosulfase alpha) for the treatment of Mucopolysaccharidosis IV Type A.
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