Lowering Our BioMarin FVE on Long-Term Growth Guidance; Shares Remain Slightly Undervalued
BioMarin reported 2016 results that were in line with our estimates, but sales guidance for 2017 ($1.25 billion-$1.3 billion, or roughly 14% growth at the midpoint) and long-term sales guidance through the end of the decade (around 15% annually) were below our expectations and we've lowered our fair value estimate to $107 per share from $123. Given two upcoming launches as well as strong fundamentals for expanding franchises, we think the firm’s narrow moat and positive moat trend remain intact....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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