Maintaining Our BioMarin FVE Following Strong 1Q; Watching for Hemophilia Update
BioMarin reported strong first-quarter results for its portfolio of rare-disease drugs (28% revenue growth), driven by strong patient growth for Vimizim (31%), Naglazyme (9%), and U.S. Kuvan (8%). We’re maintaining our $107 fair value estimate and believe the shares are still slightly undervalued. We think the firm is turning a corner on non-GAAP profitability this year (non-GAAP net income was $35 million in the quarter), with GAAP profitability to follow by 2019. Overall, we think BioMarin’s r...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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