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Biotech / Medical : BMRN - Biomarin Pharmaceutical Inc.
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To: tuck who wrote (6)8/8/2007 11:02:19 AM
From: tom pope   of 18
 
Merrill (1=buy)

BioMarin Pharmaceutical Inc. (BMRN, US$19.83, C-1-9)
Raising P.O. to $27 on higher Kuvan estimates
We reiterate Buy & raise our PO to $27 from $23 on higher Kuvan estimates. We
left our ’07 EPS loss est. unchanged at ($0.22), but raised our estimates to $0.28
from $0.20 in ’08 and to $0.42 from $0.23 in ’09. BMRN reported 2Q EPS loss of
($0.04), ahead of our ($0.05) est. on strong Naglazyme sales, improving
profitability in the Aldurazyme JV and higher interest income. We expect BMRN to
turn profitable next year with Kuvan beginning to drive EPS growth and it remains
a top small cap pick. We raised our peak U.S. sales est. for Kuvan to $325mn
from $200mn, based on higher Kuvan pricing expectations. We believe that the
average annual cost of Kuvan will be at least $35K, up from our prior estimate of
$25K based on our weight-based model.
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