SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Biotech / Medical : BMRN - Biomarin Pharmaceutical Inc.
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: tom pope12/14/2007 8:35:53 AM
  Read Replies (1) of 18
 
Merrill

Broad label, premium pricing, raising P.O. to $41
Kuvan received a broader label than expected with no age restriction and
physician discretion as to what constitutes a “responsive” patient. The announced
pricing of $29 per 100mg tablet was also off the charts. We are raising our
estimates beginning in ’09 and our P.O. to $41 from $34. Reiterate Buy.

$57K avg. annual cost using conservative assumptions
BioMarin estimates Kuvan’s average annual cost at ~$57K (higher than our est.
min. of $35K and whisper numbers up to $50K) and that is using what we believe
are conservative assumptions for average weight (45 Kg), dosing (15mg/kg) and
compliance (80%).

Raising Kuvan and EPS estimates beginning in ’09
Guidance for Kuvan sales in ’08 of $35-70mn is consistent with the caution we
suggested against ramping early estimates on higher pricing and we are
maintaining our ’08 estimate at $64mn. But we raised our Kuvan estimates to
$156mn from $137mn in ’09, to $231mn from $179mn in ’10 and to $311mn from
$242mn in ’11. Our ’08 EPS estimate incl. options is unchanged at $0.37, but we
raised estimates to $0.81 from $0.71 in ’09 and to $1.28 from $1.01 in ’10.

Reiterate Buy

After increasing our peak U.S. sales estimate to $575mn from $475mn, raising
ex-US estimates and adjusting our probability adjusted NPV model to reflect the
certainty of the launch, we increased our P.O. to $41 from $34.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News