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Biotech / Medical : BMRN - Biomarin Pharmaceutical Inc.
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To: idos who wrote (12)10/31/2008 9:30:15 AM
From: tom pope   of 18
 
Merrill, from 10/29

Price Objective Changes
BioMarin Pharmaceutical Inc. (BMRN, US$15.5, C-1-9)
Maintain Buy. We lowered our P.O. to $32 from $48 on lower Kuvan estimates,
higher risk premiums in our NPV model and weak market conditions. We raised
our Naglazyme ests. after ’08 but lowered our Kuvan to $47mn, $97mn and
$149mn from $52mn, $131mn and $205mn in ’08-’10, which lowered our EPS
estimates to $0.34, $0.49 and $1.04 from $0.47, $0.98 and $1.42 in ‘08–‘10. But
in our view, BMRN is one of the best biotech growth stories and the stock reflects
no value for Kuvan or the pipeline. 3QEPS of $0.01 missed estimates mainly due
to the timing of Naglazyme ex-US shipments as demand was quite strong. Kuvan
revenues were in-line, as the early uptake is challenging.
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