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Biotech / Medical : BMRN - Biomarin Pharmaceutical Inc. -- Ignore unavailable to you. Want to Upgrade?

To: idos who wrote (12)	10/31/2008 9:30:15 AM
From: tom pope	Respond to 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.

To: idos who wrote (12)	1/11/2009 7:09:13 PM
From: ghmm	Read Replies (1) \| Respond to of 18

Didn't realize there was a Board here. Good to see. Did hear anything about a buzz from the presentation at American Society Hematology Meeting? I think either way the program won't go forward till their is more clarity on their BH4 program in general. In Q1 there will be results in PAD, PAH, Proteinuria, Chronic Kidney disease. If none of those show promise I would imagine they proceed with the current BH4 molecule (Kuvan) in Sickle Cell (I think they'ld do a blinded Phase 2) and perhaps more slowly develop the BH4 Prodrug since both would be orphan indications. Just speculating :)