Is BioMarin Still An Outperform At This Research Firm?

In a report published Friday, Cowen and Company analysts maintained an Outperform rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), with a price target of $125.

BioMarin reported its Q1 revenue at $203.3MM, in-line with consensus. Its non-GAAP EPS, at ($0.16), was significantly better than expectations, with Vimizim sales of $50.6MM handsomely beating consensus of $40.3MM.

BioMarin raised its 2015 Vimizim revenue guidance from $170MM-$200MM to $200MM-$220MM and its total revenue guidance from $840MM-$870MM to $850MM-$880MM. The upward revision reflects a product mix impact and a currency impact of ~$50MM-$60MM.

Commenting on the company's resutls, the analsyts wrote, "Solid base business overcomes a strong dollar."

BioMarin has completed its NDA submission for drisapersen and an MAA submission will follow by mid-year. In case the FDA accepts the filing, an AdCom may occur later this year.

In the report Cowen and Company noted, "BMN-111's Phase II proof-of-concept study in achondroplasia is on track to produce data from first three dosing cohorts in June. BioMarin is optimistic that '111 can induce a 50% increase in growth velocity, and/or improve trunk and extremities proportionality."

"As achondroplasia could be a $2B+ opportunity, we think good data would be a catalyst for shares. BioMarin expects to present full data from potentially pivotal Phase I/II study of BMN-190 in CLN2 disorder at year-end. A CTA for BMN-270 (gene therapy) for hemophilia A has been completed and the first patient is expected to be enrolled by summer," the analysts wrote.