BioMarin Pharmaceutical "outperform," target price raised

02/13/08 - Robert W. Baird

NEW YORK, February 13 (newratings.com) - Analysts at Robert W Baird reiterate their "outperform" rating on BioMarin Pharmaceutical Inc (BMRN), while raising their estimates for the company. The target price has been raised from $44 to $46.

In a research note published this morning, the analysts mention that a survey of high-volume PKU-treating physicians indicates that about 40% of patients are older, more than 12 years old, and there is a solid bias towards the treatment of older patients. Based on the survey, BioMarin Pharmaceutical's expectation of the average Kuvan patient weight beating the initial guidance of 45kg seems credible, the analysts say. The US Kuvan revenue estimates for 2008, 2009, 2010 and 2011 have been raised to $75 million, $160 million, $240 million and $300 million, respectively. The EPS estimates for 2008, 2009, 2010 and 2011 have been raised to $0.58, $1.23, $1.74, and $1.91, respectively.