BioMarin delivered a disappointing set of results for the third quarter with revenues and earnings well below Wall Street expectations. The company’s Kuvan offering continues to have a declining market share of prophylaxis exclusivity in the United States. However, the good news is that with the exception of Kuvan, all of BioMarin’s brands have shown sales growth so far this year. The need for prescription drugs is still increasing. The management have had success turning patient recommendations into patient starts quickly. The company primarily observed prescriptions from pediatric endocrinologists and geneticists during the quarter. As anticipated, the referral pipeline to pediatric endocrinologists is progressing as planned. Additionally, the management have observed an increase in the publication of payer coverage plans that broadly adhere to their label or clinical trial criteria and meet their expectations. Along with new patients from reported new markets, the team continues to see patient growth in European markets similar to what they saw in the prior quarter. BioMarin further anticipates Voxzogo to play a significant role in this ramp year. We give BioMarin a ‘Hold’ rating on its stock with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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