Stock to Track: BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

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BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) reported earnings for the three months ended March 2016 on April 28, 2016. The company earned $-0.53 per share on revenue of $236.74M. Analysts had been modeling earning per share of $-0.85 with $240.45M in revenue.

BioMarin Pharmaceutical Inc. (BMRN) on April 28, 2016 announced financial results for the first quarter ended March 31, 2016. Non-GAAP net loss was $27.2 million for the quarter ended March 31, 2016, compared to non-GAAP net loss of $25.4 million for the first quarter of 2015. GAAP net loss was $85.1 million, or $0.53 per basic and diluted share for the first quarter of 2016, compared to GAAP net loss of $67.5 million, or $0.43 per basic and diluted share, for the first quarter of 2015.

Total BioMarin Revenue was $236.7 million for the first quarter of 2016, an increase of 16.7% compared to the same period in 2015.  This strong result was driven by year over year growth of 43.5% and 53.2% of Vimizim and Kuvan, respectively.  Kuvan revenue from ex-North America territories since BioMarin acquired worldwide rights in January 2016 contributed $16.9 million and revenues in North America contributed $60.0 million in the quarter.  Naglazyme patient growth was 8.5% compared to a year ago, the 40th straight quarter since the product was launched in 2005.  Naglazyme revenue in the first quarter 2016 was lower than revenue in the first quarter 2015 primarily due to the timing of central government orders from Latin America.

As of March 31, 2016, BioMarin had cash, cash equivalents and investments totaling $771.3 million, as compared to $1,018.3 million on December 31, 2015.

Commenting on the quarter, Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin said, “Our commercial base business is robust and is expected to generate over one billion dollars in revenues this year.  Prospects for new product launches in 2017 increased during the quarter due to positive data readouts for cerliponase alfa and pegvaliase that we expect will lead to two new product filings later this year.  In addition, at our recent Research and Development Day for analysts and investors, we highlighted very encouraging preliminary data from our gene therapy product BMN 270 for hemophilia A and robust 12 month data with vosoritide for achondroplasia.  If the data from these programs continue to mature as we hope, we believe that these products could each ultimately drive a billion dollars in revenue when commercialized.  Finally, we continue to expect to manage this growing business with the goal of achieving non-GAAP break-even or better in 2017 regardless of the regulatory outcome of Kyndrisa in Europe.”

BioMarin Pharmaceutical Inc. earnings per share showed a decreasing trend of -17.3% for the current fiscal year. The company’s expected EPS decline rate for next fiscal year is -140%.Analysts project EPS growth over the next 5 years at 25%. It has EPS annual decline over the past 5 fiscal years of -21.3% when sales grew 18.8. It reported 16.7% sales growth, and -23.1% EPS decline in the last quarter.

The stock is trading at $80.8, up 30.07% from 52-week low of $62.12. The stock trades down -46.75% from its peak of $151.75 and 38.55% above the consensus price target of $111.95. Its volume clocked up at 3.15 million shares which is higher than the average volume of 1.46 million shares. Its market capitalization currently stands at $13.64B.

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