BioMarin's Upcoming Catalysts Named By Credit Suisse

BioMarin Pharmaceutical Inc. BMRN shares have historically outperformed during product launches, and Credit Suisse’s Kennen MacKay expects the Brineura launch in Q2:17 and upcoming launches of Vosoritide and PEG-PAL to drive earnings as well as investor interest.

MacKay initiated coverage of the company with an Outperform rating, with a price target of $107.

Potential Catalysts

The analyst expressed optimism regarding BioMarin Pharma’s continued “pipeline expansion, commercial rare disease company scarcity value, and potential to be best in class in next generation gene therapy.”

MacKay expects the company’s gene therapy program to act as a key driver of upside, with potential for revenues of over $900 million in 2025.

“We view BMN270 as highly discounted by the Street and anticipate continued de-risking as BMRN discloses additional FDA/EMA interactions and moves to registrational development in Q3:17,” the analyst mentioned.

Other Catalysts

MacKay expects management to provide further guidance on the registrational trial start, trial design and physician and patient sentiment, while reimbursement negotiations is expected to lead to future share price appreciation.

In addition, BioMarin Pharma intends to file the Biologic License Application (BLA) for PEG-PAL in Q2:17, given the recent FDA interactions suggesting a path for approval based on blood phenylalanine levels.