BioMarin To Report Revenue In-line With Consensus, Wedbush Says

In a report published Friday, Wedbush Morgan analyst Liana Moussatos maintained a Neutral rating on

, with a price target set to $102. The company is scheduled to report its 4Q14 results after market close on February 25. In the report, Wedbush Morgan noted, "We believe BioMarin's Q4 and 2014 revenues for Firdapse, Kuvan, Naglazyme and Vimizim are likely to achieve consensus. Current consensus estimates for Q4 and 2014 sales for these four products are in line with our estimates." Moussatos added that although the consensus estimates for Aldurazyme sales in Q4 and 2014 appeared "slightly high," the figures may come in-line or slightly higher than consensus, since Aldurazyme sales "can be choppy." "We adjusted our projected net interest expense from $1.2MM to $7.7MM. The change decreased our projected Q4 GAAP net income from $(84.4) MM to $(88.8) MM, which decreased our projected Q4 GAAP EPS to $(0.61) from $(0.57). Despite these changes, our Q4 and FY 2014 GAAP net income and EPS are in line with consensus," the analyst said. "We continue to consider BioMarin as richly valued relative to peers…If BMRN was trading in-line with peers, the stock price would only be about $28.64 (21.7x average peer 2018 P/E x $1.32 2018 consensus EPS)," Moussatos explained.