What Evercore Is Watching At BioMarin Pharmaceutical

In a report published Wednesday, Evercore ISI analyst Mark Schoenebaum discussed the latest developments at

. In the report, Deutsche Bank noted, "BMRN just reported 4Q and FY14 results, as well as 2015 guidance. ~20% top-line beat in the 4Q was driven by performance of Vimizim, Naglazyme, Aldurazyme, and Kuvan, which beat consensus estimates. Recall that BMRN raised FY14 guidance for Vimizim as late as January and still beat (77.3 vs guidance of 75-77 M)." "Of note in the press release: drisapersen near-term approval in EITHER the US or EU will drive BMRN to profitability on a non-GAAP basis in 2017; drisapersen NDA expected to be completed in April 2015 in the US and the MAA in the EU is expected to be submitted this summer," Schoenebaum added. "The high end of 2015 revenue guidance (840-870 M) is in-line with consensus ($871 M), but note that on a constant currency basis revenue guidance is $885-915 (above consensus)," the analyst commented. Schoenebaum further pointed out, "BMRN typically guides revenue in-line to conservative vs YE actual," noting that in 2014, the revenue guidance was $650-680 million versus YE actual of $751 million, in 2013, the revenue guidance stood at $530-555 million versus YE actual at $548 million and in 2012, the revenue guidance was $465-510 million versus YE actual of $501 million.