Analyst Sees Fast Growth At BioMarin Pharmaceutical Inc.

BioMarin Pharmaceutical Inc.

pipeline and existing products could drive a doubling of revenue every four years, an analyst said Friday. Nomura's M. Ian Somaiya boosted his target on the Novato, Calif. company by 6 percent to $123, maintaining a Buy rating and calling it his "top pick" among mid-cap drug makers. BIoMarin, with 2013 sales of $548.5 million, has five approved products and multiple clinical and pre-clinical product candidates. "We expect a data rich next 12-to-15 months," Somaiya said. Somaiya raised his peak sales estimate for the company's drisapersen treatment for a form of muscular dystrophy to an annual rate of $1.25 billion, with marketing approval expected in 2019. BioMarin expects to pick up drisaperson in part of its acquisition of Netherlands-based Prosensa Holding N.V.

for $680 million, plus $180 million in contingency payments. The acquisition is expected to be completed in the current quarter. Somaiya also increased his pricing assumption on the company's BMN-190 drug in current trials for the treatment of Batten disease, a rare and dangerous childhood disorder of the nervous system. BioMarin changed hands recently at $98.59, up $0.81 cents.