BMRN earnings call for the period ending March 31, 2020.
BioMarin (BMRN) delivered earnings and revenue surprises of 90.91% and 6.73%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Dr. Leana Wen, Emergency Physician and Visiting Professor at George Washington University School of Public Health, joins Yahoo Finance’s Seana Smith to discuss the outlook on a timeline for a coronavirus vaccine as more states begin to reopen their economies.
Biopharma shares have outperformed the broader market year-to-date, giving rise to apprehension over whether a pullback is in the offing. An analyst at BofA Securities said Friday that now is the time to go from defensive to offensive in the sector, as quarantines are winding down in several parts of the globe.The Biopharma Analyst Analyst Geoff Meacham shortlisted Eli Lilly And Co (NYSE: LLY), Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX), Bristol-Myers Squibb Co (NYSE: BMY), BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) and Amgen, Inc. (NASDAQ: AMGN) as biopharma stocks where he would put his money to work.The analyst has the following ratings and price targets for the shares: * Lilly: Buy/$165 * Vertex: Buy/$300 * Bristol-Myers Squibb: Buy/raised the price target from $75 to $80 * BioMarin: Buy/lifted price target from $110 to $120 * Amgen: Buy/price target increased from $265 to $2755 Reasons For BofA's Bullish Disposition BofA is increasingly bullish on the biopharma group due to the following factors, Meacham said: * Expectations for robust revenue growth of 6% in the second half of 2020 compared to the first-half, which is double that of the S&P 500's revenue growth. * Reasonable price-earnings for the stocks in the sector. * Many value-creating events lined up for the second half. * Lower policy risk stemming from goodwill earned from the COVID-19 pipeline. * A consistently positive FDA backdrop.Q1 Earnings Get 'A' Grade All of the big biotechs and major pharma companies reported both revenue and adjusted EPS beats in the first quarter, with Lilly and Vertex even raising some parts of their 2020 guidance, Meacham said.Citing slower new starts and forex headwinds, Bristol-Myers Squibb and BioMarin lowered their 2020 revenue guidance, but maintained their EPS guidance, the analyst said. Meacham expressed surprise at Merck & Co., Inc. (NYSE: MRK) and Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) lowering their 2020 revenue and adjusted EPS guidance, given his belief that oncology or orphan diseases wouldn't be as sensitive to COVID-19 disruption.See also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates Lilly One of The Higher Quality Stocks In BofA's Coverage Lilly is a source of differentiated growth given its early product cycle and diversified base business, including diabetes, immunology and immunotoxicology and migraine, and an advancing late-stage pipeline of potentially best-in-class or first-in-class therapies, Meacham said.The analyst said he likes Lily's potential for additional earnings growth in 2020-2021 and views Lilly as one of the higher quality stocks in his coverage despite its higher valuation. The prospects for 2021 look attractive, with selpercatinib potentially launching in non-small cell lung cancer and thyroid cancer by year's end, and tirzepatide approval in 2021 representing a "step change" for the diabetes franchise, he said. Consensus For Vertex To Move Higher? Vertex has a richer -- though well-deserved -- valuation, due to its differentiated growth profile, Meacham said.Given that Vertex's commercial execution is largely unaffected by the COVID-19 pandemic, the analyst said investors will begin to look forward to 2021 sooner than for other companies with more commercial risk.BofA expects consensus estimates to continue to move higher, making Vertex's valuation even more attractive.Bristol-Myers Has Highly Differentiated Growth With an estimated 8% revenue growth and 19% EPS growth in 2021 compared to 5-6% and 12%, respectively, for peers, and with six new launches expected this year, 2020 is shaping up to be a very robust period for Bristol-Myers despite the ongoing COVID-19 headwinds, Meacham said. The analyst said the company's growth looks highly differentiated.An increasingly diversified product mix and beatable launch expectations position the company for meaningful upside to consolidated P&L, with improving synergies, he said. BioMarin's 'Game-Changing' Late-Stage Pipeline BioMarin's late-stage pipeline in valrox and vosoritide have improved its growth outlook, Meacham said.The analyst termed the company's late-stage pipeline as "game-changing." The second-half launch of Roctavian is the most important catalyst for the company this year, with the product likely to accelerate the company's already above-average growth profile, he said. "We see BioMarin as one of the higher quality names in our coverage universe given its clean growth story and it remains our SMid cap top pick." Amgen Looks To New Product Growth To Compensate For Legacy Product Erosion The long-term outlook for Amgen's Otezla is improving given the recently announced Phase 3 data for mild-to-moderate psoriasis, Meacham said.The company rapidly refocused its story from legacy product erosion to new product growth with the acquisition of Otezla from the Bristol/Celgene deal, the analyst said. "Since then Amgen's growth profile has only improved, led by an expanded addressable market for Otezla, outperforming Amgen Biosimilars and Evenity franchises, aggressive formulary negotiation for Aimovig, and an exciting pipeline in AMG 510 and tezepelumab looking to contribute as soon as 2021." The Price Action The iShares NASDAQ Biotechnology Index (NASDAQ: IBB) was last seen trading up 1.25% to 128.76, adding to its 5.6% year-to-date gain. Related Link: The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Ayala IPO, Pluristem Starts Phase 2 Trial Of COVID Treatment, European Nod For Takeda * The Daily Biotech Pulse: FDA Approves Novartis Lung Cancer Drug, 2-Way Contest Emerging For Tetraphase Pharma, Dexcom To Join S&P 500 * The Daily Biotech Pulse: FDA Nod For AstraZeneca, AbbVie-Allergan Deal Clears Antitrust Hurdle(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is beefing up its gene therapy portfolio. The large-cap biopharma BioMarin said it has entered into a pre-clinical collaboration and licensing agreement with DiNAQOR, a gene therapy platform company headquartered in Switzerland, to develop gene therapies to treat rare genetic cardiomyopathies.The licensing agreement will initially cover DiNAQOR's lead candidate DiNA-001, which is being evaluated for MYBPC3 hypertrophic cardiomyopathy, or HCM.HCM is one of the most common genetic heart diseases, with about 500,000 patients diagnosed, and up to 60% of HCM cases have a genetic origin, BioMarin said.It is estimated that 40% of those have mutations in MYBPC3, the gene that encodes cardiac myosin-binding protein C, the company said. HCM affects the heart muscle, often increasing the risk of heart failure and life-threatening arrhythmias, and there is no currently available pharmacologic treatment option for the disease.BioMarin, which itself is speculated to be an M&A target, said it has the option to extend the license to include DiNAQOR's other pipeline programs on similar terms.BioMarin said it is also picking up a stake in DiNAQOR.The financial terms of the deal were not disclosed.BioMarin also reiterated its 2020 GAAP net income guidance of $20 million to $80 million, after factoring in this collaboration."With this agreement, BioMarin is continuing to apply its gene therapy know-how and manufacturing expertise in new areas like cardiology," BioMarin CEO Jean-Jacques Bienaime said in a statement. BioMarin's BLA for AAV5 gene therapy candidate valoctocogene roxaparvovec has been accepted for review by the FDA with a priority review designation. The gene therapy, which is being evaluated for a bleeding disorder, has a PDUFA action date of Aug. 21.BioMarin shares were down 1.44% at $86.85 at the time of publication Monday. Related Links:Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Inovio's MERS Vaccine Data, Fast Track Designation For Erytech, FDA Approves Higher Dose Of Merck's Keytruda * The Daily Biotech Pulse: Pfizer Earnings, Roche's Spinal Muscular Dystrophy Treatment, Moderna COVID-19 Vaccine Update * The Week Ahead In Biotech (April 26-May 2): Cancer Conference, Earnings News Flow In The Spotlight(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that the company has entered into a preclinical collaboration and license agreement with DiNAQOR AG (DiNAQOR), a gene therapy platform company, to develop novel gene therapies to treat rare genetic cardiomyopathies. DiNAQOR will receive an undisclosed upfront payment and is eligible to receive development, regulatory and commercial milestones on product sales in addition to tiered royalties on worldwide sales. The company did not disclose financial terms. BioMarin management reiterated its 2020 GAAP net income guidance of $20 to $80 million, inclusive of this collaboration.
Companies like Lyft and Zillow Group are using convertibles to shore up their balance sheets or simply take advantage of strong investor demand for the hybrid securities.
The biotech is experiencing some disruption from the COVID-19 pandemic, but not enough to derail its growing momentum.
The drug company has not said what it plans to do with the cash, but analysts speculate that it will pursue a gene therapy company worth around $5 billion.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that the initial purchasers of the previously announced offering of its 1.25% Senior Subordinated Convertible Notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended elected to exercise in full their 13-day option to purchase an additional $50 million aggregate principal amount of the notes (the "Additional Notes"). The sale of the Additional Notes closed today.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced the pricing of $550.0 million aggregate principal amount of 1.25% senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The aggregate principal amount of the offering was increased from the previously announced offering size of $500.0 million. BioMarin also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $50.0 million aggregate principal amount of notes. The sale of the notes is expected to close on May 14, 2020, subject to customary closing conditions.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that it intends to offer, subject to market conditions and other factors, $500.0 million aggregate principal amount of senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. BioMarin also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $50.0 million aggregate principal amount of notes.
Q1 2020 Biomarin Pharmaceutical Inc Earnings Call
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced that management will participate in the Bank of America Global Research Health Care Conference on May 14, 2020 at 2:20pm ET and the RBC Capital Markets Global Healthcare Conference on May 19, 2020 at 1:55pm ET. An audio webcast of the presentation will be available live. You can access the webcast at: https://investors.biomarin.com/. An archived version of the remarks will also be available through the Company's website for a limited time following the conference.
BioMarin Pharma (BMRN) has announced a preclinical collaboration and license agreement with DiNAQOR AGto develop novel gene therapies to treat rare genetic heart diseases. "With this agreement, BioMarin is continuing to apply its gene therapy know-how and manufacturing expertise in new areas like cardiology," said Jean-Jacques Bienaimé, CEO of BioMarin. "This collaboration extends our global leadership position in gene therapy and boosts our potential to transform the lives of patients worldwide with rare genetic cardiomyopathies."DiNAQOR, a gene therapy platform company, will receive an undisclosed upfront payment and is eligible to receive development, regulatory and commercial milestones. The company did not disclose financial terms. BioMarin management also reiterated its 2020 GAAP net income guidance of $20 to $80 million, including the collaboration payments.The license initially covers DiNAQOR's lead program, DiNA-001 for MYBPC3 hypertrophic cardiomyopathy (HCM). This a disease in which the heart muscle becomes abnormally thick, impairing the heart's ability to pump blood effectively.Additionally, the companies will collaborate on several of DiNAQOR's other pipeline programs, and BioMarin can extend the license to include these additional programs on similar terms. “Reflecting the long-term commitment to the collaboration, BioMarin is simultaneously investing in DiNAQOR” the press release also reveals. BioMarin stock is currently trading up 4% on a year-to-date basis, and the Street sees potential for prices to climb a further 30%. Indeed the stock boasts a Strong Buy analyst consensus, with 14 recent buy ratings vs 3 hold ratings. (See BioMarin stock analysis on TipRanks). “We like BMRN as an established leader in rare diseases with a well-appreciated sustainable base business and promising long-term growth prospects in hemophilia A (BMN-270)” commented RBC Capital analyst Kennen MacKay on April 30. He has a buy rating on the stock and $113 price target.Related News: Gilead’s Remdesivir Receives Emergency FDA Approval; Here’s What This Five-Star Analyst Has To Say Gilead Down 5% As Q1 Earnings Spark Street Downgrades Roche Gets Emergency FDA Approval For Covid-19 Antibody Test, Starts Shipping
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In this article we will take a look at whether hedge funds think BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips […]
BioMarin (BMRN) beats estimates for both earnings and sales in the first quarter. It lowers its total revenue outlook for the year due to the potential impact of coronavirus outbreak.
A Relative Strength Rating upgrade for BioMarin Pharmaceutical shows improving technical performance.