Pharma stock to watch: BioMarin Pharmaceutical Inc. (NASDAQ: BMRN)

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BioMarin Pharmaceutical Inc.(NASDAQ: BMRN) has reported the adjusted loss per share of $0.53 in the fourth quarter 2016 ended 31st December, missing the analysts’ estimates for the adjusted earnings per share of $0.38. The company had reported the adjusted revenue growth of 31.6 percent to $300 million in the fourth quarter 2016, beating the analysts’ estimates for revenue of $296.54 million. The adjustments in the net loss year over year were primarily due to the impairment of intangible assets associated with the discontinuance of the Kyndrisa and reveglucosidase alfa programs in 2016,  and the absence of the gain on the sale of rights to talazoparib in 2015.

BioMarin Pharmaceutical in FY 16 has reported 26 percent growth in the total revenue to $1.12 billion and expects in the full Year 2017 the total revenue in the range of $1.25 billion to $1.30 billion

2016 was a transformational year for BioMarin Pharmaceutical, whose commercial business topped $1 billion for the first time while the company concurrently achieved significant clinical and regulatory milestones across the product pipeline. In the third quarter, BioMarin Pharmaceutical had shared proof-of-concept data with BMN 270 gene therapy, the only factor VIII product in clinical development for the treatment of severe Hemophilia A. In addition, the company’s regulatory filings for approval of Brineura, for the treatment of Batten disease, were accepted and validated in both the U.S. and EU. The Prescription Drug User Fee Act (PDUFA) goal date for an FDA approval decision is on April 27th, 2017, if approved the treatment option for this devastating childhood disease will be there for the company in the near future.

Additionally, at the end of 2016, BioMarin Pharmaceutical has initiated a one-year, randomized, placebo-controlled Phase 3 study in children with achondroplasia ages 5-14 using a daily 15µg/kg dose. BMRN is moving to the expansion phase of the development program, that will assess the impact of treatment with BMN 250 on the neurocognitive function in this rapidly progressive pediatric brain disease. Further, the filing of the BLA for pegvaliase for the treatment of phenylketonuria is expected in the second quarter of 2017.

BioMarin Pharmaceutical had to present data in four oral and seven poster presentations at the 13th Annual WORLDSymposium to be held February 13-17th, 2017 in San Diego, California.

BioMarin Pharmaceutical stock has risen 14.92% in a year (source: Google Finance). But the stock has a strong upside as per, wherein 8 analysts consensus shows a “Strong Buy”. BMRN has an average price target of $118.14, which is a further upside of 32.31%.

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