Bear Of The Day: BioMarin Pharmaceutical (BMRN)
We are downgrading BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to Underperform from Neutral based on the continuous disappointing performance of the company’s key product, Aldurazyme and the later-than- expected European launch of Firdapse for the treatment of a rare autoimmune disorder.
The later-than-expected European launch of the drug was primarily responsible for the company trimming its 2010 revenue outlook. Moreover, the early/mid-stage pipeline at BioMarin also concerns us.
We expect cash burn to increase since the company is investing heavily on developing its pipeline. These headwinds cause us to believe that there is little reason for investors to own the stock.
BIOMARIN PHARMA (BMRN): Free Stock Analysis Report
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