William Blair & Company Initiates Coverage of BioMarin Pharmaceutical Inc. With Outperform Rating

William Blair & Company initiated research coverage of BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) ($27.45), which specializes in treating orphan diseases with significant unmet medical need, with an Outperform rating and Aggressive Growth company profile.

Analyst John Sonnier estimated that the company, which has discovered, developed, and received regulatory approval for three products, would generate non-GAAP EPS of $0.61 in 2008 and $1.01 in 2009.

"We are initiating coverage of BioMarin with an Outperform rating based on our expectation of strong EPS growth during 2008-2010,” Sonnier said. "In our opinion, BioMarin’s commercial product diversity, clinical development expertise, and product pipeline position the company well for long-term sustainable growth.”

"Given the company’s record of successful development, we believe the company’s pipeline is underappreciated by the Street,” he added. "Depending on the outcomes of several trials that are evaluating the active drug in Kuvan in several cardiovascular indications, we believe the company could have up to four drugs in clinical development in 2009.”

William Blair & Company, L.L.C. intends to seek or expects to receive compensation for investment banking services from this company in the next 3 months.

William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position.

William Blair & Company, L.L.C. is a Chicago-based investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company’s offices include Chicago, Boston, London, New York, San Francisco, Shanghai, Tokyo, and Zurich. For more information, please visit www.williamblair.com.

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