Market Overview - The stock market experienced significant downturns, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite declining by 8.6%, 10.1%, and 13.7% respectively between February 19 and March 13 [2] - The S&P 500 quickly recovered from correction territory, while the Nasdaq Composite followed shortly after [3] Investment Opportunities The Trade Desk - The Trade Desk's shares are over 57% below their all-time high, presenting a buying opportunity despite near-term economic concerns [4] - The company is well-positioned to benefit from rising digital advertising spending, particularly through its Unified ID 2.0 technology [5] - The forward P/E ratio of 27 is significantly lower than its average of nearly 89 over the past five years, indicating a potential value buy [6] PayPal Holdings - PayPal's total payment volume increased by 10% to $1.68 trillion in 2024, despite modest active account growth [8] - The appointment of CEO Alex Chriss is expected to drive innovation and cost-cutting measures, enhancing profitability [9] - PayPal's forward P/E ratio of 12.6 represents a 37% discount compared to its average over the last five years [10] Amazon - Amazon's future growth is heavily reliant on its AWS segment, which is the leading cloud infrastructure provider [12] - The company is also expanding its advertising and subscription services, with both segments showing double-digit sales growth [13] - Shares are currently priced at approximately 12.2 times forecast cash flow for 2026, which is 42% below its historical average [14] BioMarin Pharmaceutical - BioMarin focuses on rare diseases, providing it with unique pricing power and limited competition [15] - The company's top-selling drug, Voxzogo, generated $735 million in sales, a 56% increase from the previous year [16] - BioMarin aims to reach $4 billion in annual sales by 2027, a 40% increase from 2024 sales of $2.85 billion [17] - The forward P/E ratio of 13.5 is 64% below its average over the past five years [18] Alphabet - Alphabet is positioned as a strong investment opportunity, with a dominant market share in internet search [20] - The company's future growth is expected to be bolstered by its Google Cloud platform, particularly with the integration of AI solutions [21] - Shares can be purchased for 16.4 times forecast earnings in 2026, a 27% discount to its five-year average [22]

Company Overview - Auna S.A. (AUNA) is a notable stock within the Medical group, which consists of 1012 companies and is currently ranked 4 in the Zacks Sector Rank [2] - AUNA has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Comparison - Year-to-date, AUNA has achieved a return of approximately 25.8%, significantly outperforming the Medical sector's average return of 6.9% [4] - In comparison, another Medical stock, BioMarin Pharmaceutical (BMRN), has returned 8.3% year-to-date, highlighting AUNA's superior performance [4] Industry Context - Auna S.A. operates within the Medical Services industry, which includes 59 stocks and is currently ranked 83 in the Zacks Industry Rank; this industry has seen an average gain of 4.1% this year [5] - BioMarin Pharmaceutical belongs to the Medical - Biomedical and Genetics industry, which has 510 stocks and is ranked 70, with a year-to-date increase of 7.1% [6]

Core Viewpoint - BioMarin Pharmaceutical (BMRN) is currently positioned as a more attractive investment compared to CSL Limited Sponsored ADR (CSLLY) based on valuation metrics and earnings outlook [3][7]. Valuation Metrics - BMRN has a forward P/E ratio of 16.48, while CSLLY has a forward P/E of 22.55, indicating that BMRN is relatively undervalued [5]. - The PEG ratio for BMRN is 0.80, suggesting a favorable growth outlook compared to CSLLY's PEG ratio of 1.55, which indicates higher expected growth relative to its price [5]. - BMRN's P/B ratio stands at 2.33, compared to CSLLY's P/B of 4.02, further highlighting BMRN's better valuation [6]. Earnings Outlook - BMRN has experienced stronger estimate revision activity, which is a positive indicator for its earnings outlook compared to CSLLY [3][7]. - The Zacks Rank for BMRN is 2 (Buy), while CSLLY has a Zacks Rank of 4 (Sell), reflecting a more favorable investment sentiment towards BMRN [3]. Value Grades - BMRN has been assigned a Value grade of B, while CSLLY has a Value grade of D, indicating that BMRN is perceived as a better value investment [6].

Core Viewpoint - BioMarin Pharmaceutical Inc. has appointed Timothy P. Walbert, former chairman, president, and CEO of Horizon Therapeutics, to its Board of Directors effective February 24, 2025 [1][2]. Group 1: Appointment Details - Timothy P. Walbert has over 30 years of experience in the pharmaceutical industry, having held leadership roles at various companies including IDM Pharma, NeoPharm Inc., and Abbott [2]. - Walbert led Horizon Therapeutics from its founding in 2008 until its acquisition by Amgen in 2023 and is currently a senior advisor at Amgen [2]. Group 2: Company Statements - Alexander Hardy, CEO of BioMarin, expressed enthusiasm about Walbert's appointment, highlighting his operational expertise and patient-centered approach [3]. - Walbert stated his commitment to BioMarin's strategy focused on innovation, growth, and value creation, emphasizing the importance of prioritizing patient needs [3]. Group 3: Company Overview - BioMarin is a global biotechnology company based in San Rafael, California, founded in 1997, with a focus on developing medicines for rare genetic conditions [4]. - The company has a strong track record of innovation, with eight commercial therapies and a robust clinical and preclinical pipeline [4].

Financial Performance - Total revenues for 2024 reached $2.9 billion, a 17.9% increase from $2.4 billion in 2023[360] - Net income for 2024 was $426.9 million, significantly up from $167.6 million in 2023, marking a 154.5% increase[360] - Total net product revenues for 2024 were $2.8 billion, an increase of $436.9 million compared to $2.4 billion in 2023[365] - Cash and cash equivalents rose to $942.8 million in 2024, an increase of $187.7 million from $755.1 million in 2023, while total cash, cash equivalents, and investments slightly decreased by $26.0 million[392] - Net cash provided by operating activities increased to $572.8 million in 2024 from $159.3 million in 2023, a rise of $413.5 million[394] - Net cash provided by investing activities improved to $136.5 million in 2024 compared to a net cash used of $(111.2) million in 2023, an increase of $247.7 million[395] - Net cash used in financing activities rose to $(526.4) million in 2024 from $(18.7) million in 2023, an increase of $(507.7) million primarily due to the $495.0 million settlement of the 2024 Notes[396] Sales and Revenue Drivers - VOXZOGO sales increased by $265.2 million, reaching $735.1 million in 2024, driven by higher sales volume from new patients[365] - KUVAN revenues decreased by $59.9 million in 2024 due to increased generic competition following the loss of market exclusivity[367] - The unfavorable impact of foreign currency exchange rates on product sales was $100 million in 2024, primarily due to the weakening of the Argentine Peso and Japanese Yen[371] Research and Development - Research and development expenses for 2024 were $747.2 million, slightly up from $746.8 million in 2023[360] - The company completed a strategic portfolio assessment to prioritize research and development programs with the strongest potential for success[363] - Research and early pipeline expenses rose to $434.0 million in 2024, up 40.9% from $393.1 million in 2023, primarily due to pre-clinical activities for new VOXZOGO indications[377] - Later-stage clinical program expenses decreased significantly by 56.4%, from $119.0 million in 2022 to $27.6 million in 2024, as ROCTAVIAN was moved to marketed products following FDA approval[377] Expenses - Total SG&A expenses increased to $1,009.0 million in 2024, up 13.1% from $892.4 million in 2023, with G&A expenses rising by 31.1% due to severance and restructuring costs[379][380] - Cost of sales for 2024 was $580.2 million, up from $532.1 million in 2023, reflecting higher sales volumes[373] - Other expense, net decreased from $38.2 million in 2023 to $4.7 million in 2024, primarily due to lower foreign currency transaction losses and decreased loss on non-marketable securities[386] Tax and Interest - Provision for income taxes surged to $114.9 million in 2024, a significant increase from $20.9 million in 2023, driven by higher earnings and foreign-source income taxed in the U.S.[387] - Interest income increased to $74.9 million in 2024, a 28.5% rise from $58.3 million in 2023, attributed to higher balances and yields on cash equivalents and investments[384] - Interest expense decreased to $12.7 million in 2024, down 26.6% from $17.3 million in 2023, primarily due to the maturity of convertible debt[385] Financial Obligations and Risks - As of December 31, 2024, the company had purchase obligations of approximately $641.9 million, with $482.0 million expected to be paid in 2025[400] - The company had lease payment obligations of $48.0 million as of December 31, 2024, with $9.5 million payable in 2025[401] - As of December 31, 2024, the company was subject to contingent payments of $258.1 million, with up to $3.1 million potentially payable in 2025[402] - The liability for unrecognized tax benefits was $325.0 million as of December 31, 2024[403] - Approximately 51% of net product sales were denominated in foreign currencies during 2024, exposing the company to foreign currency exchange rate risks[416] - A hypothetical 10% adverse movement in foreign currency exchange rates could reduce the value of open forward contracts by approximately $129.6 million[418] - A 100 basis point increase in interest rates could result in a potential loss in fair value of the investment portfolio of approximately $8.5 million[422] Financial Instruments and Hedging - The company mitigates foreign currency exchange rate risks through foreign currency derivative hedging transactions[414] - The company does not use derivative financial instruments for speculative trading purposes, focusing instead on risk management[417] - The company's financial risk management policy limits derivative transactions to institutions with minimum credit ratings of A- or equivalent[424]

Core Viewpoint - BioMarin Pharmaceutical (BMRN) shares have increased by 10.6% recently, with a mean price target of $95.92 suggesting a potential upside of 40.5% from the current price of $68.25 [1] Price Targets and Analyst Estimates - The mean estimate consists of 25 short-term price targets with a standard deviation of $16.71, indicating variability among analysts [2] - The lowest estimate is $65, suggesting a 4.8% decline, while the highest estimate is $127, indicating an 86.1% increase [2] - A low standard deviation signifies strong agreement among analysts regarding the stock's price movement [7] Earnings Estimates and Analyst Sentiment - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [9] - The Zacks Consensus Estimate for the current year has risen by 1.1% over the past month, with four estimates increasing and one decreasing [10] - BMRN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as they can mislead investors [5][8] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6]

BioMarin Pharmaceutical (BMRN 4.75%) was a lively stock in the best way on Thursday following the release of its latest set of quarterly results. Enthusiastic investors traded the company's shares up by nearly 5% in price, contrasting quite sharply with the 0.4% decline of the S&P 500 index on the day.A pair of crushing beatsThose results were published just after market hours on Wednesday, and they showed that the company's revenue reached $747 million for its fourth quarter of 2024. That was a beefy (16%) ...

BioMarin Pharmaceutical (BMRN) reported fourth-quarter adjusted earnings per share of 92 cents, which beat the Zacks Consensus Estimate of 73 cents. Quarterly earnings rose 88% year over year, driven by higher product sales and lower operating expenses.Total revenues were $747.3 million, which rose 16% year over year on a reported basis and 21% on a constant-currency basis. Strong sales of Voxzogo drove this upside. The top line beat the Zacks Consensus Estimate of $711.9 million.See the Zacks Earnings Cale ...

On Wednesday, BioMarin Pharmaceutical Inc. BMRN reported fourth-quarter adjusted EPS of 92 cents, up from 49 cents reported a year ago, beating the consensus of 53 cents.The company reported sales of $747.31 million, beating the consensus of $713.44 million. Total Revenues increased 16% year over year, driven by Voxzogo contributions from new patient starts in all regions.In the quarter, revenues from BioMarin's Enzyme Therapies increased 9%, driven by increased patient demand in all regions and the timing ...

Financial Performance and Key Metrics - Full year 2024 total revenues grew 18% to $2.85 billion, with fourth quarter revenues increasing 16% year-over-year to $747 million [16][9] - Non-GAAP operating margin expanded over 900 basis points, reaching 28.6% for the full year 2024, and 31.1% for the fourth quarter [21][10] - Non-GAAP diluted earnings per share increased 69% to $3.52 for the full year and 88% to $0.92 for the fourth quarter [22][10] - Operating cash flow for the full year 2024 was $573 million, a 260% increase over the previous year [22] Business Line Performance - VOXZOGO for achondroplasia grew 56% year-over-year, contributing significantly to revenue growth, with total revenue of $735 million for 2024 [11][30] - Enzyme therapy business totaled over $1.9 billion for the full year, a 12% increase compared to 2023, with consistent growth across marketed brands [17][10] - PALYNZIQ revenue growth was driven by substantial patient uptake in the U.S. and ongoing expansion in Japan [37] Market Performance - VOXZOGO's revenue split for 2024 was 24% from the U.S. and 76% from international markets, indicating strong global demand [32] - The company plans to expand VOXZOGO access to over 60 countries by 2027, focusing on early diagnosis and treatment [34] Company Strategy and Industry Competition - The company is prioritizing its most promising pipeline candidates and reorganizing its operating model around business units [8] - A $500 million cost transformation program is underway to enhance profitability and support long-term growth [8] - The company aims for double-digit revenue growth in 2025, with a target of $4 billion in total revenues by 2027 [23][25] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in 2025, supported by a strong commercial portfolio and ongoing innovation [10][13] - The company anticipates that the majority of revenue growth in 2025 will occur in the second half of the year [24] - Management highlighted the importance of early diagnosis and treatment in driving future growth, particularly for VOXZOGO [33] Other Important Information - The company expects non-GAAP operating margin for 2025 to be between 32% and 33%, reflecting continued strong revenue growth and cost transformation initiatives [26] - Non-GAAP diluted earnings per share for 2025 is expected to be between $4.20 and $4.40, indicating a strong growth trajectory [28] Q&A Session Summary Question: Insights on VOXZOGO guidance and growth expectations - Management acknowledged that while VOXZOGO is expected to grow by $200 million year-over-year, the growth rate is decelerating as the revenue base increases [50][52] - The U.S. market is a significant focus, with efforts to expand the prescriber base and increase patient starts in the 0 to 5 age cohort [56][57] Question: Business development priorities - The company is focused on both pipeline and commercial assets, with a strong interest in genetically defined conditions [62][68] - Management highlighted the importance of their global commercialization capabilities in attracting potential partners [70] Question: Durability and safety of growth hormone and CNP combo - The company aims to develop a single agent CNP drug that delivers best-in-class growth while ensuring convenience and safety for patients [79] Question: DMD program and dystrophin levels - Management indicated that the 25-week data will provide a clearer indication of whether the target of 10% dystrophin levels is achievable [86][88] Question: Diagnostic harmonization and enzyme therapy growth - The company is actively working on harmonizing diagnostic protocols across geographies to enhance patient identification and treatment [90][93]