BioMarin Pharmaceutical Inc. (BMRN)

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BioMarin Pharmaceutical- Soleil report
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We recently hosted an investor luncheon with BMRN management, and we remain confident in
both Kuvan's chances at FDA later this week as well as the product's ability to drive earnings
beginning in 2008. We believe the sales force is set to kick off a 3-day launch meeting today in
San Francisco, and, assuming outright Approval this Friday, BMRN is ready to begin shipping
product next Monday. We expect management to host a call next Monday to announce Kuvan
pricing (per-tablet ASP) and to provide preliminary 2008 Kuvan sales guidance. We continue
to believe that our $13/pill assumption is highly conservative and that initial pricing will
provide the first source of earnings leverage, with higher average dosing and higher average
patient weight fueling economics over the long term. We remain buyers of BMRN, with a price
target of $34 (30X 2011E disc. 3-periods at 25%).