|
|
 |
|
Viewing report
|
|
|
|
BioMarin Pharmaceutical Inc.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Portfolio of three products that have minimal competition; The 2010 launch of Firdapse in the EU will provide some product and revenue diversity; and Adequate liquidity to fund ongoing research and development and operations. No track record of sustainable free cash flow; A continued lack of profitability; High adjusted leverage of 5.8x; A limited pipeline, with only one product in phase III; and Need to possibly make additional acquisitions to bolster its pipeline. Standard & Poor's unsolicited ratings on BioMarin reflect its highly leveraged financial risk profile exhibited by adjusted leverage of 5.8x at Dec. 31, 2010. It also takes into consideration the ongoing free operating cash outflows. We believe that BioMarin's business risk profile is weak because of its...
Companies mentioned in this report are: BioMarin Pharmaceutical Inc. (Unsolicited Ratings)
Action: Review
|
|
|
|
