We have followed BMRN since 2001 when we launched coverage at $3. Under the leadership of Jean-Jacques Bienaime since 2005 the company has launched four products treating orphan diseases and has built an enviable pipeline. The stock is up almost 900% over the past 10 years, even though the company has yet to become profitable. The promise of profitability for BMRN has been elusive, but elusive for a reason. The company has built one of the deepest pipelines in the industry and has dramatically increased R&D to move that pipeline forward as quickly as possible. R&D as a percent of sales increased from 39% to 64% from 2010 to 2013. In dollars, that's a doubling of R&D while revenue increased...
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