Seeking Alpha
Editor's notes: A ramp-up in marketable products from an impressive pipeline will lead shares of BMRN even higher, according to biopharma Portfolio Manager Buddy Lyons.

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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