BioMarin 3Q Profit Jumps Improved Drug Sales

NOVATO, Calif. (AP) — BioMarin Pharmaceutical Inc. said Wednesday its profit soared during the third quarter, as sales of its enzyme disease drugs Naglazyme and Kuvan improved.

BioMarin said its profit grew to $6.6 million, or 6 cents per share, from $829,000, or a penny per share, in the year-ago quarter. Revenue grew 10 percent, to $80.8 million from $72.6 million, due to improved product sales. According to a Thomson Reuters survey, analysts expected a profit of a penny per share and $82 million in revenue.

Sales of Naglazyme jumped 26 percent to $42.1 million, while revenue from Aldurazyme fell to $14.6 million from $20.7 million. Both drugs treat mucopolysaccharidosis I, an inherited metabolic disease that can cause tissue damage and mental retardation.

Aldurazyme is sold by Genzyme Corp. Total sales of the drug grew to $40.3 million from $38.2 million, but BioMarin reported less revenue due to the timing of inventory transfers.

Revenue from Kuvan rose 57 percent to $21.7 million. Kuvan is a treatment for phenylketonuria, or PKU, which is a genetic disorder that can interfere with brain development.