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BioMarin Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: BMRN

Total Revenue in 2012 Exceeds $500 Million

PEG-PAL End of Phase 2 Meeting Completed, Phase 3 to Begin Next Quarter

Conference Call and Webcast to Be Held Today at 5:00 p.m. ET

Financial Highlights ($ in millions, except per share data, unaudited)

  FY 2012 FY 2011 Percent Change
Total BioMarin Revenue  $ 500.7  $ 441.4 13.4%
Total Net Product Revenue  496.5  437.6 13.5%
Naglayzme Net Product Revenue  257.0  224.9 14.3%
Aldurazyme BioMarin Net Product Revenue  82.2  82.8 -0.7%
Kuvan Net Product Revenue  143.1  116.8 22.5%
Firdapse Net Product Revenue  14.2  13.2 7.6%
GAAP Net Loss  (114.3)  (53.8)  
GAAP Net Loss per Share (basic and diluted)  $ (0.95)  $ (0.48)  
Non-GAAP Adjusted EBITDA Income (Loss)  $ (11.6)  $ 34.5  
       
Cash, cash equivalents and short and long-term investments*  $ 566.7  $ 289.5 95.8%
       
* The cash balance at the end of 2012 includes net proceeds of $235.5 million from the public offering in June 2012.

SAN RAFAEL, Calif., Feb. 21, 2013 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the fourth quarter and full year 2012. GAAP net loss was $53.0 million ($0.43 per share) for the fourth quarter of 2012, compared to GAAP net loss of $26.7 million ($0.23 per share) for the fourth quarter of 2011. Non-GAAP adjusted EBITDA was a loss of $15.5 million for the fourth quarter of 2012, compared to non-GAAP adjusted EBITDA loss of $3.0 million for the fourth quarter of 2011. The increased GAAP net loss and the reduced non-GAAP adjusted EBITDA for the fourth quarter of 2012 compared to the fourth quarter of 2011 was primarily due to increased net product revenue offset by a larger increase in research and development expenses.

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