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BioMarin Announces Fourth Quarter And Full Year 2012 Financial Results

BioMarin ®, Naglazyme ®, Kuvan ®, Firdapse ® and Vimizimâ„¢ are registered trademarks of BioMarin Pharmaceutical Inc.

Aldurazyme ® is a registered trademark of BioMarin/Genzyme LLC.

BIOMARIN PHARMACEUTICAL INC.
     
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2012 and December 31, 2011
(In thousands of U.S. dollars, except share and per share amounts)
     
     
  December 31, 2012 December 31, 2011(1)
ASSETS  (unaudited)  
Current assets:    
Cash and cash equivalents  $ 180,527  $ 46,272
Short-term investments  270,211  148,820
Accounts receivable, net (allowance for doubtful accounts: $348 and $513, respectively)  109,066  104,839
Inventory  128,695  130,118
Current deferred tax assets  29,454  21,115
Other current assets  25,509  18,638
 Total current assets  743,462  469,802
Noncurrent assets:    
Investment in BioMarin/Genzyme LLC  1,080  559
Long-term investments  115,993  94,385
Property, plant and equipment, net  284,473  268,971
Intangible assets, net  162,980  180,277
Goodwill  51,543  51,543
Long-term deferred tax assets  225,501  224,677
Other assets  16,611  15,495
Total assets  $ 1,601,643  $ 1,305,709
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities  $ 147,068  $ 94,125
Convertible debt  23,365  -- 
Total current liabilities  170,433  94,125
Noncurrent liabilities:    
Long-term convertible debt  324,859  348,329
Long-term contingent acquisition consideration payable  30,618  33,059
Long-term deferred tax liabilties  33,296  37,155
Other long-term liabilities  26,674  19,993
Total liabilities  585,880  532,661
Stockholders' equity:    
Common stock, $0.001 par value: 250,000,000 shares authorized at December 31, 2011 and 2012; 125,809,162 and 114,789,732 shares issued and outstanding at December 31, 2012 and 2011, respectively.  126  115
Additional paid-in capital  1,561,890  1,197,082
Company common stock held by Nonqualified Deferred Compensation Plan  (6,603)  (3,935)
Accumulated other comprehensive income (loss)  (202)  4,887
Accumulated deficit  (539,448)  (425,101)
Total stockholders' equity  1,015,763  773,048
Total liabilities and stockholders' equity  $ 1,601,643  $ 1,305,709
     
(1) December 31, 2011 balances were derived from the audited consolidated financial statements.
 
BIOMARIN PHARMACEUTICAL INC.
         
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Twelve Months Ended December 31, 2012 and 2011
(In thousands of U.S. dollars, except per share amounts)
(Unaudited) 
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
REVENUES:        
Net product revenues  $ 130,957  $ 106,064  $ 496,497  $ 437,647
Collaborative agreement revenues  226  93  1,955  468
Royalty and license revenues  755  1,689  2,271  3,243
Total revenues  131,938  107,846  500,723  441,358
OPERATING EXPENSES:        
Cost of sales (excludes amortization of certain acquired intangible assets)  26,532  21,519  91,830  84,023
Research and development  84,363  57,908  302,218  214,374
Selling, general and administrative  55,049  48,454  198,173  175,423
Intangible asset amortization and contingent consideration  12,898  1,400  18,717  1,428
Total operating expenses  178,842  129,281  610,938  475,248
LOSS FROM OPERATIONS  (46,904)  (21,435)  (110,215)  (33,890)
Equity in the loss of BioMarin/Genzyme LLC  (253)  (609)  (1,221)  (2,426)
Interest income  765  632  2,584  2,934
Interest expense  (1,930)  (1,878)  (7,639)  (8,409)
Debt conversion expense  --   --   --   (1,896)
Other income and (expense)  (1,772)  174  (1,787)  60
LOSS BEFORE INCOME TAXES  (50,094)  (23,116)  (118,278)  (43,627)
Provision for (benefit from) income taxes  2,918  3,619  (3,931)  10,209
NET LOSS  $ (53,012)  $ (26,735)  $ (114,347)  $ (53,836)
NET LOSS PER SHARE, BASIC AND DILUTED   $ (0.43)  $ (0.23)  $ (0.95)  $ (0.48)
         
         
Weighted average common shares outstanding, basic and diluted 124,575 114,415 120,271 112,122
 
STOCK-BASED COMPENSATION EXPENSE
 
Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:
         
  Three Months Ended December 31, Twelve Months Ended December 31, 
  2012 2011 2012 2011
  (unaudited) (unaudited) (unaudited) (unaudited)
Cost of sales  $ 1,355  $ 1,307  $ 4,890  $ 5,171
Research and development 5,385 4,295 20,736 16,365
Selling, general and administrative 5,325 5,610 22,346 22,283
   $ 12,065  $ 11,212  $ 47,972  $ 43,819
         
CONTACT: Investors:
         Eugenia Shen
         BioMarin Pharmaceutical Inc.
         (415) 506-6570
         
         Media:
         Debra Charlesworth
         BioMarin Pharmaceutical Inc.
         (415) 455-7451

BioMarin Pharmaceutical Inc. Logo

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