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BioMarin Announces First Quarter 2013 Financial Results

Stocks in this article: BMRN

Total Revenue Continues Steady Growth of 10 Percent; Progress on All Aspects of the Business

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

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

  Q1 2013 Q1 2012 Percent Change
Total BioMarin Revenue  $ 127.9  $ 116.6 9.7%
Total Net Product Revenue  127.3  116.2 9.6%
Naglayzme Net Product Revenue  69.4  68.6 1.2%
Aldurazyme BioMarin Net Product Revenue  16.7  12.0 39.2%
Kuvan Net Product Revenue  37.6  32.0 17.5%
Firdapse Net Product Revenue  3.6  3.6 0.0%
GAAP Net Loss  (39.8)  (24.0)  
GAAP Net Loss per Share (basic and diluted)  $ (0.31)  $ (0.21)  
Non-GAAP Adjusted EBITDA Loss  $ (8.0)  $ (0.1)  
       
Cash, cash equivalents and short and long-term investments  $ 525.7  $ 287.7 82.7%

SAN RAFAEL, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for its first quarter ended March 31,  2013. GAAP net loss was $39.8 million ($0.31 per share) for the first quarter of 2013, compared to GAAP net loss of $24.0 million ($0.21 per share) for the first quarter of 2012. Non-GAAP adjusted EBITDA was a loss of $8.0 million for the first quarter of 2013, compared to non-GAAP adjusted EBITDA loss of $0.1 million for the first quarter of 2012. The increased GAAP net loss and the increased non-GAAP adjusted EBITDA loss for the first quarter of 2013 compared to the first quarter of 2012 was primarily due to increased net product revenue offset by a larger increase in research and development expenses.

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