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BioMarin Announces First Quarter 2013 Financial Results

Stocks in this article: BMRN

As of March 31, 2013, BioMarin had cash, cash equivalents and short and long-term investments totaling $525.7 million, as compared to $566.7 million on December 31, 2012. 

"In the first quarter, we continued to execute on our development goals as we head into another potentially transformative year for the company," said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. "We made good progress on a number of important fronts including commercial, R&D, regulatory and business development. Highlights included positive results for the Phase 1/2 trial for BMN-701 for Pompe disease, submission of the BLA for Vimizim in the U.S. and the MAA for Vimizim in the EU, the acquisition of Zacharon Pharmaceuticals and the licensing of the Factor VIII program for Hemophilia A. We hit all of our stated milestones for the quarter and remain on track to meet our upcoming goals for the remainder of the year."

  Three Months Ended March 31, 
  2013 2012 $ Change % Change
Naglazyme (1)  $ 69.4 68.6  $ 0.8 1.2%
Kuvan  37.6 32.0 5.6 17.5%
Firdapse  3.6 3.6 0.0 0.0%

(1) Naglazyme revenues experience quarterly fluctuations due to the timing of government ordering patterns in certain countries. There were no abnormal ordering patterns in the first quarter of 2013. In the first quarter of 2012, there was a delayed order from the fourth quarter of 2011. There was a 10.2 percent increase in Naglazyme revenue in the first quarter of 2013 over the fourth quarter of 2012 and an 11.0 percent increase in patients on therapy as compared to the first quarter of 2012, which is consistent with that of previous quarters.

  Three Months Ended March 31, 
  2013 2012 $ Change % Change 
Aldurazyme revenue reported by Genzyme  $ 48.4  $ 45.9  $ 2.5 5.4%
Royalties due from Genzyme  19.3  18.4  0.9  
Incremental product transfer revenues (2)  (2.6)  (6.4)  3.8  
Total Aldurazyme net product revenues  $ 16.7  $ 12.0  $ 4.7  

(2) To the extent units shipped to third party customers by Genzyme exceed BioMarin inventory transfers to Genzyme, BioMarin will record a decrease in net product revenue from the royalty payable to BioMarin for the amount of previously recognized product transfer revenue. If BioMarin inventory transfers exceed units shipped to third party customers by Genzyme, BioMarin will record incremental net product transfer revenue for the period.

BioMarin Reaffirms 2013 Full Year Financial Guidance
Revenue Guidance ($ in millions)  
Item 2013 Guidance
Total BioMarin Revenues $530 to $555
Naglazyme Net Product Revenue $265 to $285
Kuvan Net Product Revenue $155 to $170
Selected Income Statement Guidance ($ in millions)  
Item 2013 Guidance
Cost of Sales (% of Total Revenue) 17% to 18%
Selling, General and Admin. Expense $220 to $250
Research and Development Expense* $340 to $380
GAAP Net Loss $(195) to $(170)
Non-GAAP Adjusted EBITDA (loss) $(75) to $(50)
Cash Balance**  Over $420

* Research and Development expense guidance includes expenses associated with the Zacharon acquisition and the licensing of the Factor VIII program for Hemophilia A from the University College London and St. Jude Children's Research Hospital

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