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BioMarin Announces First Quarter 2013 Financial Results

The following table presents the reconciliation of non-GAAP to GAAP financial metrics:

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA Loss
(in millions)
(unaudited) 
    Three Months Ended March 31,  Year Ending December 31, 2013
  NOTES 2013 2012 Guidance
         
GAAP Net Loss    $ (39.8)  $ (24.0)  $(195.0) - $(170.0) 
         
Interest expense, net    1.0  1.4  0.7 
Benefit from Income taxes     (4.7)  --   (14.6) 
Depreciation expense    6.1  7.3  25.0 
Amortization expense    2.6  9.3  10.5 
EBITDA Loss    (34.8)  (6.0)  (173.4) - (148.4) 
         
Stock-based compensation expense    11.6  11.1  70.0 
Contingent consideration expense (1)   4.8  (5.2)  18.0 
Material non-recurring:        
Debt conversion expense (2)  10.4  --   10.4 
         
Non-GAAP Adjusted EBITDA Loss    $ (8.0)  $ (0.1)  $(75.0) - $(50.0) 
         
(1) Represents the expense in the fair value of contingent acquisition consideration payable for the period. The change in the current quarter reflects changes in estimated probabilities and timing of achieving certain developmental milestones.
(2) Represents debt conversion expense associated with the early conversion of a portion of our 2017 convertible notes in March 2013.

BioMarin believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP information because it provides additional information regarding the performance of BioMarin's core ongoing business, Naglazyme, Kuvan, Aldurazyme and Firdapse and development of its pipeline. By providing information about both the overall GAAP financial performance and the non-GAAP measures that focus on continuing operations, the company believes that the additional information enhances investors' overall understanding of the company's business and prospects for the future. Further, the company uses both the GAAP and the non-GAAP results and expectations internally for its operating, budgeting and financial planning purposes.

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