This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BioMarin Announces First Quarter 2013 Financial Results

Vimizim™ is our trademark, and BioMarin ®, Naglazyme ®, Kuvan ®, Firdapse ® are registered trademarks of BioMarin Pharmaceutical Inc.

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

BIOMARIN PHARMACEUTICAL INC.
     
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2013 and December 31, 2012
(In thousands of U.S. dollars, except share and per share amounts)
     
     
  March 31, 2013 December 31, 2012(1)
ASSETS  (unaudited)  
Current assets:    
Cash and cash equivalents  $ 154,380  $ 180,527
Short-term investments  247,502  270,211
Accounts receivable, net (allowance for doubtful accounts: $376 and $348, respectively)  120,345  109,066
Inventory  135,822  128,695
Current deferred tax assets  29,474  29,454
Other current assets  35,501  25,509
 Total current assets  723,024  743,462
Noncurrent assets:    
Investment in BioMarin/Genzyme LLC  679  1,080
Long-term investments  123,819  115,993
Property, plant and equipment, net  281,865  284,473
Intangible assets, net  172,016  162,980
Goodwill  54,975  51,543
Long-term deferred tax assets  226,757  225,501
Other assets  15,158  16,611
Total assets  $ 1,598,293  $ 1,601,643
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities  $ 144,008  $ 147,068
Convertible debt  --   23,365
Total current liabilities  144,008  170,433
Noncurrent liabilities:    
Long-term convertible debt  109,849  324,859
Long-term contingent acquisition consideration payable  27,224  30,618
Long-term deferred tax liabilities  37,521  33,296
Other long-term liabilities  29,539  26,674
Total liabilities  348,141  585,880
Stockholders' equity:    
Common stock, $0.001 par value: 250,000,000 shares authorized at March 31, 2013 and December 31, 2012; 138,873,207 and 125,809,162 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively.  139  126
Additional paid-in capital  1,833,831  1,561,890
Company common stock held by Nonqualified Deferred Compensation Plan  (5,715)  (6,603)
Accumulated other comprehensive income (loss)  1,155  (202)
Accumulated deficit  (579,258)  (539,448)
Total stockholders' equity  1,250,152  1,015,763
Total liabilities and stockholders' equity  $ 1,598,293  $ 1,601,643

(1) December 31, 2012 balances were derived from the audited consolidated financial statements.

BIOMARIN PHARMACEUTICAL INC.
     
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three Months Ended March 31, 2013 and 2012
(In thousands of U.S. dollars, except per share amounts)
(Unaudited) 
     
     
   2013  2012
REVENUES:    
Net product revenues  $ 127,344  $ 116,239
Collaborative agreement revenues  135  96
Royalty and license revenues  449  314
Total revenues  127,928  116,649
OPERATING EXPENSES:    
Cost of sales (excludes amortization of certain acquired intangible assets)  20,500  17,105
Research and development  83,743  73,834
Selling, general and administrative  51,050  45,248
Intangible asset amortization and contingent consideration  5,556  2,328
Total operating expenses  160,849  138,515
LOSS FROM OPERATIONS  (32,921)  (21,866)
Equity in the loss of BioMarin/Genzyme LLC  (401)  (734)
Interest income  718  505
Interest expense  (1,725)  (1,947)
Debt conversion expense  (10,420)  -- 
Other income  228  36
LOSS BEFORE INCOME TAXES  (44,521)  (24,006)
Provision for income taxes  (4,711)  (34)
NET LOSS  $ (39,810)  $ (23,972)
NET LOSS PER SHARE, BASIC AND DILUTED   $ (0.31)  $ (0.21)
     
Weighted average common shares outstanding, basic and diluted 127,969 115,070
     
COMPREHENSIVE LOSS   $ (38,452)  $ (26,347)
 
STOCK-BASED COMPENSATION EXPENSE
     
Total stock-based compensation expense included in the Condensed Consolidated Statements of Comprehensive Loss is as follows:
     
  Three Months Ended
  March 31, 
  2013 2012
  (unaudited) (unaudited)
Cost of sales  $ 1,044  $ 873
Research and development 5,324 4,695
Selling, general and administrative 5,197 5,566
   $ 11,565  $ 11,134
CONTACT: Investors:
         Eugenia Shen
         BioMarin Pharmaceutical Inc.
         (415) 506-6570
         
         Media:
         Debra Charlesworth
         BioMarin Pharmaceutical Inc.
         (415) 455-7451

BioMarin Pharmaceutical Inc. Logo

6 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs