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BioMarin Announces Second Quarter 2013 Financial Results

Stocks in this article: BMRN

Total Revenue Growth Exceeds 10 Percent

Phase 3 Trial to Start in 3Q 2013 Conference Call and Webcast to be Held Today at 5:00 p.m. ET

Financial Highlights ($ in millions, except per share data, unaudited)
  Q2 2013 Q2 2012 Percent Change
Total BioMarin Revenue  $ 136.8  $ 124.0 10.3%
Total BioMarin Revenue (excluding Aldurazyme Net Product Transfer Revenue) - non-GAAP  140.5  120.6 16.5%
Naglazyme Net Product Revenue  69.9  62.9 11.1%
Aldurazyme BioMarin Net Product Revenue   17.5  21.8 -19.7%
Aldurazyme Royalty Revenue (excluding Net Product Transfer Revenue) - non-GAAP  21.2  18.4 15.2%
Kuvan Net Product Revenue  40.9  34.7 17.9%
Firdapse Net Product Revenue  4.1  3.6 13.9%
Net Loss   (21.5)  (32.0)  
Net Loss per Share (basic)  $ (0.15)  $ (0.27)  
Net Loss per Share (diluted)  $ (0.16)  $ (0.27)  
Adjusted EBITDA Loss - non-GAAP  $ 0.0  $ (7.3)  
       
Cash, cash equivalents and short and long-term investments  $ 524.4  $ 524.6 0.0%

SAN RAFAEL, Calif., July 25, 2013 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for its second quarter ended June 30, 2013. GAAP net loss was $21.5 million ($0.16 per diluted share) for the second quarter of 2013, compared to GAAP net loss of $32.0 million ($0.27 per diluted share) for the second quarter of 2012. GAAP net loss for the six months ended June 30, 2013 was $61.3 million ($0.46 per diluted share), as compared to GAAP net loss of $56.0 million ($0.48 per diluted share) for the six months ended June 30, 2012. Non-GAAP adjusted EBITDA was $0.0 million for the second quarter of 2013, compared to non-GAAP adjusted EBITDA loss of $7.3 million for the second quarter of 2012. Non-GAAP adjusted EBITDA was  a loss of $8.0 million for the six months ended June 30, 2013, as compared to a loss of $7.2 million for the six months ended June 30, 2012. The decreased GAAP net loss and the decreased non-GAAP adjusted EBITDA loss for the second quarter of 2013 compared to the second quarter of 2012 was primarily due to higher total revenue and a smaller increase in operating expenses.

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