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BioMarin Announces Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: BMRN

Total Revenue Grows 9.5% in 2013 U.S. Commercial Launch of VIMIZIMâ„¢ Underway; Positive CHMP Opinion Received February 20

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

  Three Months Ended December 31, Twelve Months Ended December 31,
  2013 2012 % Change 2013 2012 % Change
             
Total BioMarin Revenue  $ 146.9  $ 131.9 11.4%  $ 548.5  $ 500.7 9.5%
Total BioMarin Revenue             
(excluding Aldurazyme Net Product Transfer Revenue) - non-GAAP  148.5  131.2 13.2%  553.4  498.9 10.9%
Naglazyme Net Product Revenue  68.7  63.0 9.0%  271.2  257.0 5.5%
Aldurazyme BioMarin Net Product Revenue   25.9  24.6 5.3%  83.6  82.2 1.7%
Aldurazyme Royalty Revenue            
(excluding Net Product Transfer Revenue) - non-GAAP  27.5  23.9 15.1%  88.5  80.4 10.1%
Kuvan Net Product Revenue  45.3  40.0 13.3%  167.4  143.1 17.0%
Firdapse Net Product Revenue  4.3  3.4 26.5%  16.1  14.2 13.4%
VIMIZIM  0.1  --     0.1  --   
             
Non-GAAP Net Loss  $ (15.8)  $ (15.5)    $ (40.4)  $ (11.6)  
Non-GAAP Net Loss per Share (basic)  $ (0.11)  $ (0.12)    $ (0.29)  $ (0.10)  
Non-GAAP Net Loss per Share (diluted)  $ (0.11)  $ (0.12)    $ (0.30)  $ (0.12)  
             
GAAP Net Loss   $ (62.0)  $ (53.0)    $ (176.4)  $ (114.3)  
GAAP Net Loss per Share (basic)  $ (0.43)  $ (0.43)    $ (1.28)  $ (0.95)  
GAAP Net Loss per Share (diluted)  $ (0.44)  $ (0.43)    $ (1.28)  $ (0.95)  
             
Cash, cash equivalents and investments *        $1,052.4  $ 563.8 86.7%
* The cash balance at the end of 2013 includes net proceeds of $696.4 million from the Convertible Debt offering in October 2013.

SAN RAFAEL, Calif., Feb. 26, 2014 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the fourth quarter and full year 2013.  Non-GAAP net loss was $15.8 million ($0.11 per share, basic and diluted) for the fourth quarter of 2013, compared to non-GAAP net loss of $15.5 million ($0.12 per share, basic and diluted) for the fourth quarter of 2012. GAAP net loss was $62.0 million ($0.43 per share, basic and $0.44 per share, diluted) for the fourth quarter of 2013, compared to GAAP net loss of $53.0 million ($0.43 per share, basic and diluted) for the fourth quarter of 2012. The increased non-GAAP net loss and GAAP net loss for the fourth quarter of 2013 compared to the fourth quarter of 2012 was primarily due to increased research and development expenses, including costs associated with PEG PAL, BMN 673 and BMN 270, the Company's AAV-factor VIII gene therapy drug candidate for the treatment of hemophilia A, as well as increased selling, general and administrative expenses, including costs associated with VIMIZIM launch activities, partially offset by increased net product revenues.

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