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BioMarin Announces Fourth Quarter and Full Year 2007 Financial Results
Date:2/26/2008

the EMEA acceptance of the Kuvan filing for marketing approval. The net loss for the year ended December 31, 2007 was $15.8 million ($0.16 per share), compared to a net loss of $28.5 million ($0.34 per share) for the year ended December 31, 2006. Non-cash stock compensation expense for the three months and year ended December 31, 2007 was $5.5 million and $18.3 million, respectively, compared to $3.1 million and $9.6 million, respectively, for the three months and year ended December 31, 2006.

As of December 31, 2007, BioMarin had cash, cash equivalents, and short-term investments totaling $585.6 million.

"We achieved many significant milestones in 2007, most notably, the FDA approval of Kuvan and the filing of the IND for PEG-PAL for PKU," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "We also continued building our pipeline with the in-licensing of promising compounds. As we look forward in 2008, we are focused on ensuring the successful commercial launch of Kuvan, further advancement of our research programs, and new in-licensing opportunities. Overall, we expect continued global expansion of Naglazyme and the U.S. launch of Kuvan to contribute to the improvement of our bottom line."

Product Revenue

Net revenue from Naglazyme(R) (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), was $25.5 million for the fourth quarter of 2007, an increase of 56.4 percent compared to net revenue of $16.3 million for the fourth quarter of 2006. Net revenue from Naglazyme for the year ended December 31, 2007 was $86.2 million, an increase of 85.4 percent from net revenue of $46.5 million for the year ended December 31, 2006. BioMarin is commercializing Naglazyme in the United States, Europe, and Latin America, and through distributors in other international markets.

Net revenue from Aldurazyme(R) (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I, (MPS I) recorded by BioMarin
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SOURCE BioMarin Pharmaceutical Inc.
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