2008 Financial Guidance
BioMarin estimates 2008 net sales of Naglazyme will be in the range of $105 million to $116 million. BioMarin is updating its 2008 Kuvan net sales estimate to a range of $40 million to $70 million.
Net sales of Aldurazyme by Genzyme are estimated to be in the range of $135 million to $145 million. BioMarin's revenue from Genzyme related to Aldurazyme is estimated to be between $68 million and $78 million, which includes both the royalty earned on net sales by Genzyme and additional product revenue related to the transfer of Aldurazyme inventory to Genzyme to meet future product demand. This guidance reflects the new arrangement with Genzyme and the related changes in BioMarin's income statement presentation of Aldurazyme operations resulting from the restructuring of BioMarin/Genzyme LLC.
BioMarin estimates its Generally Accepted Accounting Principles (GAAP) net income for the fiscal year ending December 31, 2008 will be in the range of $20 million to $40 million which assumes that the $30 million milestone for EU Kuvan approval will be earned in 2008. The net income estimate includes approximately $27 million in non-cash stock compensation expense. Non-GAAP net income, excluding the impact of non-cash stock compensation, is estimated to be in the range of $47 million to $67 million.
Non-GAAP Financial Information and Reconciliation
The above 2008 financial guidance includes Management's estimated net
income determined in accordance with GAAP and non-GAAP net income, which is
net income calculated in accordance with GAAP, but excluding Management's
estimate of non-cash stock compensation expense for 2008 of $27.0 million,
a non-GAAP financial measure. The reconciliation of this measure to the
estimated GAAP net income is as follows:
GAAP estimated net income for 2008 $
|SOURCE BioMarin Pharmaceutical Inc.|
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