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BioMarin Announces Fourth Quarter and Full Year 2008 Financial Results
Date:2/18/2009

, $25.3 million for the year ended December 31, 2008 and $18.3 million for the year ended December 31, 2007. Management estimates stock compensation expense of $32.0 million to $35.0 million in 2009, approximately $35.0 million to $40.0 million in 2010 and approximately $35.0 million to $40.0 million in 2011. The reconciliation of this measure to the estimated GAAP net income is as follows (in millions):



                              Year       Year
                             Ended      Ended
                 Q4    Q4   December   December    2009      2010       2011
                2008  2007  31, 2008   31, 2007  Guidance  Guidance   Guidance

    GAAP net
     income                                     $(15.0) -    $35.0 -   $60.0 -
     (loss)     $24.5  $2.6  $30.8    $(15.8)    $0           $40.0     $65.0
    Non-cash
     stock
     compensation                                 32.0 -      35.0 -    35.0 -
     expense      7.4   5.5   25.3      18.3       35.0        40.0      40.0
    Non-GAAP                                     $17.0 -     $70.0 -   $95.0 -
     net income $31.9  $8.1  $56.1      $2.5      $35.0       $80.0     $105.0


Management believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP information because Management uses such information internally for its operating, budgeting and financial planning purposes, and to enhance investors' overall understanding of the company's prospects for the future.

Diluted Earnings Per Share Calculation

GAAP diluted earnings per share for the fourth quarter of 2008 and non-GAAP diluted earnings per share for the fourth quarter and full year 2008 includes 26.3 million shares related to the outstanding convertible debt. The calculation of GAAP diluted earnings per share for the fourth quarter of 2008 and non-GAAP diluted earnings per share for the fourth quarter
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SOURCE BioMarin Pharmaceutical Inc.
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