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BioMarin Announces Third Quarter 2008 Financial Results
Date:10/28/2008

r 30, 2008. Net income was $0.8 million ($0.01 per share) for the third quarter of 2008, compared to a net loss of $5.2 million ($0.05 per share) for the third quarter of 2007. Non- GAAP net income was $8.2 million ($0.08 per share) for the third quarter of 2008, compared to non-GAAP net loss of $0.2 million ($0.00 per share) for the third quarter of 2007. Non-GAAP net income/loss excludes non-cash stock compensation expense, which was $7.4 million for the three months ended September 30, 2008, compared to $5.0 million for the three months ended September 30, 2007. Net income for the nine months ended September 30, 2008 was $6.3 million ($0.06 per share), compared to a net loss of $18.4 million ($0.19 per share) for the nine months ended September 30, 2007. Non-GAAP net income was $24.1 million ($0.24 per share) for the nine months ended September 30, 2008, compared to non-GAAP net loss of $5.6 million ($0.06 per share) for the nine months ended September 30, 2007. Basic and diluted GAAP and non-GAAP earnings per share for the three and nine months ended September 30, 2008 were the same, except for non-GAAP diluted earnings per share for the nine months ended September 30, 2008, which was $0.23 per share. Non-cash stock compensation expense for the nine months ended September 30, 2008 and September 30, 2007 was $17.8 million and $12.8 million, respectively.

As of September 30, 2008, BioMarin had cash, cash equivalents, and short-term investments totaling $563.0 million.

"Our three growing commercial products contributed to healthy revenue growth during the third quarter of 2008 as compared to the third quarter of 2007. The international market for Naglazyme continues to expand at rates beyond our original expectations, with the largest increase in the absolute patient numbers in two years. The decline in sequential revenue resulted from ordering patterns from some customers outside the United States, and we still see tremendous potential in this produc
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SOURCE BioMarin Pharmaceutical Inc.
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