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

, an increase of 28.8 percent compared to net sales by Genzyme of $88.3 million for the nine months ended September 30, 2007.

Net product revenue to BioMarin related to Aldurazyme was $20.7 million for the third quarter of 2008. This reflects an increase in net product revenue from the amounts payable to BioMarin by Genzyme due to incremental product transfer revenue as transfers of product to Genzyme exceeded the amount of product shipped to third party customers by Genzyme during the third quarter of 2008. Net product revenue to BioMarin related to Aldurazyme was $58.1 million for the nine months ended September 30, 2008.

Beginning January 1, 2008, as a result of the restructuring of the joint venture with Genzyme, BioMarin receives a royalty of 39.5% to 50% of worldwide net sales. BioMarin recognizes a portion of this amount as product transfer revenue when product is released to Genzyme. This amount will eventually be credited against the calculated royalties earned when the product is sold by Genzyme to third parties.

Net product revenue from Kuvan (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), was $13.8 million for the third quarter of 2008 and $31.6 million for the nine months ended September 30, 2008.

Collaborative Agreement Revenues

Collaborative agreement revenues for the third quarter of 2008 were $2.4 million, compared to $3.1 million for the third quarter of 2007. Collaborative agreement revenues for the nine months ended September 30, 2008 were $7.4 million, compared to $10.8 million for the nine months ended September 30, 2007. Collaborative agreement revenues decreased in 2008 compared to 2007 due to less reimbursable Kuvan development expenses during the third quarter and first nine months of 2008.

2008 Financial Guidance Maintained

BioMarin estimates 2008 net sales of Naglazyme will be in the range of $130 million to $140 million.

Net sales of Aldu
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SOURCE BioMarin Pharmaceutical Inc.
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