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

razyme by Genzyme are estimated to be in the range of $135 million to $145 million. BioMarin's net product revenue related to Aldurazyme is estimated to be between $72 million and $80 million, which includes both the royalty earned on net sales by Genzyme and incremental product revenue related to the transfer of Aldurazyme inventory to Genzyme to meet future product demand.

BioMarin estimates 2008 Kuvan net sales to be in the range of $45 million to $65 million.

BioMarin estimates its Generally Accepted Accounting Principles (GAAP) net income for the fiscal year ending December 31, 2008 will be in the range of $30 million to $42 million, which assumes that the $30 million milestone for EU Kuvan approval will be earned in 2008. The net income estimate includes approximately $24 million to $27 million in non-cash stock compensation expense. Non-GAAP net income, excluding the impact of non-cash stock compensation expense, is estimated to be in the range of $54 million to $69 million.

Non-GAAP Financial Information and Reconciliation

The above results for the third quarter and first nine months of 2007 and 2008 and financial guidance for 2008 include actual and Management's 2008 estimated net income, respectively, determined in accordance with GAAP and non-GAAP net income. As used in this release, non-GAAP income is net income calculated in accordance with GAAP, but excluding non-cash stock compensation expense, a non-GAAP financial measure. Stock compensation expense excluded in the calculation of non-GAAP net income was $7.4 million for the third quarter of 2008, $5.0 million for the third quarter of 2007, $17.8 million for the nine months ended September 30, 2008, $12.8 million for the nine months ended September 30, 2007 and $24.0 million to $27.0 million for Management's estimate of 2008 net income. The reconciliation of this measure to the estimated GAAP net income is as follows (in millions):


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SOURCE BioMarin Pharmaceutical Inc.
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