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BioMarin Announces First Quarter 2011 Financial Results
Date:4/28/2011

STATEMENTS OF OPERATIONSFor the Three Months Ended March 31, 2011 and 2010(In thousands, except for per share data)20112010REVENUES: (unaudited)(unaudited)Net product revenues$

109,076$

84,073Collaborative agreement revenues125201Royalty and license revenues255679Total revenues109,45684,953OPERATING EXPENSES:Cost of sales (excludes amortization of developed product technology)20,79617,412Research and development45,01730,097Selling, general and administrative41,03734,000Intangible asset amortization and contingent consideration312654Total operating expenses107,16282,163INCOME FROM OPERATIONS2,2942,790Equity in the loss of BioMarin/Genzyme LLC(542)(691)Interest income7821,190Interest expense(2,141)(2,429)Net gain from sale of investments-927INCOME BEFORE INCOME TAXES3931,787Provision for income taxes4,764636NET INCOME (LOSS)$

(4,371)$

1,151NET INCOME (LOSS) PER SHARE, BASIC & DILUTED$

(0.04)$

0.01Weighted average common shares outstanding, basic110,652101,144Weighted average common shares outstanding, diluted110,743103,720Total stock-based compensation expense included in the Consolidated Statements of Operations is as follows:Three Months EndedMarch 31,20112010(unaudited)(unaudited)Cost of sales$

1,402$

1,028Research and development3,6743,182Selling, general and administrative5,3044,336$

10,380$

8,546
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SOURCE BioMarin Pharmaceutical Inc.
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