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

n the table provided near the end of the press release.

As of March 31, 2011, BioMarin had cash, cash equivalents and short and long-term investments totaling $394.0 million, as compared to $402.3 million as of December 31, 2010.  Cash and investment balances declined $8.3 million in the first quarter of 2011 due primarily to the timing of cash receipts that were collected in early April.  For 2011, the company expects to remain cash flow neutral to slightly positive.

"Our clinical pipeline is advancing with more programs in the clinic than ever in the history of the company," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "We saw a strong quarter from our commercial business, driven in part by the timing of a Naglazyme order from Brazil early in the quarter, along with consistent new patient adds around the world.  We remain focused on growing the commercial business and the successful advancement of our pipeline projects."

Net Product Revenue (in millions)Three Months Ended March 31,20112010$ Change% ChangeNaglazyme (1) $   60.6$   48.6$   12.024.7%Kuvan (2) $   26.7$   21.2$
5.525.9%Firdapse (3) $
3.1$
.1$
3.0100%+(1) Changes in foreign currency rates, net of hedges, had a positive $0.1 million impact on Naglazyme sales in the three months ended March 31, 2011.  Naglazyme revenues experience quarterly fluctuations due to the timing of government ordering patterns in certain countries. (2) The quantity of commercial tablets dispensed to patients in the U.S. increased 21.1 percent in the first quarter of 2011 compared to the first quarter of 2010.(3) A product for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS) which was launched in the EU in April 2010. Three Months Ended March 31, 20112010$ Change% Change Aldurazyme revenue reported by Genzyme (4) $

42.8$

39.9$

2.97.3%Royalties due from Genzyme16.915.91.0Incremental (pr
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SOURCE BioMarin Pharmaceutical Inc.
Copyright©2010 PR Newswire.
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