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

linical Programs

  • BMN-111 for Achondroplasia: BioMarin expects to initiate a Phase I trial by the first quarter of 2012.  BMN-111 is an analog of C-type Natriuretic Peptide (CNP), a small cyclic peptide that is a positive regulator of bone growth, for achondroplasia, the most common form of dwarfism.  There are approximately between 18,000 and 24,000 patients in the U.S. and Europe, 25 percent of which is the estimated addressable market.
  • Other early stage programs: BioMarin is working on multiple early development opportunities.

  • Non-GAAP Financial Information and ReconciliationThe above results for the three months ended March 31, 2011 and March 31, 2010 and financial guidance for the year ending December 31, 2011 are presented both as determined in accordance with GAAP and on a non-GAAP basis. As used in this release, non-GAAP income is based on GAAP Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) adjusted to exclude non-cash stock compensation expense, contingent consideration expense and certain nonrecurring material items (adjusted EBITDA).  

    The following tables detail the reconciliation of non-GAAP to GAAP financial metrics:

    Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA(in millions)(unaudited) Three Months EndedMarch 31, Year Ending December 31, 2011 NOTES20112010GuidanceGAAP Net Income (Loss)$
    (4.4)$
    .2$(52) - $(42)Interest expense, net1.41.26Income tax expense4.80.615Depreciation4.73.424Amortization0.90.14EBITDA (Loss)7.46.5(3) - 7Stock-based compensation10.48.543Gain on sale of equity investments-(0.9)-Contingent consideration

    (1)(0.5)0.711Adjusted EBITDA$
    7.3$
    4.8$51 - $61(1)  Represents the changes in the fair value of contingent acquisition consideration payable for the period.BioMarin believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP information bec
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    SOURCE BioMarin Pharmaceutical Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

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