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BioMarin Announces Fourth Quarter and Full Year 2010 Financial Results
Date:2/17/2011

expense and certain nonrecurring material items.  The reconciliation of the non-GAAP measures to the GAAP net income in the fourth quarter and full year 2010 is detailed in the table provided near the end of the press release.

GAAP net income for the year ended December 31, 2010 was $205.8 million ($1.73 per diluted share), compared to GAAP net loss of $0.5 million ($0.00 per diluted share) for the year ended December 31, 2009.  Non-GAAP net income was $34.8 million ($0.33 per diluted share) for the year ended December 31, 2010, compared to non-GAAP net income of $47.1 million ($0.46 per diluted share) for the year ended December 31, 2009.

As of December 31, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $402.3 million, as compared to $440.9 million at the end of September 30, 2010.  The decrease in the fourth quarter of 2010 was attributable to debt conversion expense of $13.7 million, a milestone payment of $11.0 million to the former LEAD shareholders related to the acceptance of the IND for BMN-673 and increases in working capital, primarily related to planned inventory builds.  During 2011, the company expects to remain cash flow neutral to slightly positive.

"We have made significant progress on advancing our pipeline and remain committed to investing in future growth in the coming years.  We recently initiated the pivotal Phase III trial for GALNS as well as the Phase I/II trials for BMN-701 for Pompe disease and BMN-673 for genetically-defined cancers," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "Our commercial business is growing steadily, and we continue to see growth opportunities for each of our products. Naglazyme sales in the fourth quarter of 2010 were artificially low due to the timing of government orders from Brazil and will result in higher comparable revenues in the first quarter of 2011. However, Naglazyme patient growth continues t
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SOURCE BioMarin Pharmaceutical Inc.
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