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BioMarin Announces Second Quarter 2011 Financial Results
Date:7/28/2011

f the press release.

GAAP net loss for the six months ended June 30, 2011 was $9.4 million ($0.09 per diluted share), compared to GAAP net income of $0.7 million ($0.01 per diluted share) for the six months ended June 30, 2010.  Non-GAAP adjusted EBITDA was $32.9 million ($0.28 per diluted share) for the six months ended June 30, 2011, compared to non-GAAP adjusted EBITDA of $32.9 million ($0.30 per diluted share) for the six months ended June 30, 2010.

As of June 30, 2011, BioMarin had cash, cash equivalents and short and long-term investments totaling $412.1 million, as compared to $394.0 million at the end of March 31, 2011.  

"We are very pleased with our performance in the first half of 2011," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "Our commercial portfolio has been growing steadily, and our pipeline has advanced significantly.  We look forward to many clinical milestones over the next 18 months."

Net Product Revenue (in millions)Three Months Ended June 30,Six  Months Ended June 30,20112010$ Change% Change20112010$ Change% ChangeNaglazyme (1)

$

60.3

$

47.3

$

13.0

27.5%

$

120.9

$

95.9

$

25.0

26.1%Kuvan (2) 28.824.74.1

16.6%55.545.99.6

20.9%Firdapse (3) 3.21.12.1

190.9%6.31.25.1

100%+(1)  Changes in foreign currency rates, net of hedges, had a $1.1 million and $1.2 million positive impact on Naglazyme sales in the three months and six months ended June 30, 2011, respectively.  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 16.2 percent in the second quarter of 2011 compared to the second quarter of 2010 and increased 9.1
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SOURCE BioMarin Pharmaceutical Inc.
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