BioMarin Announces Third Quarter 2009 Financi... (ns) Item Gu...)

BioMarin Announces Third Quarter 2009 Financial Results

Date:10/28/2009

ns) Item Guidance Previous 2009 Guidance Cost of Sales (% of Total Revenue) 19% to 20% 19% to 21% Selling, General and Administrative Expense $120 to $125 $120 to $130 Research and Development Expense* $117 to $121 $118 to $128 Interest Income $5 $5 to $7 Impairment Loss on La Jolla and Summit Investments** Unchanged $5.9 GAAP Net Income (Loss) $(8) to $(4) $(12) to $(6) Stock Compensation Expense $35 $34 Non-GAAP Net Income*** $39.8 to $43.8 $35.4 to $41.4 * Includes upfront research and development expenses of $8.8 million associated with the La Jolla Pharmaceutical Company transaction. ** Represents impairment losses on investments in La Jolla Pharmaceutical Company of $4.5 million and Summit plc of $1.4 million during the first quarter of 2009. *** Non-GAAP net income excludes non-cash stock compensation expense, nonrecurring material items and the tax effect of the adjustments. Please see the table provided at the end of this press release for a full reconciliation between GAAP and non-GAAP expected net income.

Anticipated Upcoming Milestones

1Q10: Launch of amifampridine phosphate in the EU

1Q10: Initiation of Phase I trial for BMN-195 for DMD

1Q10: American College of Medical Genetics (ACMG) Meeting - Possible data from study of Kuvan in institutionalized PKU patients

2Q10: Initiation of Kuvan neurocognitive outcome study

1H10: Announcement of next IND candidate

1H10: Results from Phase I/II trial for GALNS for MPS IVA

Mid-2010: Results from PEG-PAL Phase II trial

Late 2010/ Early 2011: Initiation of pivotal Phase III trial for GA
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SOURCE BioMarin Pharmaceutical Inc.
Copyright©2009 PR Newswire.
All rights reserved

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BioMarin Announces Third Quarter 2009 Financi...(ns) Item Gu...),Health