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BioMarin Announces Third Quarter 2009 Financial Results
Date:10/28/2009

arges of $5.9 million in 2009 and $4.1 million in 2008; (4) Kuvan approval milestones received of $31.5 million earned in 2008; (5) the gross margin of the initial Aldurazyme product transfer to Genzyme of $2.3 million associated with the restructuring of BioMarin/Genzyme LLC in the first quarter of 2008; (6) gain on the sale of equity investments of $1.6 million in 2009 and (7) income tax effect of $0.3 million and $2.2 million in 2009 and 2008, respectively. The reconciliation of these measures to the estimated GAAP net income is detailed in the table provided at the end of the press release.

BioMarin believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP information because it provides additional information regarding the performance of BioMarin's core ongoing business, Naglazyme, Kuvan and Aldurazyme and development of its pipeline. By providing information about both the overall GAAP financial performance and the non-GAAP measures that focus on continuing operations, the company believes that the additional information enhances investors' overall understanding of the company's business and prospects for the future. Further, the company uses both the GAAP and the non-GAAP results and expectations internally for its operating, budgeting and financial planning purposes.

Diluted Earnings Per Share Calculation

The calculation of GAAP diluted earnings per share for all of the 2009 periods presented and non-GAAP diluted earnings per share for the third quarter and first nine months of 2008 reflect the theoretical exclusion of the interest expense from net earnings that would no longer be incurred if the Company's convertible notes were converted into shares as their impact is considered anti-dilutive. Non-GAAP diluted earnings per share for the third quarter and first nine months of 2009 include 16.0 million shares related to the Company's convertible notes due in April 2017
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SOURCE BioMarin Pharmaceutical Inc.
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