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BioMarin Announces Third Quarter 2010 Financial Results
Date:10/28/2010

t income is detailed in the table provided near the end of the press release.

GAAP net income for the nine months ended September 30, 2010 was $218.0 million ($1.74 per diluted share), compared to GAAP net loss of $5.2 million ($0.05 per diluted share) for the nine months ended September 30, 2009.  Non-GAAP net income was $23.4 million ($0.22 per diluted share) for the nine months ended September 30, 2010, compared to non-GAAP net income of $33.9 million ($0.33 per diluted share) for the nine months ended September 30, 2009.

As of September 30, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $440.9 million, as compared to $455.4 million at the end of June 30, 2010.  

"In the third quarter, we saw strong commercial performance, despite being a seasonally weaker quarter.  During the quarter, based upon, among other things, our expectations to generate taxable income for the foreseeable future, we reversed most of our deferred tax asset valuation allowance which resulted in a one-time credit totaling $223.1 million," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "Our pipeline has advanced tremendously over the last few months as highlighted at our recent R&D Day, and we are committed to investing in advancing the pipeline over the next two years to drive future growth.  We look forward to keeping you updated on the many clinical milestones expected in the coming year."

Net Product Revenue (in millions)Three Months Ended September 30,Nine Months Ended September 3020092010$ Change% Change20092010$ Change% ChangeNaglazyme (1) $

42.1$

51.7$

9.622.8%$

124.3$

147.5$

23.218.7%Kuvan (2) 21.726.24.520.7%54.172.118.033.3%Firdapse (3) −2.22.2N/A−3.43.4N/A(1)Changes in foreign currency rates, net of hedges, had a positive $0.1 million impact on Naglazyme sales in the three months ended September
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SOURCE BioMarin Pharmaceutical Inc.
Copyright©2010 PR Newswire.
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