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

er revenue for the period.Reversal of Tax Valuation AllowanceDuring the third quarter of 2010, the company recorded a non-cash gain in its consolidated statement of operations totaling $223.1 million.  Based upon the company's expectations of generating U.S. taxable income in the future and the resulting expected utilization of its net operating loss carryforwards and R&D tax credits, the company has recorded the $223.1 million non-cash benefit to the Provision for (benefit from) income taxes line item on the consolidated statement of operations and a corresponding increase in other current assets and other assets categories on our balance sheet.

Other Transactions During Q3 2010During the third quarter of 2010, the company acquired ZyStor Therapeutics, Inc. and incurred one-time costs associated with closing the transaction totaling $1.8 million, which are classified as general and administrative expenses.  

In addition, the company recorded intangible asset amortization and contingent consideration costs during the third quarter of $4.0 million.  The increase in such costs compared with prior quarters is due to the recognition of additional contingent consideration expense associated with the increased likelihood of achieving certain near term milestones related primarily to BMN-673 development including the filing of an IND and clinical milestones.

2010 Guidance Revenue Guidance ($ in millions)Item

2010 Guidance

Previous 2010 GuidanceTotal BioMarin Revenues

$372 to $393

$370 to $393Total Net Product Revenues

$367 to $387

$365 to $387Naglazyme Net Product Revenue

$194 to $200

$190 to $200Kuvan Net Product Revenue

Unchanged

$98 to $102Aldurazyme Net Product Revenue to BioMarin

$68 to $75

$70 to $75Firdapse Net Product Revenue

Unchanged

$7 to $10Selected Income Statement Guidance ($ in millions)Item

2010 Guidance


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SOURCE BioMarin Pharmaceutical Inc.
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