GAAP net loss for the nine months ended September 30, 2011 was $27.1 million ($0.24 per diluted share), compared to GAAP net income of $218.0 million ($1.74 per diluted share) for the nine months ended September 30, 2010. Non-GAAP adjusted EBITDA was $37.5 million ($0.31 per diluted share) for the nine months ended September 30, 2011, compared to non-GAAP adjusted EBITDA of $51.0 million ($0.43 per diluted share) for the nine months ended September 30, 2010.
As of September 30, 2011, BioMarin had cash, cash equivalents and short and long-term investments totaling $370.0 million, as compared to $412.1 million at the end of June 30, 2011. The company paid $48.5 million for the purchase of a manufacturing plant in Ireland in the third quarter of 2011.
"Our commercial portfolio has performed well year-to-date, generating enough cash to fund the significant investment in R&D programs," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "For 2011 guidance, we are slightly raising our expectations for the bottom end of Kuvan net product revenue, total net product revenues and total BioMarin revenues. We are also raising our expectations for 2011 R&D spend due to the acceleration of our clinical programs, including better than expected enrollment in our clinical studies. We are focused on the successful development of our pipeline and look forward to many key clinical milestones in the coming year."
Net Product Revenue (in millions)Three Months Ended September 30,Nine Months Ended September 30,20112010$ Change% Change20112010$ Change% C
|SOURCE BioMarin Pharmaceutical Inc.|
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