BioMarin Pharmaceutical Inc. Announces Third Quarter 2011 Financial Results
NOVATO, Calif., Oct. 27, 2011 /PRNewswire/ --
Financial Highlights ($ in millions, except per share data, unaudited) | |||
Item | Q3 2011 | Q3 2010 Comparison | |
Total BioMarin Revenue | $113.4 | 16.0% increase | |
Total Net Product Revenue | $112.9 | 16.9% increase | |
Naglazyme Net Product Revenue | $55.9 | 8.1% increase | |
Aldurazyme BioMarin Net Product Revenue* | $23.0 | $16.5 | |
Kuvan Net Product Revenue | $30.5 | 16.4% increase | |
Firdapse Net Product Revenue | $3.5 | 59.1% increase | |
GAAP Net Income (Loss) | $(17.7) | $217.3** | |
GAAP Net Income (Loss) per share | $(0.16) (basic and diluted) | $2.13 (basic), $1.68 (diluted) | |
Non-GAAP Adjusted EBITDA | $4.6 | $18.1 | |
Non-GAAP Adjusted EBITDA per share | $0.04 (basic and diluted) | $0.18 (basic), $0.15 (diluted) | |
* Net product transfer revenue had a positive $4.0 million impact on net Aldurazyme revenue to BioMarin in the third quarter of 2011 and an immaterial impact on net Aldurazyme revenue to BioMarin in the third quarter of 2010. | |||
** During the third quarter of 2010, the company reversed its deferred tax asset valuation allowance and recorded a one-time benefit of $223.1 million. | |||
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the third quarter of 2011. GAAP net loss was $17.7 million ($0.16 per diluted share) for the third quarter of 2011, compared to GAAP net income of $217.3 million ($1.68 per diluted share) for the third quarter of 2010. During the third quarter of 2010, the company reversed its deferred tax asset valuation allowance and recorded a one-time benefit of $223.1 million. Non-GAAP adjusted EBITDA was $4.6 million ($0.04 per diluted share) for the third quarter of 2011, compared to non-GAAP adjusted EBITDA of $18.1 million ($0.15 per diluted share) for the third quarter of 2010. Non-GAAP adjusted EBITDA excludes depreciation and amortization, contingent consideration expense, interest income and expense, income taxes, stock compensation expense and material non-recurring items. The reconciliation of the non-GAAP measures to the comparable GAAP measure is detailed in the table provided near the end of the press release.