7/30/2014 4:09:53 PM
SAN RAFAEL, Calif., July 30, 2014 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the second quarter ended June 30, 2014. Non-GAAP net income was $10.8 million, or $0.07 per basic share and $0.06 per diluted share for the second quarter of 2014, compared to non-GAAP net loss of $0.0 million for the second quarter of 2013. Non-GAAP net income was $9.1 million, or $0.06 per basic share and $0.05 per diluted share for the six months ended June 30, 2014, compared to a loss of ($8.0) million, or ($0.06) per basic and diluted share for the six months ended June 30, 2013.
GAAP net loss was ($33.5) million, or ($0.23) per basic and diluted share for the second quarter of 2014, compared to GAAP net loss of ($21.5) million, or ($0.15) per basic share and ($0.16) per diluted share for the second quarter of 2013. GAAP net loss for the six months ended June 30, 2014 was ($71.6) million, or ($0.49) per basic share and ($0.50) per diluted share, as compared to GAAP net loss of ($61.3) million, or ($0.46) per basic and diluted share for the six months ended June 30, 2013.
The increased non-GAAP net income for the second quarter of 2014 compared to the second quarter of 2013 was primarily due to strong uptake of VIMIZIM® in its first full quarter of commercial sales, and significant growth in revenues from our other commercial products including, Naglazyme®, KUVAN®, Aldurazyme® and Firdapse®. Naglazyme revenue growth of 41% in the quarter compared to the prior year reflected both continued growth in number of patients consistent with long term trends, and also included significant purchases from certain governmental entities which potentially reflects patient demand in future quarters. These revenue increases were partially offset by increased research and development expenses for PEG PAL, BMN 190 and BMN 673, as well as increased selling, general and administrative expenses related to VIMIZIM launch activities. Increased GAAP net loss was also driven by increased income tax expense and interest expense in the second quarter. These measures are excluded from the non-GAAP measurements. As of June 30, 2014, BioMarin had cash, cash equivalents and investments totaling $1,080.8 million, as compared to $518.5 million on June 30, 2013.
"With the strong launch of VIMIZIM and continued double-digit year over year growth of our other products, we believe the ultra-orphan business model is as robust as ever. We are extremely pleased with the momentum of the U.S. commercial launch of VIMIZIM. At the end of the second quarter, 132 patients had started receiving commercial VIMIZIM," said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. "Since receiving approval of VIMIZIM in the European Union in April, we are making good progress seeking reimbursement on a country by country basis. The excitement we are seeing in the Morquio community is driving our expectation of continued, rapid uptake of VIMIZIM across all our commercial markets. With E.U. approval in hand, we believe VIMIZIM sales combined with the strength of our other marketed products will help BioMarin reach over $1 billion in revenues over the next 2-3 years."
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