BioMarin Announces First Quarter 2017 Financial Results
- GAAP Net Loss Reduced to $16 million - Non-GAAP Income of $35 million Reported in the First Quarter 2017
SAN RAFAEL, Calif., May 4, 2017 /PRNewswire/ --
Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
Three Months Ended March 31, | ||||||||||||
2017 | 2016 | % Change | ||||||||||
Total BioMarin Revenues | $ | 304 | $ | 237 | 28 | % | ||||||
Aldurazyme Net Product Revenues | 19 | 16 | 19 | % | ||||||||
Kuvan Net Product Revenues | 92 | 77 | 19 | % | ||||||||
Naglazyme Net Product Revenues | 81 | 65 | 25 | % | ||||||||
Vimizim Net Product Revenues | 106 | 73 | 45 | % | ||||||||
GAAP Net Loss | $ | (16) | $ | (83) | ||||||||
GAAP Net Loss per Share - Basic and Diluted | $ | (0.09) | $ | (0.51) | ||||||||
non-GAAP Income (Loss) (1) | $ | 35 | $ | (29) | ||||||||
March 31, 2017 | December 31, 2016 | |||||||||||
Cash, cash equivalents and investments | $ | 1,212 | $ | 1,362 | ||||||||
(1) | Non-GAAP income (loss) is defined by the Company as reported GAAP net income (loss), excluding net interest expense, provision for (benefit from) income taxes, depreciation expense, amortization expense, stock-based compensation expense, contingent consideration expense and certain other specified items as detailed below. Refer to Non-GAAP Information beginning on page 8 of this press release for a complete discussion of the Company's non-GAAP financial information and reconciliations to the comparable GAAP reported information. |
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the first quarter ended March 31, 2017. For the quarter ended March 31, 2017, GAAP net loss was $16 million, or $0.09 per basic and diluted share, compared to GAAP net loss of $83 million, or $0.51 per basic and diluted share for the quarter ended March 31, 2016. The change in GAAP net loss year over year was primarily due to higher gross margins from net product sales and lower research and development expenses from the discontinuance of the Kyndrisa and reveglucosidase alfa programs in 2016, partially offset by higher selling, general and administrative expenses.
Non-GAAP income for the first quarter ended March 31, 2017 was $35 million, compared to non-GAAP loss of $29 million for the quarter ended March 31, 2016. Non-GAAP income (loss) is defined by the Company as reported GAAP net income (loss), excluding net interest expense, provision for (benefit from) income taxes, depreciation expense, amortization expense, stock-based compensation expense, contingent consideration expense and certain other specified items as detailed below. Refer to Non-GAAP Information beginning on page 8 of this press release for a complete discussion of the Company's non-GAAP financial information and reconciliations to the comparable GAAP reported information.
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