BioMarin Announces Fourth Quarter And Full Year 2016 Financial Results

SAN RAFAEL, Calif., Feb. 23, 2017 /PRNewswire/ --

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the fourth quarter and year ended December 31, 2016. For the quarter ended December 31, 2016, GAAP net loss was $91 million, or ($0.53) per basic and diluted share, compared to GAAP net income of $69 million, or $0.43 and $0.39 per basic and diluted share, respectively, for the fourth quarter of 2015. GAAP net loss for the year ended December 31, 2016 was $630 million, or ($3.80) and ($3.81) per basic and diluted share, respectively, compared to GAAP net loss of $172 million, or ($1.07) per basic and diluted share for the year ended December 31, 2015. The change in GAAP net loss year over year was primarily due to the impairment of intangible assets associated with the discontinuance of the Kyndrisa and reveglucosidase alfa programs in 2016,  and the absence of the gain on the sale of rights to talazoparib in 2015.

Non-GAAP loss for the year ended December 31, 2016 was $36 million, compared to non-GAAP loss of $143 million for the year ended December 31, 2015. 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 9 of this press release for a complete discussion of the Company's non-GAAP financial information and reconciliations to the comparable GAAP reported information.

Total BioMarin Revenues were $1.12 billion for the year ended December 31, 2016, an increase of 26% compared to the same period in 2015. For the fourth quarter of 2016, Total BioMarin Revenues were $300 million, an increase of 32% compared to the same period in 2015. Vimizim net product revenues increased to $94 million in the quarter, a 59% year over year increase, primarily driven by 40% growth in new patients on Vimizim therapy year over year. For the fourth quarter of 2016, Naglazyme net product revenues increased to $75 million, an increase of 25% year over year. Patients on Naglazyme therapy continue to show consistent growth with an increase of 9% year over year.  For the fourth quarter of 2016, Kuvan net product revenues increased to $90 million, a 38% year over year increase, including $70 million contributed from revenue in North America. Growth was driven by a 15% increase in patients on Kuvan therapy in North America, and $20 million contributed from net product revenues in ex-North American territories newly acquired in 2016. 

As of December 31, 2016, BioMarin had cash, cash equivalents and investments totaling $1.4 billion, which includes $713 million of net proceeds from the August 12, 2016 public offering, as compared to $1.0 billion on December 31, 2015.

Commenting on the year, Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin said, "2016 was a transformational year for BioMarin. Our commercial business topped $1 billion for the first time while we concurrently achieved significant clinical and regulatory milestones across the product pipeline. In the third quarter, we shared proof-of-concept data with BMN 270 gene therapy, the only factor VIII product in clinical development for the treatment of severe Hemophilia A. In addition, our regulatory filings for approval of Brineura, for the treatment of Batten disease, were accepted and validated in both the U.S. and EU.

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