- Vimizim Sales Top $50 million in First Quarter of 2015 and $127 million in First Four Quarters Since Launch
- Full-year Vimizim Guidance Increased to $200 million to $220 million; Full-year Total Revenue Guidance increased to $850 million to $880 million
- Rolling NDA Submission Completed for Drisapersen
Financial Highlights ($ in millions, except per share data, unaudited)
| Three Months Ended March 31, | |||
| 2015 | 2014 | % Change | |
| Total BioMarin Revenue | $ 203.3 | $ 151.5 | 34% |
| Vimizim Net Product Revenue | 50.6 | 0.9 | n.m. |
| Naglazyme Net Product Revenue | 78.2 | 80.1 | -2% |
| Kuvan Net Product Revenue | 50.2 | 45.2 | 11% |
| Aldurazyme Net Product Revenue | 18.2 | 18.1 | 1% |
| Non-GAAP Net Loss | $ (25.1) | $ (1.7) | |
| Non-GAAP Net Loss per Share - Basic | $ (0.16) | $ (0.01) | |
| Non-GAAP Net Loss per Share - Diluted | $ (0.16) | $ (0.01) | |
| GAAP Net Loss | $ (67.5) | $ (38.1) | |
| GAAP Net Loss per Share - Basic | $ (0.43) | $ (0.26) | |
| GAAP Net Loss per Share - Diluted | $ (0.43) | $ (0.27) | |
| Cash, cash equivalents and investments | $ 1,232.6 | $ 1,043.1 | |
SAN RAFAEL, Calif., April 30, 2015 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the first quarter ended March 31, 2015. Non-GAAP net loss was $25.1 million ($0.16) per share, basic and diluted for the first quarter of 2015, compared to non-GAAP net loss of $1.7 million ($0.01) per share, basic and diluted for the first quarter of 2014. GAAP net loss was $67.5 million ($0.43) per share, basic and diluted for the first quarter of 2015, compared to GAAP net loss of $38.1 million ($0.26) per share, basic and ($0.27) per share diluted for the first quarter of 2014. The increased non-GAAP net loss and GAAP net loss for the first quarter of 2015 compared to the first quarter of 2014 was primarily due to the increased operating expenses, partially offset by continued strong commercial launch of Vimizim.
Total BioMarin Revenue was $203.3 million for the first quarter of 2015 an increase of 34% compared to the first quarter of 2014. On a constant currency basis, total BioMarin revenues in the first quarter would have been approximately $218 million, or approximately 7% greater than as reported.
As of March 31, 2015, BioMarin had cash, cash equivalents and investments totaling $1,232.6 million, as compared to $1,043.1 million on December 31, 2014. Cash, cash equivalents and investments as of March 31, 2015 reflect both the acquisition of Prosensa as well as the public common stock offering in the first quarter of 2015.
“We begin 2015 prepared to execute on a number of transformational milestones,” said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. “Having completed the submission of the NDA for approval of drisapersen in the U.S., we will turn our attention to filing for approval in Europe this summer. In addition, we look forward to sharing clinical results from our Phase 2 study of BMN 111 for the treatment of patients with achondroplasia in the second quarter and, later in the year, full results from the Phase 1/2 study with cerliponase alfa for CLN2 disorder, a late infantile form of Batten Disease.” Mr. Bienaimé continued, “On the commercial side of the business, both our legacy products and our newest product, Vimizim, continued to make great progress. Year over year, the number of patients receiving Kuvan increased 20% and the number of patients receiving Naglazyme increased 12%, respectively. The global Vimizim launch continues to surpass our outlook resulting in an upward revision of full-year 2015 guidance. Moreover, we believe a near-term approval of drisapersen will drive us to profitability on a non-GAAP basis in 2017.”
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