- In First Six Months of 2015 Vimizim Sales Top $104 million and Total BioMarin Revenue Grows 32% Y/Y
- First Patients Enrolled in 4th Cohort of Phase 2 Study of Vosoritide for the Treatment of Achondroplasia
Financial Highlights ($ in millions, except per share data, unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |
| Total BioMarin Revenue | $ 250.5 | $ 191.8 | 31% | $ 453.8 | $ 343.3 | 32% |
| Vimizim Net Product Revenue | 53.9 | 14.3 | n.m. | 104.5 | 15.2 | n.m. |
| Naglazyme Net Product Revenue | 111.1 | 98.3 | 13% | 189.3 | 178.4 | 6% |
| Kuvan Net Product Revenue | 60.1 | 46.9 | 28% | 110.3 | 92.1 | 20% |
| Aldurazyme Net Product Revenue | 20.2 | 24.1 | -16% | 38.4 | 42.2 | -9% |
| Non-GAAP Net Income (Loss) | $ (5.4) | $ 10.1 | $ (30.6) | $ 8.4 | ||
| GAAP Net Loss | $ (82.0) | $ (33.5) | $ (149.5) | $ (71.6) | ||
| GAAP Net Loss per Share - Basic | $ (0.51) | $ (0.23) | $ (0.94) | $ (0.49) | ||
| GAAP Net Loss per Share - Diluted | $ (0.51) | $ (0.23) | $ (0.94) | $ (0.50) | ||
| Cash, cash equivalents and investments | $ 1,191.2 | $ 1,043.1 | ||||
SAN RAFAEL, Calif., Aug. 3, 2015 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced financial results for the second quarter ended June 30, 2015. Non-GAAP net loss was $5.4 million for the second quarter of 2015, compared to non-GAAP net income of $10.1 million for the second quarter of 2014. GAAP net loss was $82.0 million, or ($0.51) per basic and diluted share for the second quarter of 2015, compared to GAAP net loss of $33.5 million, or ($0.23) per basic and diluted share for the second quarter of 2014. The increased non-GAAP net loss and GAAP net loss for the second quarter of 2015 compared to the second quarter of 2014 was primarily due to increased operating expenses, partially offset by increased revenues due to the strong commercial launch of Vimizim.
Total BioMarin Revenue was $250.5 million for the second quarter of 2015, an increase of 31% compared to the second quarter of 2014. This increase was driven by solid growth across all BioMarin products including Kuvan, Naglazyme and Vimizim. Sales of Vimizim, now in its fifth full quarter of sales since being approved in early 2014, were recorded in 30 countries in the second quarter and totaled $53.9 million. Naglazyme Net Product Revenue in the second quarter benefitted from a large order in Latin America, consistent with historically uneven sales of the product in that region. This trend is not expected to continue for the remainder of 2015. Kuvan Net Product Revenue in the second quarter increased 28% to $60.1 million driven primarily by patient count increases and high rates of compliance. On a constant currency basis, Total BioMarin Revenue in the second quarter would have been approximately $260.5 million.
As of June 30, 2015, BioMarin had cash, cash equivalents and investments totaling $1,191.2 million, as compared to $1,043.1 million on December 31, 2014.
“The second quarter of 2015 was one of our most productive quarters to date as measured by commercial results and the advancement of all 10 potential products in our clinical development portfolio,” said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. “On the regulatory front, in the quarter we were pleased to have both our New Drug Application and Marketing Authorization Application of drisapersen accepted for review by U.S. and European health authorities. BioMarin is energized by the potential prospect of near-term approval of drisapersen for the treatment of children with Duchenne muscular dystrophy, a devastating muscle wasting disease for which there is no approved therapy in the U.S.” Mr. Bienaimé continued, “Another highly anticipated event in the second quarter was the completion and results of the Phase 2 study with vosoritide for the treatment of achondroplasia. We were pleased to share that vosoritide increased the mean annualized growth velocity by 50% in children in the highest dose cohort who received 15 micrograms per kilogram daily. We believe growth velocity is a leading indicator of improvement in many of the severe complications associated with the disorder, such as foramen magnum compression, sleep apnea, bowed legs, spinal stenosis, recurrent ear infections and obesity. Based on efficacy and safety observed in the first 3 cohorts of the Phase 2 study we are planning for registration enabling studies at 15 micrograms per kilogram daily and have also begun enrollment in a 4th higher dose cohort with 30 micrograms per kilogram daily.”
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