NOVATO, Calif., April 28, 2011 /PRNewswire/ --
Financial Highlights ($ in millions, except per share data, unaudited)
Item | Q1 2011 | Q1 2010 Comparison | |
Total BioMarin Revenue | $109.5 | 28.8% increase | |
Total Net Product Revenue | $109.1 | 29.7% increase | |
Naglazyme Net Product Revenue | $60.6 | 24.7% increase | |
Aldurazyme BioMarin Net Product Revenue* | $18.7 | $14.2 | |
Kuvan Net Product Revenue | $26.7 | 25.9% increase | |
Firdapse Net Product Revenue | $3.1 | $0.1 | |
GAAP Net Income (Loss) | $(4.4) | $1.2 | |
GAAP Net Income (Loss) per share | $ (0.04) (basic and diluted) | $0.01 (basic and diluted) | |
Non-GAAP Adjusted EBITDA | $17.3 | $14.8 | |
Non-GAAP Adjusted EBITDA per share | $0.16 (basic), $0.14 (diluted) | $0.15 (basic), $0.14 (diluted) | |
* Net product transfer revenue had a positive $1.8 million impact on net Aldurazyme revenue to BioMarin in the first quarter of 2011 and a negative $1.7 million impact on net Aldurazyme revenue to BioMarin in the first quarter of 2010. | |||
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the first quarter of 2011. GAAP net loss was $4.4 million ($0.04 per diluted share) for the first quarter of 2011, compared to GAAP net income of $1.2 million ($0.01 per diluted share) for the first quarter of 2010. Non-GAAP adjusted EBITDA was $17.3 million ($0.14 per diluted share) for the first quarter of 2011, compared to non-GAAP adjusted EBITDA of $14.8 million ($0.14 per diluted share) for the first quarter of 2010. Non-GAAP adjusted EBITDA excludes depreciation and amortization, contingent consideration expense, interest income and expense, income taxes, stock compensation expense and material non-recurring items. The reconciliation of the non-GAAP measures to the GAAP net income in the first quarter of 2011 is detailed in the table provided near the end of the press release.
As of March 31, 2011, BioMarin had cash, cash equivalents and short and long-term investments totaling $394.0 million, as compared to $402.3 million as of December 31, 2010. Cash and investment balances declined $8.3 million in the first quarter of 2011 due primarily to the timing of cash receipts that were collected in early April. For 2011, the company expects to remain cash flow neutral to slightly positive.
“Our clinical pipeline is advancing with more programs in the clinic than ever in the history of the company,” said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. “We saw a strong quarter from our commercial business, driven in part by the timing of a Naglazyme order from Brazil early in the quarter, along with consistent new patient adds around the world. We remain focused on growing the commercial business and the successful advancement of our pipeline projects.”
Net Product Revenue (in millions)
Three Months Ended March 31, | |||||||||||||
2011 | 2010 | $ Change | % Change | ||||||||||
Naglazyme (1) | $ 60.6 | $ 48.6 | $ 12.0 | 24.7% | |||||||||
Kuvan (2) | $ 26.7 | $ 21.2 | $ 5.5 | 25.9% | |||||||||
Firdapse (3) | $ 3.1 | $ 0.1 | $ 3.0 | 100%+ | |||||||||
(1) Changes in foreign currency rates, net of hedges, had a positive $0.1 million impact on Naglazyme sales in the three months ended March 31, 2011. Naglazyme revenues experience quarterly fluctuations due to the timing of government ordering patterns in certain countries. | |
(2) The quantity of commercial tablets dispensed to patients in the U.S. increased 21.1 percent in the first quarter of 2011 compared to the first quarter of 2010. | |
(3) A product for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS) which was launched in the EU in April 2010. | |
Three Months Ended March 31, | |||||||||||||||
2011 | 2010 | $ Change | % Change | ||||||||||||
Aldurazyme revenue reported by Genzyme (4) | $ | 42.8 | $ | 39.9 | $ | 2.9 | 7.3% | ||||||||
Royalties due from Genzyme | 16.9 | 15.9 | 1.0 | ||||||||||||
Incremental (previously recognized) | 1.8 | (1.7) | 3.5 | ||||||||||||
Total Aldurazyme net product revenues (5) | $ | 18.7 | $ | 14.2 | $ | 4.5 | |||||||||
(4) Changes in foreign currency rates caused an increase to Aldurazyme sales by Genzyme of $0.4 million in the three months ended March 31, 2011. In the first quarter of 2011, the number of Aldurazyme vials shipped increased 6.4 percent over the first quarter of 2010. | |
(5) To the extent units shipped to third party customers by Genzyme exceed BioMarin inventory transfers to Genzyme, BioMarin records a decrease in net product revenue from the royalty payable to BioMarin for the amount of previously recognized product transfer revenue. If BioMarin inventory transfers exceed units shipped to third party customers by Genzyme, BioMarin will record incremental net product transfer revenue for the period. | |
2011 Guidance
Revenue Guidance ($ in millions)
Item | 2011 Guidance | Previous 2011 Guidance | |
Total BioMarin Revenues | $422 to $452 | $417 to $452 | |
Total Net Product Revenues | $416 to $446 | $411 to $446 | |
Naglazyme Net Product Revenue | $211 to $225 | $206 to $225 | |
Kuvan Net Product Revenue | Unchanged | $112 to $120 | |
Aldurazyme Net Product Revenue to BioMarin | Unchanged | $79 to $83 | |
Firdapse Net Product Revenue | Unchanged | $14 to $18 | |
Selected Income Statement Guidance ($ in millions) | |||
Item | 2011 Guidance | Previous 2011 Guidance | |
Cost of Sales (% of Total Revenue) | Unchanged | 18% to 20% | |
Selling, General and Admin. Expense | Unchanged | $164 to $174 | |
Research and Development Expense |
