NOVATO, Calif., Feb. 17, 2011 /PRNewswire/ --
Financial Highlights ($ in millions, except per share data, unaudited) | |||
Item | FY 2010 | FY 2009 Comparison | |
Total BioMarin Revenue | $376.3 | 15.9% increase | |
Total Net Product Revenue | $369.7 | 17.1% increase | |
Naglazyme Net Product Revenue | $192.7 | 14.2% increase | |
Aldurazyme BioMarin Net Product Revenue* | $71.2 | $70.2 | |
Kuvan Net Product Revenue | $99.4 | 29.4% increase | |
Firdapse Net Product Revenue | $6.4 | NA | |
GAAP Net Income (Loss) | $205.8** | $(0.5) | |
GAAP Net Income per share | $2.00 (basic), $1.73 (diluted) | $(0.00) (basic and diluted) | |
Non-GAAP Net Income | $34.8 | $47.1 | |
Non-GAAP Net Income per share | $0.34 (basic), $0.33 (diluted) | $0.47 (basic), $0.46 (diluted) | |
* Net product transfer revenue had a $3.2 million impact on net Aldurazyme revenue to BioMarin in 2010 and an $8.4 million impact on net Aldurazyme revenue to | |||
** During the third quarter of 2010, the company reversed its deferred tax asset valuation allowance and recorded a credit of $223.1 million. | |||
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the fourth quarter and full year 2010. GAAP net loss was $12.2 million ($0.11 per diluted share) for the fourth quarter of 2010, compared to GAAP net income of $4.7 million ($0.05 per diluted share) for the fourth quarter of 2009. The GAAP net loss for the fourth quarter of 2010 includes $13.7 million of debt conversion expense associated with the early conversion of a portion of our convertible debt. Non-GAAP net income was $11.3 million ($0.10 per diluted share) for the fourth quarter of 2010, compared to non-GAAP net income of $13.5 million ($0.13 per diluted share) for the fourth quarter of 2009. Non-GAAP net income excludes non-cash stock compensation expense and certain nonrecurring material items. The reconciliation of the non-GAAP measures to the GAAP net income in the fourth quarter and full year 2010 is detailed in the table provided near the end of the press release.
GAAP net income for the year ended December 31, 2010 was $205.8 million ($1.73 per diluted share), compared to GAAP net loss of $0.5 million ($0.00 per diluted share) for the year ended December 31, 2009. Non-GAAP net income was $34.8 million ($0.33 per diluted share) for the year ended December 31, 2010, compared to non-GAAP net income of $47.1 million ($0.46 per diluted share) for the year ended December 31, 2009.
As of December 31, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $402.3 million, as compared to $440.9 million at the end of September 30, 2010. The decrease in the fourth quarter of 2010 was attributable to debt conversion expense of $13.7 million, a milestone payment of $11.0 million to the former LEAD shareholders related to the acceptance of the IND for BMN-673 and increases in working capital, primarily related to planned inventory builds. During 2011, the company expects to remain cash flow neutral to slightly positive.
"We have made significant progress on advancing our pipeline and remain committed to investing in future growth in the coming years. We recently initiated the pivotal Phase III trial for GALNS as well as the Phase I/II trials for BMN-701 for Pompe disease and BMN-673 for genetically-defined cancers," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "Our commercial business is growing steadily, and we continue to see growth opportunities for each of our products. Naglazyme sales in the fourth quarter of 2010 were artificially low due to the timing of government orders from Brazil and will result in higher comparable revenues in the first quarter of 2011. However, Naglazyme patient growth continues to be steady. Our total revenues for the fourth quarter of 2010 were $101.6 million, the first time we have exceeded $100 million for the quarter."
Net Product Revenue (in millions) | |||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2010 | 2009 | $ Change | % Change | 2010 | 2009 | $ Change | % Change | ||||||||||||||||
Naglazyme (1) | $ | 45.1 | $ | 44.4 | $ | 0.7 | 1.6% | $ | 192.7 | $ | 168.7 | $ | 24.0 | 14.2% | |||||||||
Kuvan (2) | 27.3 | 22.7 | 4.6 | 20.3% | 99.4 | 76.8 | 22.6 | 29.4% | |||||||||||||||
Firdapse (3) | 3.0 | 0.0 | 3.0 | N/A | 6.4 | 0.0 | 6.4 | N/A | |||||||||||||||
(1) Changes in foreign currency rates, net of hedges, had a negative $0.1 million impact on Naglazyme sales in the three months ended December 31, 2010 and a negative $1.7 million impact on Naglazyme sales for the year ended December 31, 2010. 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 5.0 percent in the fourth quarter of 2010 compared to the third quarter of 2010 and increased 16.4 percent in the fourth quarter of 2010 compared to the fourth quarter of 2009. (3) A product for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS) which was launched in the EU in April 2010. | |||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2010 | 2009 | $ Change | % Change | 2010 | 2009 | $ Change | % Change | ||||||||||||||||||||
Aldurazyme revenue reported by Genzyme (4) | $ | 42.5 | $ | 38.7 | $ | 3.8 | 9.8% | $ | 166.8 | $ | 155.1 | $ | 11.7 | 7.5% | |||||||||||||
Royalties due from Genzyme | |||||||||||||||||||||||||||
