NOVATO, Calif., Oct. 28 /PRNewswire-FirstCall/ --
Financial Highlights ($ in millions, except per share data, unaudited)
Item | Q3 2010 | Q3 2009 Comparison | |
Total BioMarin Revenue | $97.8 | 21.0% increase | |
Total Net Product Revenue | $96.6 | 23.2% increase | |
Naglazyme Net Product Revenue | $51.7 | 22.8% increase | |
Aldurazyme BioMarin Net Product Revenue* | $16.5 | $14.6 | |
Kuvan Net Product Revenue | $26.2 | 20.7% increase | |
Firdapse Net Product Revenue | $2.2 | NA | |
GAAP Net Income | $217.3** | $6.6 | |
GAAP Net Income per share | $2.13 (basic), $1.68 (diluted) | $0.7 (basic and diluted) | |
Non-GAAP Net Income | $6.0 | $15.5 | |
Non-GAAP Net Income per share | $0.06 (basic and diluted) | $0.15 (basic), $0.14 (diluted) | |
* Net product transfer revenue had an immaterial impact on net Aldurazyme revenue to BioMarin in the third quarter of 2010 and a negative $1.3 million impact on net Aldurazyme revenue to BioMarin in the third quarter of 2009. | |||
** During the third quarter of 2010, the company reserved its deferred tax asset valuation allowance and recorded a one-time credit of $223.1 million. | |||
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the third quarter of 2010. GAAP net income was $217.3 million ($1.68 per diluted share) for the third quarter of 2010, compared to GAAP net income of $6.6 million ($0.07 per diluted share) for the third quarter of 2009. Non-GAAP net income was $6.0 million ($0.06 per diluted share) for the third quarter of 2010, compared to non-GAAP net income of $15.5 million ($0.14 per diluted share) for the third quarter of 2009. Non-GAAP net income excludes non-cash stock compensation expense, certain nonrecurring material items and the tax effect of the adjustments. The reconciliation of the non-GAAP measures to the GAAP net income is detailed in the table provided near the end of the press release.
GAAP net income for the nine months ended September 30, 2010 was $218.0 million ($1.74 per diluted share), compared to GAAP net loss of $5.2 million ($0.05 per diluted share) for the nine months ended September 30, 2009. Non-GAAP net income was $23.4 million ($0.22 per diluted share) for the nine months ended September 30, 2010, compared to non-GAAP net income of $33.9 million ($0.33 per diluted share) for the nine months ended September 30, 2009.
As of September 30, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $440.9 million, as compared to $455.4 million at the end of June 30, 2010.
“In the third quarter, we saw strong commercial performance, despite being a seasonally weaker quarter. During the quarter, based upon, among other things, our expectations to generate taxable income for the foreseeable future, we reversed most of our deferred tax asset valuation allowance which resulted in a one-time credit totaling $223.1 million,” said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. “Our pipeline has advanced tremendously over the last few months as highlighted at our recent R&D Day, and we are committed to investing in advancing the pipeline over the next two years to drive future growth. We look forward to keeping you updated on the many clinical milestones expected in the coming year.”
Net Product Revenue (in millions) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30 | ||||||||||||||||||||||
2009 | 2010 | $ Change | % Change | 2009 | 2010 | $ Change | % Change | ||||||||||||||||
Naglazyme (1) | $ | 42.1 | $ | 51.7 | $ | 9.6 | 22.8% | $ | 124.3 | $ | 147.5 | $ | 23.2 | 18.7% | |||||||||
Kuvan (2) | 21.7 | 26.2 | 4.5 | 20.7% | 54.1 | 72.1 | 18.0 | 33.3% | |||||||||||||||
Firdapse (3) | 2.2 | 2.2 | N/A | 3.4 | 3.4 | N/A | |||||||||||||||||
(1) | Changes in foreign currency rates, net of hedges, had a positive $0.1 million impact on Naglazyme sales in the three months ended September 30, 2010 and a negative $1.4 million impact on Naglazyme sales in the nine months ended September 30, 2010. Naglazyme revenues experience quarterly fluctuations due to the timing of distributor purchases in certain countries due to government ordering patterns. | |
(2) | The quantity of commercial tablets dispensed to patients in the U.S., increased 3.7 percent in the third quarter of 2010 compared to the second quarter of 2010 and increased 29.7 percent in the third quarter of 2010 compared to the third 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2009 | 2010 | $ Change | % Change | 2009 | 2010 | $ Change | % Change | ||||||||||||||||||||
Aldurazyme revenue reported by Genzyme (4) | $ | 40.3 | $ | 40.8 | $ | 0.5 | 1.2% | $ | 116.4 | $ | 124.3 | $ | 7.9 | 6.8% | |||||||||||||
Royalties due from Genzyme | |||||||||||||||||||||||||||
