SAN RAFAEL, Calif., Oct. 23, 2014 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the third quarter ended September 30, 2014. Non-GAAP net loss was $22.9 million, or $0.16 per basic and diluted share for the third quarter of 2014, compared to non-GAAP net loss of $16.7 million for the third quarter of 2013. For the nine months ended September 30, 2014, non-GAAP net loss was $13.5 million, or $0.09 per basic and diluted share, compared to a non-GAAP net loss of $24.6 million for the nine months ended September 30, 2013. The increase in non-GAAP loss for the third quarter of 2014 compared to the prior year was primarily due to increased research and development expenses for talazoparib, BMN 190, BMN 270, BMN 250, BMN 701 and PEG PAL, as well as increased selling, general and administrative expenses related to VIMIZIM® launch activities. These increased expenses were partially offset by strong sales of VIMIZIM during its second full quarter of commercial sales.
GAAP net income was $7.4 million, or $0.05 per basic and diluted share for the third quarter of 2014, compared to GAAP net loss of $53.0 million, or $0.38 per basic and diluted share for the third quarter of 2013. GAAP net loss for the nine months ended September 30, 2014 was $64.2 million, or $0.44 per basic and diluted share, as compared to GAAP net loss of $114.4 million, or $0.84 per basic and diluted share for the nine months ended September 30, 2013. Increased GAAP net income in the third quarter of 2014, compared to the prior year quarter, was primarily due to proceeds from the one-time sale of the Company’s Rare Pediatric Disease Priority Review Voucher (PRV) of $67.5 million pre-tax, in addition to the operating factors which affected non-GAAP loss.
As of September 30, 2014, BioMarin had cash, cash equivalents and investments totaling $1,114.7 million, as compared to $1,052.4 million on December 31, 2013.
“The commercial launch of VIMIZIM continues to make excellent progress. We are extremely pleased with the success of the U.S. launch and the progress we are making in the European Union seeking reimbursement for VIMIZIM on a country by country basis,” said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. “In addition, our more established commercial portfolio continues to grow, with both Naglazyme and Kuvan growing approximately 20% during the first three quarters of this year compared to last year. We believe that the continued growth of our five commercial products will help BioMarin reach over $1 billion in revenues over the next 2-3 years.”
For full article, please click here.
Help employers find you! Check out all the jobs and post your resume.
