BioMarin 3Q Profit Jumps on Improved Drug Sales
Thu, 10/29/2009 - 4:45am
NOVATO, Calif. (AP) — BioMarin Pharmaceutical Inc. said Wednesday its profit soared during the third quarter, as sales of its enzyme disease drugs Naglazyme and Kuvan improved. BioMarin said its profit grew to $6.6 million, or 6 cents per share, from $829,000, or a penny per share, in the year-ago quarter. Revenue grew 10 percent, to $80.8 million from $72.6 million, due to improved product sales. According to a Thomson Reuters survey, analysts expected a profit of a penny per share and $82 million in revenue. Sales of Naglazyme jumped 26 percent to $42.1 million, while revenue from Aldurazyme fell to $14.6 million from $20.7 million. Both drugs treat mucopolysaccharidosis I, an inherited metabolic disease that can cause tissue damage and mental retardation. Aldurazyme is sold by Genzyme Corp. Total sales of the drug grew to $40.3 million from $38.2 million, but BioMarin reported less revenue due to the timing of inventory transfers. Revenue from Kuvan rose 57 percent to $21.7 million. Kuvan is a treatment for phenylketonuria, or PKU, which is a genetic disorder that can interfere with brain development. Based on the results, BioMarin is predicting a narrower annual loss. It forecasts a deficit of $4 million to $8 million for the year, down from $6 million to $12 million. Analysts expect a loss of $9.3 million, or 10 cents per share. The company also narrowed its revenue guidance, and now expects a total of $313 million to $327 million in revenue, compared with a greater range of $311 million to $336 million. That includes $72 million to $76 million in Kuvan revenue, compared to previous guidance of $70 million to $80 million. BioMarin cut the high end of its forecast on Naglazyme, and now expects $165 million to $170 million rather than $165 million to $175 million. The company still expects to report $69 million to $74 million in Aldurazyme revenue. BioMarin shares dropped $1.11, or 6.6 percent, to close at $15.68.