BioMarin Pharmaceutical Reports First Quarter Profit
NOVATO, Calif. (AP) — BioMarin Pharmaceutical Inc. on Thursday reported a first-quarter profit on a boost in sales of enzyme replacement therapies.
BioMarin earned just under $1.2 million, or 1 cent per share, compared with a loss of $13.2 million, or 13 cents per share, during the same period a year earlier. Revenue rose 15 percent to $85 million.
Analysts polled by Thomson Reuters expected the company to break even on about $89.5 million in revenue.
Sales of Naglazyme jumped 23 percent to $48.6 million, while BioMarin's revenue from Aldurazyme fell to $14.2 million from $17 million. Both drugs treat an inherited metabolic disease that can cause tissue damage and mental retardation.
Aldurazyme is licensed to Genzyme Corp. by BioMarin, which receives royalties. Total sales of the drug grew 8 percent to $39.9 million.
Revenue from Kuvan rose 37 percent to $21.2 million. Kuvan is a treatment for phenylketonuria, or PKU, a genetic disorder that can interfere with brain development.
Looking ahead, the company expects revenue between $374 million and $405 million in 2010. Analysts expect $392.6 million in revenue.