After the bell on Thursday, BioMarin Pharmaceutical Inc. (BMRN) reported a lower net income for its second quarter, despite an increase in revenues. However, results handily beat Street estimates. The company also provided an outlook for fiscal 2009.
The Novato, California-based company reported a net income of $1.31 million or $0.01 per share for its second quarter, compared to a net income of $3.81 million or $0.04 per share a year ago.
On a non-GAAP basis, net income for the quarter decreased to $9 million, or $0.09 per share, from $9.7 million, or $0.09 per share, a year ago. On average, 18 analysts polled by Thomson Reuters estimated a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP results for the quarter exclude stock-based compensation expense of $9 million, compared to $5.9 million last year; net loss of $1.6 million on the sale of equity investments; and a gain of $0.3 million from tax effect of adjustments.
Total revenue for the quarter rose to $82.79 million from $64.17 million in the comparable quarter of last year. Analysts were expecting revenue of $77.84 million for the quarter.
Income from operations for the second quarter declined to $4.31 million from $4.53 million a year ago, as total operating expenses jumped to $78.47 million from $59.64 million. The uptick in expenses was primarily due to higher cost of sales, research and development expenses, and selling, general, and administrative expenses.
Product-wise, net product revenue from Naglazyme increased 22% to $42.9 million, revenue from Aldurazyme BioMarin increased 62% to $21.6 million, and revenue from Kuvan increased 41% to $16.9 million.
Looking forward, for fiscal 2009, BioMarin now expects total revenue to range between $311 million and $336 million, increasing the lower-end of its previous guidance range of $307 million - $336 million. Analysts, on a consensus, expect revenue of $321.61 million.
The company now expects non-GAAP net income for the year in the range of $35.4 million to $41.4 million and a GAAP net loss in the range of $6 million and $12 million.
BioMarin anticipates marketing approval from Health Canada for Kuvan NDS, its prescription medication to lower blood Phe levels in phenylketonuria patients, in the first half of 2010. The company got priority review status for its application submitted on Wednesday.
BMRN closed Thursday's regular trading at $14.81, down $0.09 or 0.60%, on a volume of 1.67 million shares.
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