BioMarin Pharmaceutical Inc. (BMRN) Wednesday reported a higher profit for the third quarter, aided by revenue growth from three of its four products. The company also provided guidance for fiscal 2009.
The Novato, California-based company's third-quarter net income increased to $6.6 million or $0.06 per share from $0.8 million or $0.01 per share a year ago.
On a non-GAAP basis, net income increased to $15.5 million or $0.13 per share from $8.2 million or $0.08 per share in the prior-year quarter. Non-GAAP net income excludes non-cash stock compensation expense, certain non-recurring material items, and the tax effect of the adjustments.
On average, 19 analysts polled by Thomson Reuters estimated earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the third quarter of 2009 grew 11% to $80.8 million from $72.65 million for the third quarter of 2008. Analysts expected revenues of $81.92 million for the quarter.
Total net product revenues increased 16% to $78.4 million. Revenue from Naglazyme, an enzyme replacement therapy for mucopolysaccharidosis VI, rose 26% to $42.1 million from $33.3 million last year. Revenue from Aldurazyme, an enzyme replacement therapy for mucopolysaccharidosis I, increased by 5.5% to $40.3 million from $38.2 million a year ago.
Revenue from Aldurazyme declined to $14.6 million from $20.7 million in the third quarter of 2008. Revenue from Kuvan tablets, indicated for the treatment of phenylketonuria, climbed to $21.7 million from $13.8 million in the third quarter of 2008.
Income from operations increased to $10.13 million from $2.35 million in the year-earlier quarter.
For the nine-month period, the company reported a net loss of $5.2 million or $0.05 per share, compared to a net income of $6.3 million or $0.06 per share in the prior-year period. Revenue for the period increased to $237.57 million from $197.22 million in the year-earlier period. Looking ahead to fiscal 2009, the company expects non-GAAP net income in the range of $39.8 million to $43.8 million, compared to the previous guidance of $35.4 million to $41.4 million. The company now estimates fiscal 2009 revenues to range from $313 million to $327 million, compared to the previous guidance of $311 million to $336 million. Analysts currently expect a loss of $0.10 per share on revenues of $324.77 million.
The company's guidance for non-GAAP net income excludes non-cash stock compensation expense, non-recurring material items, and the tax effect of the adjustments.
In the first quarter of 2010, the company expects the launch of amifampridine phosphate in the European Union and the initiation of Phase I trial for BMN-195 for DMD. The company also anticipates the launch of 3,4-DAP for Lambert Eaton Myasthenic Syndrome in the European Union in the first quarter of 2010.
BMRN closed Wednesday's regular trading at $15.68, down $1.11 or 6.61%, on a volume of 2.02 million shares on the New York Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.