(RTTNews) - BioMarin Pharmaceutical Inc. (BMRN: News ) 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.

To receive FREE breaking news email alerts for Biomarin Pharmaceutical Inc and others in your portfolio

 1   2   Next Page