North Bay Business Journal

Thursday, July 30, 2009, 3:37 pm

BioMarin, doubling manufacturing capacity, sees quarterly earnings decline


Print Friendly Print Friendly    

Share this item

    BioMarin PharmaceuticalsNOVATO — BioMarin Pharmaceuticals Inc.  (NASDAQ: BMRN; link to site) said today investments made to double manufacturing capacity caused it to post lower second-quarter profit as operating expenses jumped 32 percent during the quarter.

    Profit dropped 66 percent to $1.3 million, or $.01 a share, from $3.8 million, or $.04 a share for the same quarter last year.

    Revenue rose 29 percent to $82. 8 million from $64.2 million in the second quarter of 2008. Operating expenses rose to $78.5 million from $59.6 million during the same period last year.

    “In order to support the projected commercial needs for Naglazyme, Aldurazyme, GALNS and PEG-PAL through at least 2016, we are making significant investments to double our manufacturing capacity,” said Jean-Jacques Bienaime, CEO of BioMarin.

    BioMarin, which moved from quarterly losses to profits last year, develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The Novato-based company employs more than 600 and has a market cap of $3.6 billion.

    Copyright © 1988–2015 North Bay Business Journal
    View the policy for linking to website content.

    Print Friendly Print Friendly    

    Submit Your Comments


    Required, will not be published

    Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments and Letters Policy. To share this item by email or social media, use the links above.

    Do not use this form to contact people, companies or organizations mentioned in this story. Contact them directly. Private messages left here will be deleted.