NOVATO - 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.
