NOVATO -- BioMarin Pharmaceutical Inc. (Nasdaq: BRMN) today reported a first-quarter net loss of $4.4 million, compared with $1.2 million in net income a year ago.
"Our clinical pipeline is advancing with more programs in the clinic than ever in the history of the company," said Jean-Jacques Bienaime, chief executive officer. "We saw a strong quarter from our commercial business, driven in part by the timing of a Naglazyme order from Brazil early in the quarter, along with consistent new patient adds around the world. We remain focused on growing the commercial business and the successful advancement of our pipeline projects."
The company has a number of treatments in production and in the pipeline (link).
Before tax, interest, depreciation and amortization, earnings at the pharmaceutical company were $17.3 million for the first quarter, ended March 31, compared with $14.8 million for the first quarter of 2010.
BioMarin had $394 million cash, cash equivalents and short and long-term investments at the end of the quarter, compared with $402.3 million in December 31, 2010. Cash and investment balances declined $8.3 million in the first quarter of 2011, due primarily to the timing of cash receipts that were collected in early April. For 2011, the company expects to remain cash flow neutral to slightly positive.
BioMarin's stock price was $26.46 a share at the close of trading Thursday, down 1.3 percent.
