North Bay Business Journal

Thursday, May 9, 2013, 4:10 pm

BioMarin loss widens as R&D costs increase

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    SAN RAFAEL — BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) recently reported a net loss of $39.8 million, or 31 cents per share, for the first quarter ended March 31, compared to a net loss of $24 million in the same period last year.

    BioMarin, a developer of drugs to treat rare disorders, said the first-quarter loss was the result of an increase in research and development costs that offset an increase in net product revenue. R&D spending in the first quarter this year reached $83.7 million, compared to $73.8 million in the same period last year.

    Administration and sales costs also increased to $51 million in the first quarter, compared to $45 million last year.

    As of March 31, BioMarin said it had cash, cash equivalents and short and long-term investments totaling $525.7 million, compared to $566.7 million on December 31, 2012.

    “In the first quarter, we continued to execute on our development goals as we head into another potentially transformative year for the company,” Jean-Jacques Bienaimé, chief executive officer of BioMarin, said in a statement. ”We made good progress on a number of important fronts including commercial, R&D, regulatory and business development.”

    BioMarin currently lists seven drugs in its pipeline that will reach key phases in 2013.

    The company projects 2013 total revenue to range between $530 million and $555 million.

    Shares of BioMarin at the end of today were $66.41, up roughly 1.7 percent, but in after-hours trading slid back down to $66.18.

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