CEO: Approval of new drug to help grow revenue
SAN RAFAEL — BioMarin Pharmaceutical, Inc. (Nasdq: BMRN) on Thursday reported an 18.5 percent increase in first-quarter revenue from a year before, and the quarterly net loss improved by 4.3 percent.
First-quarter revenues for the San Rafael-based developer of pharmaceutical for severe or life-threatening rare diseases were $151.5 million. Of that, $80.1 million came from the drug Naglazyme, up 15.4 percent from a year before; $45.2 million from Kuvan, 20.2 percent; $18.1 million from Aldurazyme; and $900,000 from newly approved Vimizim.
Net loss was $38.1 million, or 26 cents a share.
Excluding interest expenses, taxes, depreciation, amortization, noncash stock compensation and certain one-time material fees, the quarterly net loss was $1.7 million, or 1 cent a share, compared with $8 million a year before.
CEO Jean-Jacques Bienaimé said in the financial announcement that the recent approval for commercial adoption of the company’s Vimizim treatment in the U.S. and Europe was likely to help grow revenue.
The drug replaces an enzyme that causes the condition “Moriquio A,” a rare disease that causes waste to build in the body.
“With total BioMarin revenue increasing nearly 20 percent in the quarter and the launch of our next significant growth driver well underway, BioMarin is poised for strong performance in 2014,” he said. “We are extremely pleased with the momentum of the U.S. commercial launch of Vimizim. Since Vimizim was approved on Feb. 14, over 120 patients have been referred to the BioMarin Patient and Physician Services channel in the U.S. and 50 patients have started receiving commercial Vimizim.”
Revenue from the just-launched Vimizim represented 0.6 percent of the company’s overall revenue for the quarter.
BioMarin had $2.3 billion in assets at the end of the quarter, up 4.3 percent.
The company’s 2014 forecast for revenues is toward the upper-end of guidance, $650 million–$680 million, and for net loss, $255 million–$285 million.
The price of BioMarin stock jumped 3.57 percent to $60.31 a share Thursday ahead of the release of financial performance. The price was down sharply Friday, down 4.58 percent to $57.55 with less than a half-hour left in the session.
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