NOVATO – BioMarin Pharmaceutical posted $217.3 million in profit for the third quarter.
The increase from net income of $6.6 million in the same period last year resulted from a one-time non-cash gain of $223.1 million based on expectations of future taxable income and anticipated utilization of net operating loss carryforwards and R&D tax credits.
"In the third quarter, we saw strong commercial performance, despite being a seasonally weaker quarter," said Chief Executive Officer Jean-Jacques Bienaime. "During the quarter, based upon, among other things, our expectations to generate taxable income for the foreseeable future, we reversed most of our deferred tax asset valuation allowance."
Revenue for the quarter was $97.8 million, up 21 percent over the third quarter in 2009, and $274.7 million for nine months ended Sept. 30, and increase from $237.6 million at the same time last year. Revenue from both the Naglazyme and Kuvan products increased by more than 20 percent over the third quarter in 2009.
Also during the third quarter the company acquired ZyStor Therapeutics Inc. and incurred one-time costs of $1.8 million in closing the transaction. Operating expenses for the quarter were $99.7 million, up from $70.7 million in the third quarter last year.