NOVATO -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the fourth quarter and full year 2010.
GAAP net loss was $12.2 million ($0.11 per diluted share) for the fourth quarter of 2010, compared to GAAP net income of $4.7 million ($0.05 per diluted share) for the fourth quarter of 2009. The GAAP net loss for the fourth quarter of 2010 includes $13.7 million of debt conversion expense associated with the early conversion of a portion of convertible debt.
GAAP net income for the year ended December 31, 2010 was $205.8 million ($1.73 per diluted share), compared to GAAP net loss of $0.5 million ($0.00 per diluted share) for the year ended December 31, 2009. Non-GAAP net income was $34.8 million ($0.33 per diluted share) for the year ended December 31, 2010, compared to non-GAAP net income of $47.1 million ($0.46 per diluted share) for the year ended December 31, 2009.
As of Dec. 31, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $402.3 million, as compared to $440.9 million at the end of September 30, 2010.
"We have made significant progress on advancing our pipeline and remain committed to investing in future growth in the coming years, said Jean-Jacques Bienaime, chief executive officer.
The company recently started a phase 3 trial for the treatment GALNS, phase 1 for BMN-701 to treat Pompe disease and phase 2 for BMN-673 to treat genetically defined cancers.
"Our commercial business is growing steadily, and we continue to see growth opportunities for each of our products," Mr. Bienaime said. "Naglazyme sales in the fourth quarter of 2010 were artificially low due to the timing of government orders from Brazil and will result in higher comparable revenues in the first quarter of 2011. However, Naglazyme patient growth continues to be steady."
Total fourth-quarter revenues were $101.6 million, the first time the company topped $100 million for a quarter, according to the company.
BioMarin employs more than 700, mostly in Novato.