BioMarin loss expands in 2013 on rampup for key products

SAN RAFAEL -- BioMarin Pharmaceutical Inc. (Nasdaq: BRMN) on Wednesday reported its fourth-quarter and full-year net losses expanded nearly 17 percent and 54 percent, respectively, attributed to more research-and-development and marketing expenses for key treatments for rare diseases.

Net loss in the fourth quarter, ended Dec. 31, was $62 million, or 44 cents per diluted share, compared with $53 million, or 43 cents per diluted share, a year before. Net loss for the year was $176.4 million, or $1.28 per share, up from $114.3 million, or 95 cents per share.

Total revenues for the year was $548.5 million, up 9.5 percent from $500.7 million a year before.

"2013 was a pivotal year for BioMarin," said Jean-Jacques Bienaime, CEO of BioMarin, in a statement. "Our growing commercial portfolio drove nearly $550 million in total revenue and our next significant value driver, VIMIZIM for the treatment of Morquio A syndrome, was approved by the FDA on Feb. 14. In addition, during the year we advanced several programs across our development pipeline."

Phase 3 clinical trials started for BMN 673 for the treatment of gBRCA breast cancer, and PEG PAL, for the treatment of phenylketonuria.

BioMarin attributed its losses to increased research and development expenses related to two drugs in development, PEG PAL, BMN 673 and BMN 270, designed to treat hemophilia A, as well as increased selling and administrative expenses associated with the launch of Vimzin. The latter was approved by the U.S. Food and Drug Administration last week as the first drug on the market to treat the rare disease Morquio A syndrome.

The loss was partially offset by net product revenues, according to the company.

As of Dec. 31, 2013, BioMarin had cash, cash equivalents and investments totaling $1.05 billion, as compared to $507.1 million on Sept. 30, 2013.

"Phase 2 testing with BMN 111 for the treatment of achondroplasia began, and we moved BMN 190 into Phase 1/2 for Batten Disease," Mr. Bienaime said. "We started 2014 with the selection of two new drug candidates, an AAV-factor VIII gene therapy vector, BMN 270, for the treatment of hemophilia A and BMN 250, an enzyme replacement therapy for the treatment of Mucopolysaccharidosis IIIB (MPS IIIB) or Sanfilippo Syndrome Type B. I am very pleased with BioMarin's remarkable growth in 2013 across the commercial and development portfolios and expect the momentum to continue throughout 2014."

The company pointed to its non-GAAP net loss, as well, which was $15.8 million, or 11 cents per basic and diluted share, for the fourth quarter of 2013, compared to $15.5 million, or 12 cents per share basic and diluted, for the same period in 2012. For the year ended Dec. 31, 2013, non-GAAP net loss was $40.4 million, compared to $11.6 million compared to the year prior, ended Dec. 31, 2012.

The share price for BioMarin stock rose a half-percentage point Wednesday to $82.56.

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