San Rafael-based BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) first-quarter results showed a jump in net product revenues for several of its treatments amid a bigger net loss than a year before.
The drug maker showed a net loss of $56.5 million for the quarter ending in March, up from the $44.1 million loss in the first quarter of 2018, the maker of drugs for rare diseases reported Thursday.
In a statement released with the results, the company attributed the increased loss to increased costs associated with the ongoing U.S. commercial launch and European Union prelaunch of Palynziq, used to treat dangerous levels of a chemical called phenylalanine in the brain.
The company also said administrative and consulting expenses as well as employee-related costs sharpened the downturn.
"We begin 2019 well-positioned for potential significant achievements across our late-stage product pipeline, as well as record Total Revenues for the full year," said Jean-Jacques Bienaimé, chairman and CEO in the announcement.
Quarterly revenue was up 7% from 12 months before, to $400.7 million. That includes $349.2 million for treatments BioMarin markets, up 15%, and $45.3 million for Genzyme Corp.-marketed Adurazyme, down 31%.
The acceleration in quarterly net product revenues from a year ago came from the drug Vimizim, which increased $8.7 million, or 7%; Kuvan, up $7.8 million, or 8%; Naglazyme, up $11.9 million, or 16%; and Brineura, up $5.3 million, or 77%.
Palynziq’s commercial sales launched in the third quarter and produced net product revenues of $12.3 million during the first quarter of this year.