BioMarin Pharmaceutical Q2 revenue rises 4%
SAN RAFAEL — BioMarin Pharmaceutical Inc. (BMRN) on Thursday reported a loss of $37.4 million in its second quarter, more than double the midyear loss a year before.
The San Rafael, California-based company said it had a loss of 21 cents per share. Earnings, adjusted for one-time gains and costs, were 9 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The rare disease biopharmaceutical posted revenue of $387.8 million in the period, also falling short of Street forecasts and down 4.0% over 12 months. Nine analysts surveyed by Zacks expected $410.9 million.
BioMarin expects full-year revenue in the range of $1.68 billion to $1.75 billion.
BioMarin shares have decreased nearly 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $81, a drop of 20% in the last 12 months.