Biomarin Takes Bigger 4Q Loss on Development Costs
From Associated Press (February 21, 2013)
SAN RAFAEL, Calif. -- BioMarin Pharmaceutical Inc. said Thursday it took a bigger loss in the fourth quarter as it spent more money developing experimental drugs.
BioMarin’s approved drugs include Naglazyme and Aldurazyme, which treat rare metabolic disorders. The company is studying a treatment for cancer and several drugs intended to treat other metabolic diseases. It hopes to receive marketing for approval of one of those drugs, Vimizim, later this year.
The company said sales of Naglazyme rose 31 percent to $63 million during the quarter, and Kuvan sales grew 30 percent to $40 million. Sales of Aldurazyme, which is marketed by French drug maker Sanofi, rose 9 percent to $53.1 million and BioMarin’s share rose to $23.9 million.
BioMarin took a loss of $53 million, or 43 cents per share, in the last three months of 2012. In the year-earlier quarter it lost $26.7 million, or 23 cents per share. Revenue grew 22 percent, to $131.9 million from $107.8 million.
Analysts expected a loss of 26 cents per share on $129.4 million in revenue, according to FactSet.
Naglazyme and Aldurazyme treat two types of a genetic disease called mucopolysaccharidosis. Vimizim treats a third type. Kuvan is designed to treat phenylketonuria, or PKU, a genetic disorder that can interfere with brain development, and Firdapse treats a rare autoimmune disease that causes muscle weakness.
BioMarin said sales of Naglazyme rose 14 percent to $224.9 million in 2012 and Kuvan sales grew 23 percent to $143.1 million. The company reported successful clinical trial results from Vimizim in November and plans to file for marketing approval before the end of March. It hopes to receive approval late in 2013. BioMarin is also studying a new treatment for PKU, a drug intended to treat genetically defined cancers, and therapies for other rare inherited diseases.
The company also said Thursday that it licensed a potential gene therapy treatment for hemophilia A from University College London and St. Jude Children’s Research Hospital. It hopes to start testing the drug on human volunteers in 2014.
Hemophilia is a rare, inherited disorder that affects blood clotting. Some types of the disease only occur in men, but hemophilia A is found in both men and women.
The company lost $114.3 million, or 95 cents per share, in 2012 after losing $53.8 million, or 48 cents per share, in 2011. Its revenue rose 13 percent, to $500.7 million from $441.4 million.
BioMarin said it expects to lose between $50 million to $75 million in 2013. It forecast $530 million to $555 million in revenue, with $265 million to $285 million from Naglazyme and $155 million to $170 million from Kuvan.
Analysts are projecting a loss of 93 cents per share and $555.2 million in revenue, on average.
Shares of BioMarin fell $1.90, or 3.4 percent, to $53.27 on Thursday.
Posted: February 2013