BioMarin reports net loss of $7 million for quarter, sales of Naglazyme, Aldurazyme up

By Lisa Kerner

Charlotte, N.C., Nov. 1 - BioMarin Pharmaceutical Inc. announced results for the third quarter ended Sept. 30, including a net loss of $7.0 million, or loss per share of $0.08. This compares to a net loss of $15.5 million, or loss per share of $0.21, for the third quarter of 2005.

Net sales of Naglazyme (galsulfase) rose to $12.9 million in the quarter, from $2.3 million in the prior-year period.

Aldurazyme (laronidase) net sales for the third quarter were up 24% at $25 million, from $20.1 million in the third-quarter 2005.

As of Sept. 30, BioMarin had cash, cash equivalents and short-term investments totaling $293.9 million.

For the nine months ended Sept. 30, BioMarin reported a net loss of $18.1 million, or loss per share of $0.22, Naglazyme net sales of $30.2 million and Aldurazyme net sales of $69.9 million.

"The launch of Naglazyme in the United States, Europe and some international markets continues to exceed our expectations," chief executive officer Jean-Jacques Bienaime said in a company news release.

"Consequently, we expect 2006 net product sales of Naglazyme to be slightly higher and our net loss for 2006 to be lower than we had previously projected."

BioMarin is a biopharmaceutical company located in Novato, Calif.

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