BioMarin takes bigger 4Q loss on development costs

BioMarin Pharma posts larger 4th-quarter loss as drug development costs increase

Associated Press

SAN RAFAEL, Calif. (AP) -- 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 drugmaker 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.

View Comments (0)

Recommended for You

  • US billionaire says WWII Japanese ship found in Philippines

    Microsoft co-founder Paul Allen said Wednesday he had found one of Japan's biggest and most famous battleships on a Philippine seabed, some 70 years after American forces sank it during World War II. Excited historians likened the discovery, if verified, to finding the Titanic, as they hailed the…

  • Central Florida man killed by police serving search warrant

    By Barbara Liston ORLANDO, Fla. (Reuters) - A 26-year-old Central Florida man died after being shot in the face early on Wednesday morning by a sheriff’s deputy attempting to serve a search warrant in a narcotics investigation, authorities said. The Volusia County Sheriff’s Office reported in a…

  • 175-Pound Pit Bull Hulk Shatters Misconceptions About the Breed

    This dog just may be the world's largest Pit Bull. Only 18-months-old, Hulk weighs a hefty 175 pounds. He's also best friends with a 3-year-old boy.

    ABC News
  • Chad president tells Boko Haram leader to surrender or face death

    By Madjiasra Nako N'DJAMENA (Reuters) - President Idriss Deby of Chad said on Wednesday he knew the whereabouts of Abubakar Shekau, the leader of the Nigerian militant group Boko Haram, and called on him to surrender or risk being killed. Chad's army has waged a series of battles against Boko Haram…

  • Passengers use emergency slides after landing in Denver

    DENVER (AP) — Passengers on an American Airlines flight from Charlotte, North Carolina, were forced to slide off the plane on emergency chutes soon after landing in Denver on Wednesday.

    Associated Press58 mins ago
  • Australians on Indonesia death row arrive on execution island

    Two Australian drug smugglers were taken Wednesday to an Indonesian island where they will be executed despite frantic diplomatic efforts to save them, as Prime Minister Tony Abbott said Australia was "revolted" by their looming deaths. Andrew Chan and Myuran Sukumaran, the ringleaders of the…

  • France, Cameroon wouldn't take foreigner later shot by LAPD

    LOS ANGELES (AP) — A homeless foreigner shot to death by Los Angeles police was in the country illegally after serving time for a bank robbery but couldn't be deported because no country would take him, U.S. immigration authorities said Wednesday.

    Associated Press
  • U.S. may review 1959 airplane crash that killed Buddy Holly

    (Reuters) - U.S. transportation safety investigators said on Wednesday they are reviewing a request to reopen a probe into the 1959 airplane crash that killed musicians Buddy Holly, Ritchie Valens, J.P. Richardson, better known as "The Big Bopper," and their pilot. The original investigation 56…

  • View

    Turkish jetliner skids off on runway (9 photos)

    A Turkish Airlines jet landing in dense fog in the Nepalese capital Wednesday skidded off a slippery runway but there were no serious injuries, officials said. Officials at Kathmandu's Tribhuwan International Airport said the plane with 238 people on board was coming from Istanbul when the…

    Yahoo News
  • Iranian president says Israel 'greatest danger'

    Iranian President Hassan Rouhani on Wednesday said Israel creates the "greatest danger" in the region, after Israeli Prime Minister Benjamin Netanyahu warned against a nuclear deal with the Islamic republic. In a speech on Capitol Hill, Netanyahu said Tuesday the nuclear agreement US President…

  • Former marine reported killed in Syria

    A former Royal Marine has become the first Briton to be killed while fighting with Kurdish forces battling Islamic State jihadists in Syria, leaving his family "devastated" Wednesday. Konstandinos Erik Scurfield, 25, died on Monday in a battle with IS militants, a source in the Kurdish People's…

  • Killers sought in deaths of 300,000 chickens in South Carolina

    By Harriet McLeod CHARLESTON, S.C. (Reuters) - Revenge may be the motive for the killings in South Carolina of more than 300,000 commercial chickens worth about $1.7 million over the past two weeks, authorities said on Monday. Birds have been found dead of unnatural causes in 16 chicken houses at…

  • Americans Love K-Cups, but Their Creator Regrets Inventing Them

    Now it seems that John Sylvan, the inventor of the tiny containers, is firmly on Team #KillTheKCup too. “No matter what they say about recycling, those things will never be recyclable,” said Sylvan.
  • 'Thousands' of Russian troops in east Ukraine: US envoy

    The United States' senior envoy to Europe alleged Wednesday that Russia had deployed "thousands and thousands" of troops to neighboring Ukraine. Speaking to a congressional foreign affairs committee, Assistant Secretary of State Victoria Nuland also told US lawmakers that Russia was flooding…

    AFP51 mins ago
  • Survivor testifies about 2 friends stabbed, bound, drowned

    PHILADELPHIA (AP) — A man who survived being beaten, bound, stabbed in the neck and kicked into the Schuylkill River took the stand in a hearing Tuesday and described the night his two friends lost their lives.

    Associated Press
  • Student Shot With BB Gun On Campus Shocked by University`s Reaction

    A student at Norfolk State University says she was shot with a BB gun and hit with a bottle of urine outside of a all-male dorm room on campus, but says the school offered little help to her or other students when she contacted them.

  • Georgia police officer killed in shootout

    By David Beasley ATLANTA (Reuters) - A Georgia police officer was killed in a shootout with a suspect in suburban Atlanta early on Wednesday, authorities said. Officers went to investigate reports of shots in a suburban neighborhood and came under fire about 1:30 a.m. EST, according to the Fulton…

  • Senate fails to override Obama's veto of Keystone XL approval

    By Susan Cornwell WASHINGTON (Reuters) - The U.S. Senate failed on Wednesday to override President Barack Obama's veto of legislation approving the Keystone XL oil pipeline, leaving the controversial project to await an administration decision on whether to permit or deny it. The Senate mustered…