BioMarin's 1st-qtr beats analyst expectations

The USA's BioMarin Pharmaceutical beat Wall Street expectations and swung to a first-quarter 2008 profit as sales of Naglazyme (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI, jumped 51% year-on-year to $27.7 million. Also royalty and product transfer revenue for the recently-launched agent Aldurazyme (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I, reached $24.1 million.

During the period, the Novato, California-based biotechnology firm's GAAP net income totaled $1.7 million, or $0.02 per share, versus a loss of $9.3 million, or $0.10 per share, in first-quarter 2007, as net revenue surged 164.5% to $60.4 million. Analysts polled by Thomson Financial expected a deficit of $0.05 per share on revenue of $55.7 million.

BioMarin estimates 2008 net sales of Naglazyme will be in the range of $115.0 million to $125.0 million, up from a previously-stated range of $105.0 million to $116.0 million. Net sales of Aldurazyme by partner US biotechnology major Genzyme are estimated to be in the range of $135.0 million to $145.0 million. BioMarin's revenue from Genzyme related to Aldurazyme is estimated to be between $70.0 million and $80.0 million, revised from $68.0 million to $78.0 million, which includes both the royalty earned on net sales by Genzyme and additional revenue related to the transfer of inventory to meet future product demand.