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BioMarin Pharmaceutical Inc. (BMRN) filed Quarterly Report for the period ended 2011-09-30.
Biomarin Pharmaceutical Inc. has a market cap of $3.96 billion; its shares were traded at around $35.38 with and P/S ratio of 10.51.
This is the annual revenues and earnings per share of BMRN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BMRN.
Highlight of Business Operations:
Naglazyme net product revenues during the three and nine months ended September 30, 2011 totaled $55.9 million and $176.8 million, respectively, of which $48.2 million and $153.5 million, respectively, was earned from customers based outside the U.S. The impact of foreign currency exchange rates on Naglazyme sales denominated in currencies other than the U.S. dollar was negative by $0.5 million and positive $0.7 million for the three and nine months ended September 30, 2011, respectively. Gross profit from Naglazyme sales during the three and nine months ended September 30, 2011 was $46.4 million and $146.9 million, respectively, representing gross margins of 83% in both periods. Gross profit from Naglazyme sales in the three and nine months ended September 30, 2010 was $42.8 million and $120.9 million, respectively, representing gross margins of 83% and 82%, respectively. Naglazyme gross margins for the three and nine months ended September 30, 2011 were consistent with expectations and are not expected to fluctuate significantly in the future, however Naglazyme gross margins may increase as a result of manufacturing cost savings or other efficiencies.Net product revenue for Kuvan during the three and nine months ended September 30, 2011 was $30.5 million and $86.0 million, respectively, compared to $26.2 million and $72.1 million for the three and nine months ended September 30, 2010, respectively. Gross profit from Kuvan during the three and nine months ended September 30, 2011 was approximately $25.5 million and $72.0 million, respectively, representing gross margins of approximately 83% and 84%, respectively, compared to the same periods in 2010 when gross profit totaled $21.6 million and $59.7 million, respectively, representing gross margins of 82% and 83%, respectively. The increase in gross margins was primarily attributed to price increases at the end of 2010. Cost of goods sold for the three and nine months ended September 30, 2011 and 2010 reflect royalties paid to third parties of approximately 9.8% and 11%, respectively. During the three and nine months ended September 30, 2011, we earned $0.4 million and $1.2 million, respectively, in royalties from Merck Serono on their net sales of $10.6 million and $29.4 million, respectively. Royalties earned from Merck Serono during the three and nine months ended September 30, 2010 were $0.3 million and $0.7 million, on their net sales of $6.3 million and $16.9 million, respectively. Kuvan gross margins for the three and nine months ended September 30, 2011 were consistent with expectations and are not expected to fluctuate significantly in the future.
We launched Firdapse in Europe on a country by country basis beginning in April 2010. Net product revenue for Firdapse during the three and nine months ended September 30, 2011 was $3.5 million and $9.8 million, respectively. Net product revenue for Firdapse during the three and nine months ended September 30, 2010 totaled $2.2 million and $3.4 million, respectively. Gross profit from Firdapse for the three and nine months ended September 30, 2011 was $2.9 million and $8.2 million, respectively, representing gross margins of 83% in both periods compared to the three and nine months ended September 30, 2010 when gross profit was $1.8 million and $2.7 million, respectively, representing gross margins of 80% and 79%, respectively.
We incur interest expense on our convertible debt. Interest expense during the three and nine months ended September 30, 2011 was $2.4 million and $6.6 million, respectively, compared to $3.0 million and $8.1 million during the three and nine months ended September 30, 2010, respectively. The decrease in interest expense was attributed to the early conversion of $29.2 million and $119.6 million in aggregate principal of our 2013 Notes in September 2011 and November 2010, respectively. We expect interest expense for the fourth quarter of 2011 until the first quarter of 2013 to be $1.7 million per quarter based on the amount of our outstanding debt at September 30, 2011. See Note 10 to our accompanying Condensed Consolidated Financial Statements for additional discussion.
Working capital was $403.7 million at September 30, 2011, a decrease of $16.8 million from working capital at December 31, 2010. The decrease was primarily attributed to a decrease of $49.7 million in cash, cash equivalents and short-term investments, offset by increases in accounts receivable, inventory and other current asset of $20.5 million, $5.9 million and $6.1 million, respectively.
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