BioMarin narrows 3Q loss, drug sales climb
NOVATO, Calif. (AP) — BioMarin Pharmaceutical Inc.'s third quarter loss narrowed, as sales jumped for two of the pharmaceutical company's drugs.
The Novato, Calif., company said Thursday after the stock market closed that it lost $5.4 million, or 4 cents per share, in the three months that ended Sept. 30. That compares to a loss of $17.6 million, or 16 cents per share, in last year's quarter.
Revenue jumped 13 percent to $128.1 million.
Analysts expected, on average, a loss of 20 cents per share, on $127.3 million in revenue, according to FactSet.
Sales of Naglazyme climbed nearly 12 percent to $62.5 million in the quarter, while revenue from Kuvan rose 19 percent to $36.4 million.
Naglazyme treats an inherited metabolic disease that can cause tissue damage and mental retardation. Kuvan is a treatment for phenylketonuria, or PKU, a genetic disorder that can interfere with brain development.
Collaborative agreement and royalty and license revenues also tripled to a combined total of $1.8 million. Operating expenses rose more than 7 percent to $138.6 million, mainly due to growth in research and development costs.
The company said it had cash, cash equivalents and investments totaling $533.2 million at the end of September, up slightly from June.
BioMarin shares rose 21 cents, to $38.37 in after-hours trading. They closed down 17 cents at $38.15 in the regular session.