Wednesday, August 6, 2003

BIOMARIN POSTS NARROWED Q2 LOSS AIDED BY MILESTONE PAYMENT RECEIPT; SHARES FALL

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BioMarin Pharmaceuticals Inc. shares fell nearly 17 percent after the company reported a narrowed second-quarter loss, assisted by the receipt of a $12.1 million milestone payment following U.S. approval of the biotechnology brand name drug Aldurazyme (laronidase) to treat the genetic disease mucopolysaccharidosis I.

The company's net loss in the second quarter of 2003 decreased to nearly $9.1 million, or $0.14 per share, compared with a loss of approximately $14.4 million, or $0.27 per share, in the comparable period of last year.

BioMarin partially attributed the loss in this year's second quarter to clinical and regulatory costs associated with the launch of the biotechnology brand name drug Aldurazyme, along with developmental costs related to other therapies currently being examined.

The biotechnology brand name drug Aldurazyme, which is jointly marketed by BioMarin and Genzyme Corp., had sales of $1.1 million in the second quarter of this year.

Biomarin's overall revenue for the quarter reached approximately $12.1 million as a result of a one-time milestone payment from Genzyme.

Shares of BioMarin closed at $8.10, down $1.66, in moderate Nasdaq trading.