BioMarin Announces Fourth Quarter and Full Year 2013 Financial Results

BioMarin Announces Fourth Quarter and Full Year 2013 Financial Results

                       Total Revenue Grows 9.5% in 2013

 U.S. Commercial Launch of VIMIZIM™ Underway; Positive CHMP Opinion Received
                                 February 20

Financial Highlights ($ in millions, except per share data, unaudited)

                 Three Months Ended December 31, Twelve Months Ended December
                                                  31,
                 2013       2012       % Change  2013       2012       %
                                                                        Change
                                                                  
Total BioMarin    $146.9   $131.9   11.4%     $548.5   $500.7   9.5%
Revenue
Total BioMarin                                                     
Revenue
(excluding
Aldurazyme Net
Product Transfer  148.5     131.2     13.2%     553.4     498.9     10.9%
Revenue) -
non-GAAP
Naglazyme Net     68.7      63.0      9.0%      271.2     257.0     5.5%
Product Revenue
Aldurazyme
BioMarin Net      25.9      24.6      5.3%      83.6      82.2      1.7%
Product Revenue
Aldurazyme                                                         
Royalty Revenue
(excluding Net
Product Transfer  27.5      23.9      15.1%     88.5      80.4      10.1%
Revenue) -
non-GAAP
Kuvan Net Product 45.3      40.0      13.3%     167.4     143.1     17.0%
Revenue
Firdapse Net      4.3       3.4       26.5%     16.1      14.2      13.4%
Product Revenue
VIMIZIM           0.1       --                0.1       --       
                                                                  
Non-GAAP Net Loss $(15.8)  $(15.5)           $(40.4)  $(11.6)  
Non-GAAP Net Loss $(0.11)  $(0.12)           $(0.29)  $(0.10)  
per Share (basic)
Non-GAAP Net Loss
per Share         $(0.11)  $(0.12)           $(0.30)  $(0.12)  
(diluted)
                                                                  
GAAP Net Loss    $(62.0)  $(53.0)           $(176.4) $ (114.3) 
GAAP Net Loss per $(0.43)  $(0.43)           $(1.28)  $(0.95)  
Share (basic)
GAAP Net Loss per $(0.44)  $(0.43)           $(1.28)  $(0.95)  
Share (diluted)
                                                                  
Cash, cash
equivalents and                                $1,052.4  $563.8   86.7%
investments *
* The cash balance at the end of 2013 includes net proceeds of $696.4 million
from the Convertible Debt offering in October 2013.

SAN RAFAEL, Calif., Feb. 26, 2014 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical
Inc. (Nasdaq:BMRN) today announced financial results for the fourth quarter
and full year 2013. Non-GAAP net loss was $15.8 million ($0.11 per share,
basic and diluted) for the fourth quarter of 2013, compared to non-GAAP net
loss of $15.5 million ($0.12 per share, basic and diluted) for the fourth
quarter of 2012.GAAP net loss was $62.0 million ($0.43 per share, basic and
$0.44 per share, diluted) for the fourth quarter of 2013, compared to GAAP net
loss of $53.0 million ($0.43 per share, basic and diluted) for the fourth
quarter of 2012.The increased non-GAAP net loss and GAAP net loss for the
fourth quarter of 2013 compared to the fourth quarter of 2012 was primarily
due to increased research and development expenses, including costs associated
with PEG PAL, BMN 673 and BMN 270, the Company's AAV-factor VIII gene therapy
drug candidate for the treatment of hemophilia A, as well as increased
selling, general and administrative expenses, including costs associated with
VIMIZIM launch activities, partially offset by increased net product revenues.

Non-GAAP net loss was $40.4 million ($0.29 per share, basic and $0.30 per
share, diluted) for the year ended December 31, 2013, compared to non-GAAP net
loss of $11.6 million ($0.10 per share, basic and $0.12 per share, diluted)
for the year ended December 31, 2012.GAAP net loss for the year ended
December 31, 2013 was $176.4 million ($1.28 per share, basic and diluted),
compared to GAAP net loss of $114.3 million ($0.95 per share, basic and
diluted) for the year ended December 31, 2012.The increased non-GAAP net loss
and GAAP net loss for the year ended December 31, 2013 compared to the year
ended December 31, 2012 was primarily due to increased research and
development expenses including costs associated with PEG PAL, BMN 673 and BMN
190 programs and increased selling, general and administrative expenses,
including costs associated with VIMIZIM launch activities, partially offset by
increased net product revenue.

As of December 31, 2013, BioMarin had cash, cash equivalents and investments
totaling $1,052.4 million, as compared to $507.1 million on September 30,
2013.

"2013 was a pivotal year for BioMarin. Our growing commercial portfolio drove
nearly $550 million in total revenue and our next significant value driver,
VIMIZIM for the treatment of Morquio A syndrome, was approved by the FDA on
February 14^th," said Jean-Jacques Bienaimé, Chief Executive Officer of
BioMarin."In addition, during the year we advanced several programs across
our development pipeline.We initiated two Phase 3 programs, BMN 673 for the
treatment of gBRCA breast cancer and PEG PAL for the treatment of
phenylketonuria.Phase 2 testing with BMN 111 for the treatment of
achondroplasia began, and we moved BMN 190 into Phase 1/2 for Batten Disease.
We started 2014 with the selection of two new drug candidates, an AAV-factor
VIII gene therapy vector, BMN 270, for the treatment of hemophilia A and BMN
250, an enzyme replacement therapy for the treatment of Mucopolysaccharidosis
IIIB (MPS IIIB) or Sanfilippo Syndrome Type B.I am very pleased with
BioMarin's remarkable growth in 2013 across the commercial and development
portfolios and expect the momentum to continue throughout 2014."

Net Product Revenue

Total Revenue Growth, excluding Aldurazyme Net Product Transfer Revenues (in
millions)
                                                               
               Three Months Ended December    Twelve Months Ended December
                31,                           31,
               2013    2012    $      %       2013    2012    $       %
                                Change Change                 Change  Change
                                                               
Naglazyme ^ (1) $68.7 $63.0 $5.7 9.0%    $      $      $14.2 5.5%
                                               271.2   257.0
Kuvan           45.3   40.0   5.3   13.3%   167.4   143.1  24.3   17.0%
Firdapse        4.3    3.4    0.9   26.5%   16.1    14.2   1.9    13.4%
Aldurazyme      25.9   24.6   1.3   5.3%    83.6    82.2   1.4    1.7%
VIMIZIM         0.1    --    0.1          0.1     --    0.1    --
Net product     144.3  131.0  13.3  10.2%   538.4  496.5  41.9   8.4%
revenue
                                                               
Collaborative
agreement       1.1    0.2     0.9          3.9     1.9    2.0    
revenue
Royalty and     1.5    0.7     0.8          6.2     2.3    3.9    
license revenue
Total BioMarin  146.9  131.9  15.0  11.4%   548.5   500.7  47.8   9.5%
revenue - GAAP
                                                               
Less:
Aldurazyme net
product         (1.6)  0.7     (2.3)        (4.9)  1.8     (6.7)  
transfer
revenue
Total BioMarin
revenues
(excluding
Aldurazyme net  $      $      $17.3 13.2%   $      $      $54.5  10.9%
product         148.5   131.2                  553.4   498.9
transfer
revenue) -
Non-GAAP ^ (2)
                                                               
                                                               
Reconciliation
of Aldurazyme                                                   
Revenues (in
millions)
               Three Months Ended December    Twelve Months Ended December
                31,                           31,
               2013    2012    $      %       2013    2012    $       %
                                Change Change                 Change  Change
Aldurazyme
revenue         $59.5 $53.1 $6.4 12.1%   $      $      $19.3 10.0%
reported by                                    212.4   193.1
Genzyme
                                                               
               Three Months Ended            Twelve Months Ended     
                December 31,                  December 31,
               2013    2012    $             2013    2012    $       
                                Change                         Change
Aldurazyme
Royalties due   $27.5 $23.9 $3.6        $88.5 $80.4 $8.1  
from Genzyme -
Non-GAAP ^(2)
Incremental net
product         (1.6)  0.7    (2.3)        (4.9)  1.8    (6.7)  
transfer
revenue ^(3)
Total
Aldurazyme net  $25.9 $24.6 $1.3        $83.6 $82.2 $1.4  
product revenue
- GAAP
                                                               
^(1) Naglazyme revenues experience quarterly fluctuations due to the timing of
government ordering patterns in certain countries.For example, quarterly
sales to Brazil have been between $11M-$17M for Q1 2012 through Q2 2013.In
each of these quarters there has been a centralized Brazil Ministry of Health
(MOH) order for more than 50% of the Brazil ordering. However, in Q3 2013
there was no large, centralized order from the Brazilian MOH.The Company does
not believe these fluctuations reflect a change in underlying demand, simply
the timing of the Brazil MOH order. In Q4 2013, the Company received a
centralized order from the Brazilian MOH.
^(2) BioMarin believes that this non-GAAP information is useful to investors,
taken in conjunction with BioMarin's GAAP information because it provides
additional information regarding the end-user demand for Aldurazyme. The
Aldurazyme net product transfer revenue is the result of timing of deliveries
to Genzyme Corp. and is therefore not representative of patient demand for the
product. By providing information about both the GAAP and non-GAAP revenue
measures, the Company believes that the additional information enhances
investors' overall understanding of the Company's business and in particular
allows for more consistent period to period evaluation of the revenue.
^(3) To the extent units shipped to third party customers by Genzyme exceed
BioMarin inventory transfers to Genzyme, BioMarin will record a decrease in
net product revenue from the royalty payable to BioMarin for the amount of
previously recognized product transfer revenue.If BioMarin inventory
transfers exceed units shipped to third party customers by Genzyme, BioMarin
will record incremental net product transfer revenue for the period.

2014 Guidance

Revenue Guidance ($ in millions)                   
                                                  
Item                                               2014 Guidance
Total BioMarin Revenues                            $650 to $680
Naglazyme Net Product Revenue                      $290 to $310
Kuvan Net Product Revenue                          $180 to $200
VIMIZIM                                            $60 to $70
                                                  
Selected Income Statement Guidance ($ in millions) 
                                                  
Item                                               2014 Guidance
Cost of Sales (% of Total Revenue)                 17.5% to 18.5%
Selling, General and Admin. Expense                $265 to $285
Research and Development Expense                   $500 to $530
GAAP Net Loss                                      $(255) to $(285)
Non-GAAP Net Loss                                  $(100) to $(130)

Anticipated Upcoming Milestones

1Q 2014: Initiation of Phase 2/3 trial with BMN 701 for the treatment of Pompe
disease

2Q 2014: Potential EU approval of VIMIZIM for MPS IVA

2Q 2014: Potential EU launch of VIMIZIM for MPS IVA

Mid 2014: Enrollment completion of Phase 3 trial with PEG PAL for the
treatment of phenylketonuria (PKU)

4Q 2014: Enrollment completion of Phase 1/2 trial with BMN 111 for the
treatment of achondroplasia

4Q 2014: Results from pivotal Phase 3 trial with PEG PAL for the treatment of
PKU

1Q 2015: Submission of PEG PAL BLA to the FDA for the treatment of PKU

1Q 2015: IND filing or equivalent for BMN 270 for the treatment of Hemophilia
A

2Q 2015: Data on first three cohorts in Phase 1/2 with BMN 111 for the
treatment of achondroplasia

1H 2015: Enrollment completion of Phase 2/3 trial with BMN 701 for the
treatment of Pompe disease

2H 2015: Results from Phase 1/2 trial with BMN 190 for the treatment of
Batten's disease

2H 2015: Enrollment completion of Phase 3 trial with BMN 673 for the treatment
of mBC

2H 2015: IND filing or equivalent for BMN 250 for the treatment of MPS IIIB

Commercial and Regulatory Update on VIMIZIM for Mucopolysaccharidosis type IVA

  *U.S.: On February 14, 2014 the U.S. Food and Drug Administration (FDA)
    approved VIMIZIM (elosulfase alfa) for the treatment of all patients with
    Mucopolysaccharidosis type IVA (MPS IVA; Morquio A syndrome) regardless of
    age or disease progression.Shipments of VIMIZIM to appropriate
    distribution channels will commence imminently, and BioMarin will begin
    promotion of VIMIZIM in the U.S. immediately.
    
  *E.U.: On February 20, 2014 the Committee for Medicinal Products for Human
    Use (CHMP) of the European Medicines Agency (EMA) rendered a positive
    opinion of BioMarin's Marketing Authorization Application (MAA) for
    VIMIZIM. BioMarin's MAA will now be referred to the European Commission
    (EC) for marketing authorization.The EC typically renders an approval
    decision approximately 60 days from receiving a positive opinion from the
    CHMP.

Advanced Clinical Programs

  *Phase 3 with PEG PAL for PKU:The Company expects enrollment completion of
    the pivotal Phase 3 study in mid-2014.The Phase 3 design includes: (1) an
    open-label study to evaluate safety and blood Phe levels in naïve
    patients; and, (2) a randomized controlled study of the Phase 2 extension
    study patients to evaluate blood Phe levels and neurocognitive
    endpoints.The Company expects top-line results from this study in 4Q14.
    
  *Phase 3 with BMN 673 (PARP inhibitor) for gBRCA breast cancer:In October
    2013, the Company initiated a Phase 3 trial to study its poly ADP-ribose
    polymerase (PARP) inhibitor, BMN 673, in the treatment of deleterious
    germline BRCA mutation metastatic breast cancer is enrolling patients.The
    Phase 3 trial is an open-label, 2:1 randomized, parallel, two-arm study of
    BMN 673 as compared to monotherapy of physicians' choice (capecitabine,
    eribulin, gemcitabine or vinorelbine) in germline BRCA mutation subjects
    with locally advanced and/or metastatic breast cancer who have received no
    more than two prior chemotherapy regimens for metastatic disease.The
    global study will enroll approximately 429 subjects.The primary objective
    of the study is to compare progression-free survival (PFS) of subjects
    treated with BMN 673 as a monotherapy relative to those treated with
    protocol-specific physicians' choice.
    
  *Phase 2/3 with BMN 701 for Pompe Disease:A phase 2/3 trial of patients
    previously treated with alglucosidase alfa and switched to atreatment of
    BMN 701 at 20 mg/kg administered every other week for 24 weeks is being
    prepared to start in 1Q14. The primary endpoint of the study will be the
    respiratory parameter Maximal Inspiratory Pressure (MIP).
    
  *Phase 2 with BMN 111 for Achondroplasia: In January 2014, the Company
    announced that it had dosed the first child in the Phase 2 trial with BMN
    111, an analog of C-type Natriuretic Peptide (CNP), for the treatment of
    children with achondroplasia. Achondroplasia is the most common form of
    disproportionate short stature or dwarfism.The Phase 2 study is an
    open-label, sequential cohort, dose-escalation study of BMN 111 in
    children who are 5-14 years old. The primary objective of this study is to
    assess the safety and tolerability of daily subcutaneous doses of BMN 111
    administered for 6 months. Prior to enrolling in the Phase 2 study, all
    patients will have participated in a 6 month natural history study to
    determine baseline growth velocity data. The Company expects results from
    the first three cohorts in this study in 2Q15.

Early-Stage Clinical Programs

  *BMN 190 for LINCL (Batten disease): In September 2013, the Company
    initiated the Phase 1/2 trial with BMN 190, a recombinant human
    tripeptidyl peptidase 1 (rhTPP1) for the treatment of patients with
    neuronal ceroid lipofuscinosis type 2 (NCL-2), a form of Batten
    disease.This is the first time that patients with Batten Disease have
    been treated with an enzyme replacement therapy in a clinical trial
    setting.The Phase 1/2 study is an open-label, dose-escalation study in
    patients with NCL-2.The primary objectives are to evaluate the safety and
    tolerability of BMN 190 and to evaluate effectiveness using an
    NCL-2-specific rating scale score in comparison with natural history data
    after 48 weeks of treatment.Secondary objectives are to evaluate the
    impact of treatment on brain atrophy in comparison with NCL-2 natural
    history after 48 weeks of treatment and to characterize pharmacokinetics
    and immunogenicity.The study will enroll approximately 22 subjects for a
    treatment duration of 48 weeks. The Company expects results from this
    study in 2H15.

Preclinical Programs

  *BMN 270 for Hemophilia A: In January 2014, the Company announced that it
    had selected an AAV-factor VIII gene therapy drug candidate, BMN 270, to
    develop for the treatment of hemophilia A and has initiated IND-enabling
    studies.BioMarin expects to initiate clinical studies with BMN 270 in
    early 2015.
    
  *BMN 250 for MPS IIIB: In February 2014, the Company announced that it had
    selected an BMN 250, an intracerebroventricular enzyme replacement
    therapy, for the treatment of Mucopolysaccharidosis IIIB (MPS IIIB) or
    Sanfilippo Syndrome Type B (Sanfilippo B).BioMarin has initiated
    IND-enabling studies and expects to initiate clinical studies with BMN 250
    in 2H15.

Non-GAAP Financial Information and Reconciliation

The results for the three months and year ended December 31, 2013 and December
31, 2012 are all determined in accordance with GAAP except for non-GAAP net
loss which is determined on a non-GAAP basis. As used in this release,
non-GAAP net loss is based on GAAP earnings before interest, taxes,
depreciation and amortization (EBITDA) and further adjusted to also exclude
certain non-cash stock compensation expense, non-cash contingent consideration
expense and certain other nonrecurring material items (non-GAAP net loss).

The following table presents the reconciliation of GAAP to non-GAAP financial
metrics:

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(in millions)
(unaudited)

                                                                    Year
                   ThreeMonths Ended      TwelveMonths Ended     Ending
                    December 31,           December 31,           December
                                                                    31,
                   2013        2012        2013        2012        2014
                                                                    Guidance
                                                               
GAAP Net Loss       $(62.0)   $(53.0)   $(176.4)  $(114.3)  $(255) -
                                                                    $(285)
                                                               
Interest expense,   6.5        1.2        7.4        5.0        35.0
net
Provision for
(benefit from)      2.6        2.9        (0.1)      (3.9)      (24.5)
income taxes
Depreciation        6.4        6.6        25.4       27.5       36.0
expense
Amortization        2.6        2.6        11.5       17.3       10.5
expense
EBITDA Loss         (43.9)     (39.7)     (132.2)    (68.4)     (198) -
                                                                    (228)
                                                               
Stock-based
compensation        22.7       12.1       64.4       48.0       83.0
expense
Contingent
consideration       4.6        12.1       14.4       8.8        15.0
expense ^ (1)
Material                                                        
non-recurring:
Debt conversion     0.8        --        13.0       --        --
expense ^(2)
                                                               
Non-GAAP Net Loss   $(15.8)   $(15.5)   $(40.4)   $(11.6)   $(100) -
                                                                    $(130)
                                                               
^(1) Represents the expense associated with the change in the fair value of
contingent acquisition consideration payable for the period, resulting from
changes in estimated probabilities and timing of achieving certain
developmental milestones.
^(2) Represents debt conversion expense associated with the early conversion
of a portion of our 2017 convertible notes in March, August and November 2013.

BioMarin believes that this non-GAAP information is useful to investors, taken
in conjunction with BioMarin's GAAP information because it provides additional
information regarding the performance of BioMarin's core ongoing business,
Naglazyme, Kuvan, Aldurazyme and Firdapse and development of its pipeline.By
providing information about both the overall GAAP financial performance and
the non-GAAP measures that focus on continuing operations, the Company
believes that the additional information enhances investors' overall
understanding of the Company's business and prospects for the future.Further,
the Company uses both the GAAP and the non-GAAP results and expectations
internally for its operating, budgeting and financial planning purposes.

About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious
diseases and medical conditions. The company's product portfolio comprises
five approved products and multiple clinical and pre-clinical product
candidates. Approved products include VIMIZIM™ (elosulfase alfa) for MPS IVA;
Naglazyme® (galsulfase) for MPS VI; Aldurazyme® (laronidase) for MPS I, a
product which BioMarin developed through a 50/50 joint venture with Genzyme, a
Sanofi Company; Kuvan® (sapropterin dihydrochloride) Tablets, for
phenylketonuria (PKU), developed in partnership with Merck Serono, a division
of Merck KGaA of Darmstadt, Germany and Firdapse® (amifampridine), which has
been approved by the European Commission for the treatment of Lambert Eaton
Myasthenic Syndrome (LEMS).Product candidates include PEG PAL (PEGylated
recombinant phenylalanine ammonia lyase), which is currently in Phase 3
clinical development for the treatment of PKU, BMN 673, a poly ADP-ribose
polymerase (PARP) inhibitor, which is currently in Phase 3 clinical
development for the treatment of germline BRCA breast cancer, BMN 701, a novel
fusion protein of insulin-like growth factor 2 and acid alpha glucosidase
(IGF2-GAA), which is currently in Phase 1/2clinical development for the
treatment of Pompe disease, BMN 111, a modified C-natriuretic peptide, which
is currently in Phase 1 clinical development for the treatment of
achondroplasia, BMN 190, a recombinant human tripeptidyl peptidase-1 (rhTPP1)
for the treatment of late-infantile neuronal ceroid lipofuscinosis (CLN2), a
form of Batten Disease, which is currently in Phase 1, BMN 270, an AAV-factor
VIII vector, for the treatment of hemophilia A and BMN 250, a novel fusion of
alpha-N-acetyglucosaminidase (NAGLU) with a peptide derived from insulin-like
growth factor 2 (IGF2), for the treatment of MPS IIIB. For additional
information, please visit www.BMRN.com.

Forward-Looking Statement

This press release contains forward-looking statements about the business
prospects of BioMarin Pharmaceutical Inc., including, without limitation,
statements about: the expectations of revenue and sales related to Naglazyme,
Kuvan, Firdapse, Aldurazyme and VIMIZIM; the financial performance of the
BioMarin as a whole; the timing of BioMarin's clinical trials of PEG PAL, BMN
673, BMN 701, BMN 111, BMN 190, BMN 270, BMN 250 and other product candidates;
the continued clinical development and commercialization of Aldurazyme,
Naglazyme, Kuvan, Firdapse, VIMIZIM and its product candidates; and actions by
regulatory authorities. These forward-looking statements are predictions and
involve risks and uncertainties such that actual results may differ materially
from these statements. These risks and uncertainties include, among others:
our success in the commercialization of VIMIZIM, Naglazyme, Kuvan, and
Firdapse; Genzyme Corporation's success in continuing the commercialization of
Aldurazyme; results and timing of current and planned preclinical studies and
clinical trials, particularly with respect to PEG PAL, BMN 673, BMN 701, BMN
111 and BMN 190; our ability to successfully manufacture our products and
product candidates; the content and timing of decisions by the U.S. Food and
Drug Administration, the European Commission and other regulatory authorities
concerning each of the described products and product candidates; the market
for each of these products and particularly Aldurazyme, Naglazyme, Kuvan,
VIMIZIM and Firdapse; actual sales of Aldurazyme, Naglazyme, Kuvan, VIMIZIM
and Firdapse; Merck Serono's activities related to Kuvan; and those factors
detailed in BioMarin's filings with the Securities and Exchange Commission,
including, without limitation, the factors contained under the caption "Risk
Factors" in BioMarin's 2013 Annual Report on Form 10-K, and the factors
contained in BioMarin's reports on Form 10-Q. Stockholders are urged not to
place undue reliance on forward-looking statements, which speak only as of the
date hereof. BioMarin is under no obligation, and expressly disclaims any
obligation to update or alter any forward-looking statement, whether as a
result of new information, future events or otherwise.

BioMarin^®, Naglazyme^®, Kuvan^® and Firdapse™ are registered trademarks of
BioMarin Pharmaceutical Inc., or its affiliates.Aldurazyme^® is a registered
trademark of BioMarin/Genzyme LLC. VIMIZIM™ is a trademark of BioMarin
Pharmaceutical Inc., or its affiliates.

BIOMARIN PHARMACEUTICAL INC.
                                                       
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2013 and December 31, 2012
(In thousands of U.S. dollars, except share and per share amounts)
                                                       
                                                       
                                      December 31, 2013 December 31, 2012^(1)
ASSETS                                 (unaudited)      
Current assets:                                         
Cash and cash equivalents              $568,781        $180,527
Short-term investments                 215,942          267,278
Accounts receivable, net (allowance
for doubtful accounts: $529 and $348,  117,822          109,066
respectively)
Inventory                              162,605          128,695
Current deferred tax assets            30,561           32,356
Other current assets                   41,707           25,509
Total current assets                   1,137,418        743,431
Noncurrent assets:                                      
Investment in BioMarin/Genzyme LLC     816              1,080
Long-term investments                  267,700          115,993
Property, plant and equipment, net     319,316          284,473
Intangible assets, net                 163,147          162,980
Goodwill                               54,258           51,543
Long-term deferred tax assets          150,391          189,303
Other assets                           156,171          19,544
Total assets                           $2,249,217      $1,568,347
LIABILITIES AND STOCKHOLDERS' EQUITY                    
Current liabilities:                                    
Accounts payable and accrued           $183,271        $147,068
liabilities
Convertible debt                       --              23,365
Total current liabilities              183,271          170,433
Noncurrent liabilities:                                 
Long-term convertible debt             655,566          324,859
Long-term contingent acquisition       30,790           30,618
consideration payable
Other long-term liabilities            38,549           26,674
Total liabilities                      908,176          552,584
Stockholders' equity:                                   
Common stock, $0.001 par value:
250,000,000 shares authorized at
December 31, 2013 and 2012;            144              126
143,463,668 and 125,809,162 shares
issued and outstanding at December 31,
2013 and 2012, respectively.
Additional paid-in capital             2,059,101        1,561,890
Company common stock held by
Nonqualified Deferred Compensation     (7,421)          (6,603)
Plan
Accumulated other comprehensive income 5,018            (202)
(loss)
Accumulated deficit                    (715,801)        (539,448)
Total stockholders' equity             1,341,041        1,015,763
Total liabilities and stockholders'    $2,249,217      $1,568,347
equity
                                                       
^(1) December 31, 2012 balances were derived from the audited consolidated
financial statements.



BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Twelve Months Ended December 31, 2013 and 2012
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)

                           Three Months Ended       Twelve Months Ended
                            December 31,             December 31,
                           2013         2012        2013         2012
REVENUES:                                                      
Net product revenues        $ 144,286   $ 130,957  $538,360   $496,497
Collaborative agreement     1,140       226        3,918       1,955
revenues
Royalty and license         1,447       755        6,207       2,271
revenues
Total revenues              146,873     131,938    548,485     500,723
OPERATING EXPENSES:                                            
Cost of sales (excludes
amortization of certain     24,621      26,532     95,742      91,830
acquired intangible assets)
Research and development    97,312      84,363     354,780     302,218
Selling, general and        71,809      55,049     235,356     198,173
administrative
Intangible asset
amortization and contingent 5,441       12,898     18,614      18,717
consideration
Total operating expenses    199,183     178,842    704,492     610,938
LOSS FROM OPERATIONS        (52,310)    (46,904)   (156,007)   (110,215)
Equity in the loss of       (438)       (253)      (1,149)     (1,221)
BioMarin/Genzyme LLC
Interest income             1,141       765        3,083       2,584
Interest expense            (7,593)     (1,930)    (10,447)    (7,639)
Debt conversion expense     (813)       --        (12,965)    --
Other income (expense)      638         (1,772)    982         (1,787)
LOSS BEFORE INCOME TAXES    (59,375)    (50,094)   (176,503)   (118,278)
Provision for (benefit      2,615       2,918      (150)       (3,931)
from) income taxes
NET LOSS                    $ (61,990)  $ (53,012) $ (176,353) $ (114,347)
NET LOSS PER SHARE, BASIC   $(0.43)    $(0.43)   $(1.28)    $(0.95)
NET LOSS PER SHARE, DILUTED $(0.44)    $(0.43)   $(1.28)    $(0.95)
                                                              
Weighted average common     142,659      124,575     137,755      120,271
shares outstanding, basic
Weighted average common     142,852      124,575     137,755      120,271
shares outstanding, diluted
                                                              
                                                              
STOCK-BASED COMPENSATION EXPENSE
Total stock-based compensation expense included in the Condensed Consolidated
Statements of Operations is as follows (unaudited):
                                                              
                           Three Months Ended       Twelve Months Ended
                            December 31,             December 31,
                           2013         2012        2013         2012
                                                              
Cost of sales               $1,197     $1,355    $4,860     $4,890
Research and development    8,942        5,385      27,763      20,736
Selling, general and        12,539       5,325      31,753      22,346
administrative
                           $22,678    $12,065   $64,376    $47,972

CONTACT: Investors:
         Traci McCarty
         BioMarin Pharmaceutical Inc.
         (415) 455-7558
        
         Media:
         Debra Charlesworth
         BioMarin Pharmaceutical Inc.
         (415) 455-7451

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