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BioMarin Announces Second Quarter 2010 Financial Results

R&D Pipeline Advancing Rapidly; Core Products Revenue In-Line Despite Challenging Economic Climate
Firdapse Launch Delay Contributes to Reduction in Guidance
Conference Call and Webcast to Be Held Today at 5:00 p.m. ET
    Financial Highlights ($ in millions, except per share data,
    unaudited)


    Item                  Q2 2010                    Q2 2009 Comparison
    Total BioMarin
     Revenue                                  $92.0  11.1% increase
    Total Net Product
     Revenue                                  $90.6  11.2% increase
    Naglazyme Net Product
     Revenue                                  $47.3  10.3% increase
    Aldurazyme BioMarin
     Net Product Revenue*                     $17.5                      $21.6
    Kuvan Net Product
     Revenue                                  $24.7  45.3% increase
    Firdapse Net Product
     Revenue                                   $1.1  NA
    GAAP Net Income
     (Loss)                                   $(0.5)                      $1.3
    GAAP Net Income
     (Loss) per share              $(0.00) (basic),  $0.01 (basic and diluted)
                          ($0.01) (diluted)
    Non-GAAP Net Income                        $8.6                       $9.0
    Non-GAAP Net Income
     per share            $0.08 (basic and diluted)  $0.09 (basic and diluted)



    *   Net product transfer revenue had a negative $0.2 million impact
    on net
    Aldurazyme revenue to BioMarin in Q2 2010 and a positive $6.1 million
    impact on net Aldurazyme revenue to BioMarin in Q2 2009.

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results for the second quarter of 2010. GAAP net loss was $0.5 million ($0.01 per diluted share) for the second quarter of 2010, compared to GAAP net income of $1.3 million ($0.01 per diluted share) for the second quarter of 2009. Non-GAAP net income was $8.6 million ($0.08 per diluted share) for the second quarter of 2010, compared to non-GAAP net income of $9.0 million ($0.09 per diluted share) for the second quarter of 2009. Non-GAAP net income excludes non-cash stock compensation expense, certain nonrecurring material items and the tax effect of the adjustments. The reconciliation of the non-GAAP measures to the GAAP net income is detailed in the table provided near the end of the press release.

GAAP net income for the six months ended June 30, 2010 was $0.7 million ($0.01 per diluted share), compared to GAAP net loss of $11.8 million ($0.12 per diluted share) for the six months ended June 30, 2009. Non-GAAP net income was $17.4 million ($0.17 per diluted share) for the six months ended June 30, 2010, compared to non-GAAP net income of $18.4 million ($0.18 per diluted share) for the six months ended June 30, 2009.

As of June 30, 2010, BioMarin had cash, cash equivalents and short and long-term investments totaling $455.4 million, as compared to $452.4 million at the end of March 31, 2010.

"Our pipeline has advanced tremendously over the last few months with encouraging preliminary safety and efficacy data from the PEG-PAL trial, positive discussions with regulatory authorities regarding the GALNS Phase III trial design, a clear development strategy for Firdapse in the U.S. and initiation of the Kuvan outcomes study is expected imminently. Also, we generated operating cash flow of $22.2 million in the second quarter of 2010, compared to $3.3 million in the first quarter of 2010," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "With our solid commercial foundation and advancing pipeline, we believe that we are well-positioned for long-term growth. We look forward to many additional clinical milestones in the second half of the year and remain committed to investing in the pipeline to drive additional value for the company."

    Net Product Revenue (in millions)

                            Three Months Ended June 30,
                            ---------------------------
                          2009           2010          $Change      % Change
                          ----           ----          -------      --------
     Naglazyme
     (1)                 $42.9          $47.3           $4.4          10.3%
    Kuvan
     (2)                  17.0           24.7            7.7          45.3%
    Firdapse
     (3)                     --            1.1            1.1         100.0%



                    Six Months Ended June 30,
                    -------------------------
                2009      2010          $Change       % Change
                ----      ----          -------       --------
     Naglazyme
     (1)       $82.3            $95.9           $13.6           16.5%
    Kuvan
     (2)        32.5             45.9            13.4           41.2%
    Firdapse
     (3)           --              1.2             1.2          100.0%


(1) Changes in foreign currency rates, net of hedges, had a $1.4 million and $1.5 million negative impact on Naglazyme sales in the three months and six months ended June 30, 2010, respectively. Naglazyme revenues experience quarterly fluctuations due to the timing of distributor purchases. The number of Naglazyme patients increased 4.9 percent in the second quarter of 2010, as compared to the first quarter of 2010, and increased 21.8 percent as compared to the second quarter of 2009.

(2) The quantity of commercial tablets dispensed to patients in the U.S., increased 36.6 percent in the second quarter of 2010 compared to the second quarter of 2009 and increased 14.7 percent in the second quarter of 2010 compared to the first quarter of 2010.

(3) A product for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS) which was launched in the EU in April 2010.


                             Three Months Ended June 30,
                             ---------------------------
                               2009         2010    $Change % Change
                               ----         ----    ------- --------
    Aldurazyme revenue
     reported by Genzyme
     (4)                      $39.2    $43.7      $4.5          11.5%

    Royalties due from
     Genzyme                   15.5     17.7       2.2
    Incremental
     (previously
     recognized)
     Aldurazyme product
     transfer revenue     6.1  (0.2) (6.3)
                                ---     ----      ----

    Total Aldurazyme net
     product revenues (5)     $21.6    $17.5     $(4.1)
                              =====    =====     =====




                                          Six Months Ended June 30,
                                          -------------------------
                               2009       2010               $Change % Change
                               ----       ----               ------- --------
    Aldurazyme revenue
     reported by Genzyme
     (4)                      $76.0      $83.5                $7.5       9.9%

    Royalties due from
     Genzyme                   30.0       33.7                 3.7
    Incremental
     (previously
     recognized)
     Aldurazyme product
     transfer revenue     8.7  (2.0) (10.7)
                                ---       ----               -----

    Total Aldurazyme net
     product revenues (5)     $38.7      $31.7                $7.0
                              =====      =====                ====



(4) Changes in foreign currency rates caused a decrease to Aldurazyme sales by Genzyme of $0.8 million in the three months ended June 30, 2010 and an increase to Aldurazyme sales by Genzyme of $0.9 million for the six months ended June 30, 2010.

(5) To the extent units shipped to third party customers by Genzyme exceeded 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.


    2010 Guidance

    Revenue Guidance ($ in
     millions)

                                                    Previous 2010
    Item                         2010 Guidance      Guidance
    Total BioMarin Revenues          $370 to $393        $374 to $405
    Total Net Product Revenues       $365 to $387        $368 to $398
    Naglazyme Net Product
     Revenue                     Unchanged               $190 to $200
    Kuvan Net Product Revenue         $98 to $102         $98 to $108
    Aldurazyme Net Product
     Revenue to BioMarin         Unchanged                 $70 to $75
    Firdapse Net Product
     Revenue                            $7 to $10          $10 to $15

    Selected Income Statement
     Guidance ($ in millions)

                                                    Previous 2010
    Item                         2010 Guidance      Guidance
    Cost of Sales (% of Total
     Revenue)                          19% to 20%         19% to 21%
    Selling, General and Admin.
     Expense                     Unchanged               $145 to $150
    Research and Development
     Expense                     Unchanged               $140 to $145
    Interest Income              Unchanged                   $3 to $4
    GAAP Net Income (Loss)             $(6) to $2           $2 to $12
    Stock Compensation Expense   Unchanged                        $37
    Non-GAAP Net Income                $30 to $38          $39 to $49



    Anticipated Upcoming Milestones
    3Q 2010: Initiation of PKU-016 (Kuvan neurocognitive outcomes study)
    4Q 2010: Final top-line results from PEG-PAL Phase II trial
    4Q 2010: Announcement of new IND-filing candidate at R&D Day
    4Q 2010: File IND for BMN-673 (PARP inhibitor)
    December 2010/January 2011: Initiation of pivotal Phase III trial for
     GALNS for MPS IVA
    Late 2010/early 2011: Initiation of pivotal Phase III trial for
     Firdapse for LEMS in the U.S.
    1Q 2011: Initiation of Phase Ib trial for BMN-673 (PARP inhibitor)
    Mid-2011: Availability of blood Phe monitor
    2H 2011: NDA filing for Firdapse for LEMS in the U.S.
    4Q 2011: Initiation of Phase III PEG-PAL trial
    4Q 2011: Initiation of Phase I trial for undisclosed biologic
    3Q 2012: Approval of Firdapse for LEMS in the U.S.
    4Q 2012: U.S. and European filings for GALNS for MPS IVA


Research and Development Programs

BioMarin continues to make significant investments in research and development to ensure continued growth of the company. The current pipeline includes programs which are in various stages of development and are focused on treating a range of unmet medical needs. BioMarin is also making significant investments in manufacturing and laboratory facilities to support the advancement of these programs. The company plans to host an R&D Day on October 19, 2010 to highlight ongoing R&D programs.

Advanced Programs

  • Firdapse: After meeting with the FDA regarding the development strategy in the U.S. in the second quarter of 2010, the company has defined a clear development pathway. BioMarin expects to initiate a Phase III trial by late 2010 or early 2011, file in the second half of 2011 and if successful, receive approval for LEMS by the third quarter of 2012.
  • GALNS for MPS IVA: BioMarin recently met with regulatory authorities and has support for conducting a six-month study. The company is incorporating health authority input into a final protocol and expects to initiate a pivotal Phase III study with primary endpoint of six minute walk distance by January 2011.
  • Kuvan outcomes study/ Lifecycle development: BioMarin expects to initiate PKU-016, a randomized, placebo-controlled, 13-week Kuvan outcomes study imminently. Endpoints include clinically validated measures of neuropsychiatric symptoms and if successful, may enable a label amendment. Several other programs are underway to expand and protect the market and to improve the ability of healthcare providers and patients to better manage PKU. These programs include a state-of-the-art handheld device to measure blood Phe levels in PKU patients. Human studies of this device are planned for the fourth quarter of 2010. Regulatory approval and commercial availability of the handheld blood Phe monitor are expected in mid-2011.

Mid-Stage Programs

  • PEG-PAL for PKU: The ongoing Phase II clinical trial is an open-label, multi-center study to be conducted in a series of dose-escalating cohorts. The primary treatment period of eight once weekly injections at a fixed dose will be followed by dose and frequency optimization and an extension period. An encouraging trial update has been provided in a separate press release issued today.Highlights include: (1) 23 adult patients have been enrolled in the study and patients have been followed a median of 111 days; (2) Seven patients have received at least 1 mg/kg/week for at least four weeks in several different dosing frequencies (up to three times per week). Of these, six have sustained Phe levels below 600 umol/L for at least three weeks and in some cases up to three months; (3) A total of three patients have discontinued the study prematurely for personal reasons, though one of these patients also had a generalized rash. No other patients have discontinued due to treatment-related adverse events; (4) Injection site reaction is the most common treatment emergent adverse event, occurring in 43% of patients. Injection site reactions are generally mild to moderate, self-limited and unaccompanied by other sequelae. The company expects to initiate a Phase III trial in the fourth quarter of 2011.

Preclinical Programs

  • BMN-673 (PARP inhibitor): The company expects to file an IND for BMN-673 by the end of 2010 and initiate a Phase 1b trial in the first quarter of 2011. BioMarin believes that, based upon internal preclinical experiments, BMN-673 may be ultimately superior to other compounds currently in clinical development.
  • Utrophin upregulator for Duchenne Muscular Dystrophy: BioMarin announced Phase I results for BMN-195 and concluded that due to pharmaceutical and pharmacokinetic data obtained, the company will not pursue further development of BMN-195 as a treatment for DMD. However, BioMarin continues to believe that utrophin upregulation is a viable approach for the treatment of DMD and is currently working on additional candidates to possibly take forward into early human studies.
  • Other early stage programs: BioMarin is working on multiple early development opportunities, of which two undisclosed biologics are advancing toward IND-enabling decisions. The company plans to announce a new candidate for IND-filing at the upcoming R&D Day on October 19, 2010.

Non-GAAP Financial Information and Reconciliation

The above results for the three and six months ended June 30, 2010 and June 30, 2009 and financial guidance for the year ending December 31, 2010 are presented both as determined in accordance with GAAP and on a non-GAAP basis. As used in this release, non-GAAP income is calculated in accordance with GAAP, but excludes non-cash stock compensation expense, certain nonrecurring material items and the tax effect of the adjustments. The following tables detail the reconciliation of non-GAAP to GAAP financial metrics:

     Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
                              (In millions)
                               (Unaudited)



                                   Three Months
                                                Ended Six Months Ended
                                              June 30,    June 30,
                                              --------    --------
                                Notes:  2009           2010    2009     2010
                                ------  ----           ----    ----     ----


     GAAP Net Income (Loss)             $1.3           (0.5) $(11.8)    $0.7
         Stock-based
          compensation expense           9.0            9.1    16.8     17.7
         Upfront license fees       (1)    -              -     8.8        -
         Impairment charges         (2)    -              -     5.9        -
         Net gain on the sale
          of equity investments         (1.6)             -    (1.6)    (1.0)
         Income tax effect of
          Non-GAAP adjustments      (3)  0.3              -     0.3        -

         Non-GAAP net income            $9.0           $8.6   $18.4    $17.4
                                        ====           ====   =====    =====






                                           Year Ended          Year Ending
                                             December
                                                 31,            December 31,
                                             ---------          ------------
                                   Notes:            2009                2010
                                   ------            ----                ----
                                                (actuals)      (forecast)

     GAAP Net Income (Loss)                         $(0.5)   $   (6.0) to 2.0
         Stock-based compensation
          expense                                    34.5                37.0
         Upfront license fees          (1)            8.8                   -
         Impairment charges            (2)            5.9                   -
         Net gain on the sale of
          equity investments                         (1.6)               (1.0)
         Income tax effect of Non-
          GAAP adjustments             (3)              -                   -
                                                                          ---

         Non-GAAP net income                        $47.1    $   30.0 to 38.0
                                                    =====  ===   ============





    Notes:
    (1)  Represents upfront license payments related to our collaboration
    agreement with La Jolla Pharmaceutical Company in the first quarter
    of 2009.

    (2)  Includes impairment losses on investments in Summit plc. and La
    Jolla Pharmaceutical Company recognized during the first quarter of
    2009.

    (3)  Represents the tax effect of the adjustments.

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.

Diluted Earnings Per Share Calculation

The calculation of both GAAP and non-GAAP diluted earnings per share for all periods presented excludes the 26.3 million shares related to the outstanding convertible debt as their impact is considered anti-dilutive.

Conference Call Details

BioMarin will host a conference call and webcast to discuss second quarter 2010 financial results today, Monday, August 2, at 5:00 p.m. ET. This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.


    Date: August 2, 2010
    Time: 5:00 p.m. ET
    U.S. / Canada Dial-in Number:  800.573.4840
    International Dial-in Number:  617.224.4326
    Participant Code: 78258415
    Replay Dial-in Number: 888.286.8010
    Replay International Dial-in Number: 617.801.6888
    Replay Code: 76507562



About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises four approved products and multiple clinical and pre-clinical product candidates. Approved products include Naglazyme(R) (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme(R) (laronidase) for mucopolysaccharidosis I (MPS I), a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; Kuvan(R) (sapropterin dihydrochloride) Tablets, for phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany; and Firdapse(TM) (amifampridine phosphate), which has been approved by the European Commission for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS). Other product candidates include PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase), which is currently in Phase II clinical development for the treatment of PKU; and GALNS (N-acetylgalactosamine 6-sulfatase), which is currently in clinical development for the treatment of MPS IVA. For additional information, please visit www.BMRN.com. Information on BioMarin's website is not incorporated by reference into this press release.

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, and Aldurazyme; the financial performance of the BioMarin as a whole; the timing of BioMarin's clinical trials of PEG-PAL, GALNS and other product candidates; the continued clinical development and commercialization of Aldurazyme, Naglazyme, Kuvan, Firdapse, 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 continued commercialization of 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 GALNS and PEG-PAL; 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 and Firdapse; actual sales of Aldurazyme, Naglazyme Kuvan 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 2009 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(R), Naglazyme(R) and Kuvan(R) are registered trademarks of BioMarin Pharmaceutical Inc.

Firdapse(TM) is a trademark of BioMarin Huxley Ltd.

Aldurazyme(R) is a registered trademark of BioMarin/Genzyme LLC.

                 BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
              (In thousands, except for share and per share data)

                                                  December
                                                       31,     June 30,
                                                   ---------   --------
                                                    2009 (1)         2010
                                                     -------          ---
                         ASSETS                                (unaudited)
    Current assets:
         Cash and cash equivalents                   $167,171     $115,779
         Short-term investments                       133,506      221,894
         Accounts receivable, net                      73,540       77,682
         Inventory                                     78,662       83,778
         Other current assets                          14,848       22,775
                                                       ------       ------
              Total current assets                    467,727      521,908
         Investment in BioMarin/Genzyme LLC               441          351
         Long-term investments                        169,849      117,734
         Property, plant and equipment, net           199,141      212,620
         Intangible assets, net                        40,977       77,985
         Goodwill                                      23,722       40,360
         Other assets                                  15,306       14,558
                                                       ------       ------
              Total assets                           $917,163     $985,516

          LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
         Accounts payable, accrued liabilities
          and other current liabilities               $78,068      $83,930
         Deferred revenue                                  86           --
                                                          ---          ---
              Total current liabilities                78,154       83,930
         Convertible debt                             497,083      497,083
         Other long-term liabilities                   19,741       41,541
                                                       ------       ------
              Total liabilities                       594,978      622,554

    Stockholders' equity:
         Common stock, $0.001 par value:
          250,000,000 shares authorized at
          December 31,                                    101          102
          2009 and June 30, 2010; 100,961,922
           and 102,016,778 shares issued and
          outstanding at December 31, 2009 and
           June 30, 2010, respectively
         Additional paid-in capital                   899,950      931,361
         Company common stock held by
          Nonqualified Deferred Compensation
          Plan                                         (1,715)      (2,315)
         Accumulated other comprehensive income           933       10,224
         Accumulated deficit                         (577,084)    (576,410)
                                                     --------     --------
              Total stockholders' equity              322,185      362,962
                                                      -------      -------
              Total liabilities and stockholders'
               equity                                $917,163     $985,516



    (1)  December 31, 2009 balances were derived from the audited
    consolidated financial statements.

                      CONSOLIDATED STATEMENTS OF OPERATIONS
            For the Three and Six Months Ended June 30, 2009 and 2010
               (In thousands, except for per share data, unaudited)

                                                  Three Months
                                                     Ended
                                                     ------------
                                                   June 30,
                                                   --------
                                                 2009               2010
                                                 ----               ----
    Revenues:
         Net product revenues                 $81,472            $90,592
         Collaborative agreement revenues         868                176
         Royalty and license revenues             447              1,182
                                                  ---              -----
              Total revenues                   82,787             91,950

    Operating expenses:
         Cost of sales (excludes amortization
          of developed product technology)     19,848             14,401
         Research and development              26,324             35,649
         Selling, general and administrative   30,527             37,277
         Intangible asset amortization and
          contingent consideration              1,775              1,580
                                                -----              -----
              Total operating expenses         78,474             88,907

    Income (Loss) from operations               4,313              3,043
    Equity in the loss of BioMarin/
     Genzyme LLC                                 (546)              (864)
    Interest income                               886              1,035
    Interest expense                           (4,404)            (2,635)
    Impairment loss on equity
     investments                                   --                 --
    Net gain from sale of investments           1,585                 --
                                                -----                ---
    Income (loss) before income taxes           1,834                579
    Provision for income taxes                    522              1,056
                                                  ---              -----
         Net income (loss)                     $1,312              $(477)
                                               ======              =====
         Net income (loss) per share, basic     $0.01             $(0.00)
                                                =====             ======
         Net income (loss) per share, diluted   $0.01             $(0.01)
                                                =====             ======
    Weighted average common shares
     outstanding, basic                       100,065            101,712
                                              =======            =======
    Weighted average common shares
     outstanding, diluted                     101,217            101,834
                                              =======            =======



                                               Six Months Ended
                                               ----------------
                                                   June 30,
                                                   --------
                                                  2009              2010
                                                  ----              ----
    Revenues:
         Net product revenues                 $153,386          $174,665
         Collaborative agreement revenues        1,377               377
         Royalty and license revenues            2,004             1,861
                                                 -----             -----
              Total revenues                   156,767           176,903
                                               -------           -------

    Operating expenses:
         Cost of sales (excludes amortization
          of developed product technology)      34,210            31,813
         Research and development               60,682            65,746
         Selling, general and administrative    59,095            71,277
         Intangible asset amortization and
          contingent consideration               2,868             2,234
                                                 -----             -----
              Total operating expenses         156,855           171,070
                                               -------           -------

    Income (Loss) from operations                  (88)            5,833
    Equity in the loss of BioMarin/
     Genzyme LLC                                (1,093)           (1,555)
    Interest income                              3,039             2,225
    Interest expense                            (8,496)           (5,064)
    Impairment loss on equity
     investments                                (5,848)               --
    Net gain from sale of investments            1,585               927
                                                 -----               ---
    Income (loss) before income taxes          (10,901)            2,366
    Provision for income taxes                     939             1,692
                                                   ---             -----
         Net income (loss)                    $(11,840)             $674
                                              ========              ====
         Net income (loss) per share, basic     $(0.12)            $0.01
                                                ======             =====
         Net income (loss) per share, diluted   $(0.12)            $0.01
                                                ======             =====
    Weighted average common shares
     outstanding, basic                         99,984           101,431
                                                ======           =======
    Weighted average common shares
     outstanding, diluted                      100,075           104,347
                                               =======           =======



                         STOCK-BASED COMPENSATION EXPENSE

                                      Three Months         Six  Months
                                         Ended                Ended
                                       ------------       -----------
                                       June 30,             June 30,
                                       --------             --------
                                    2009           2010    2009           2010
                                    ----           ----    ----           ----
         Cost of sales            $1,423           $781  $1,987         $1,809
         Research and development
          expense                  2,605          3,442   5,080          6,623
         Selling, general and
          administrative expense   4,986          4,943   9,743          9,279
                                   -----          -----

    Total stock-based
     compensation expense         $9,014         $9,166 $16,810        $17,711
                                  ======         ======




    Contact:

    Investors                                 Media
    Eugenia Shen                              Susan Berg
    BioMarin Pharmaceutical Inc               BioMarin Pharmaceutical Inc.
    (415) 506-6570                            (415) 506-6594


SOURCE BioMarin Pharmaceutical Inc.

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