BioMarin Pharmaceutical 2Q Profit Declines

BioMarin Pharmaceutical Inc., which develops biopharmaceuticals for diseases, said Thursday it posted a lower second-quarter profit as operating expenses jumped around 32 percent during the period.

Profit slid 66 percent to $1.3 million, or a penny per share, from $3.8 million, or 4 cents per share, a year earlier.

When adjusted to exclude non-cash stock based compensation, non-recurring material items, and the tax effect of adjustments, earnings were $9 million, or 9 cents per share, in the most recent quarter.

Revenue rose 29 percent to $82.8 million from $64.2 million.

Analysts surveyed by Thomson Reuters predicted a penny per share loss and revenue of $77.8 million.

Operating expenses jumped to $78.5 million from $59.6 million.

BioMarin said sales of Kuvan rose 41 percent to $16.9 million. Kuvan treats phenylketonuria, or PKU, a genetic disorder that can cause problems with brain development.

For 2009, revenue is expected between $311 million and $336 million, compared with prior expectations for $307 million to $336 million in sales.

Analysts surveyed by Thomson Reuters predict revenue of $321.6 million.

Selling, general and administrative expenses will range between $120 million and $130 million for the year.

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