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BioMarin posts profit, big jump in sales

NOVATO, Aug. 5, 2008 -- BioMarin Pharmaceuticals swung into profitable territory during its second quarter, reporting net income of $3.8 million.

Net income nearly tripled compared with the same quarter in 2007, when BioMarin reported a loss of $3.9 million.

Second quarter revenue totaled $64.2 million, more than double the $28.9 million generated during the previous year's second quarter.

Enzyme replacement therapies Naglazyme and Aldurazyme drove the sales. Net sales of Naglazyme, a treatment for rare enzyme deficiency Mucopolysaccharidosis VI, were $35.1 million, a jump of 67.9 percent over the second quarter of 2007. Aldurazyme, for mucopolysaccharidosis I, was $38.7 million, 33 percent above second quarter sales the previous year.

Kuvan Tablets, a relatively new product for the treatment of phenylketonuria, earned $12 million, more than doubling sales in the first quarter of 2008.

"The Kuvan launch is progressing according to plan, and we continue to be optimistic about the long-term potential of the drug."

Shares of BioMarin rose 60 cents to close today at $31.70.