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BioMarin Announces Second Quarter 2009 Financial Results
Net Product Revenue Increase of 35% Drives Profitable Quarter Conference Call and Webcast to Be Held Today at 5:00 p.m. ET (22:00 CET)
Jul 30, 2009
PRNewswire-FirstCall
NOVATO, Calif.
  Financial Highlights ($ in millions, except per share data)

  Item                            Q2 2009                 Q2 2008 Comparison

  Total BioMarin Revenue           $82.8                   29% increase
  Total Net Product Revenue        $81.5                   35% increase
  Naglazyme Net Product Revenue    $42.9                   22% increase
  Aldurazyme Net Sales by Genzyme  $39.2                   1% increase
  Aldurazyme BioMarin Net Product
   Revenue                         $21.6                   62% increase
  Kuvan Net Product Revenue        $16.9                   41% increase
  GAAP Net Income                  $1.3                    $3.8
  GAAP Net Income per share        $0.01 (basic            $0.04 (basic and
                                    and diluted)            diluted)
  Non-GAAP Net Income              $9.0                    $9.7
  Non-GAAP Net Income per share    $0.09 (basic            $0.09 (diluted),
                                    and diluted)            $0.10 (basic)

BioMarin Pharmaceutical Inc. today announced financial results for the second quarter ended June 30, 2009. GAAP net income was $1.3 million ($0.01 per diluted share) for the second quarter of 2009, compared to GAAP net income of $3.8 million ($0.04 per diluted share) for the second quarter of 2008. Non-GAAP net income was $9.0 million ($0.09 per diluted share) for the second quarter of 2009, compared to non-GAAP net income of $9.7 million ($0.09 per diluted share) for the second quarter of 2008. Non-GAAP net income/loss excludes non-cash stock compensation expense, certain nonrecurring material items and the tax effect of the adjustments.

GAAP net loss for the six months ended June 30, 2009 was $11.8 million ($0.12 per diluted share), compared to GAAP net income of $5.5 million ($0.05 per diluted share) for the six months ended June 30, 2008. Non-GAAP net income was $18.4 million ($0.18 per diluted share) for the six months ended June 30, 2009, compared to non-GAAP income of $13.8 million ($0.13 per diluted share) for the six months ended June 30, 2008.

As of June 30, 2009, BioMarin had cash and short and long-term investments totaling $485.3 million. During the quarter, BioMarin made the final payment to Medicis of $70.6 million related to the Orapred transaction.

"During the quarter, we reported encouraging results from the Phase I PEG-PAL study, initiated the Phase I/II study for GALNS for MPS IVA and recently completed enrollment for this study, a noteworthy milestone for this program. On the commercial front, we announced earlier today the issuance of patents covering stable tablet formulation and the once daily dosing regimen for Kuvan, which we believe will be significant in extending patent protection an additional ten years beyond orphan drug market exclusivity. In addition, yesterday, we submitted the Kuvan NDS to Health Canada. With priority review status, we anticipate marketing approval in the first half of 2010. Also, during the quarter, we received approval for Naglazyme in Russia, which is especially significant as Russia influences many countries in Eastern Europe. In order to support the projected commercial needs for Naglazyme, Aldurazyme, GALNS and PEG-PAL through at least 2016, we are making significant investments to double our manufacturing capacity," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "Based on our performance to date, we feel confident in meeting our overall top and bottom line financial objectives for 2009 and have narrowed the guidance range on a few items to reflect increased visibility into the year. Our commercial products are performing well, and we continue to carefully manage expenses. We are also carefully evaluating both internal pipeline programs and external product opportunities to maximize long-term value for both the company and our shareholders."

Net Product Revenue

Net product revenue from Naglazyme (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), was $42.9 million for the second quarter of 2009, an increase of 22.3 percent compared to Naglazyme net product revenue of $35.1 million for the second quarter of 2008. Net product revenue from Naglazyme for the six months ended June 30, 2009 was $82.3 million, an increase of 31.0 percent from net product revenue of $62.8 million for the six months ended June 30, 2008. Changes in foreign currency rates, net of hedges caused a negative impact to Naglazyme sales of $1.7 million and $3.7 million in the three and six months ended June 30, 2009, respectively.

Net sales of Aldurazyme (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I (MPS I) recorded by Genzyme, were $39.2 million for the second quarter of 2009, an increase of 1.0 percent compared to net sales by Genzyme of $38.7 million for the second quarter of 2008. Net sales of Aldurazyme recorded by Genzyme for the six months ended June 30, 2009 were $76.0 million, compared to net sales of $75.5 million for the six months ended June 30, 2008. Changes in foreign currency rates caused a negative impact to Aldurazyme sales by Genzyme of $3.6 million and $7.2 million in the three and six months ended June 30, 2009, respectively. However, in the second quarter of 2009, Aldurazyme unit volume increased 9.8 percent compared to the second quarter of 2008 as the number of patients on therapy worldwide continues to grow.

Net product revenue to BioMarin related to Aldurazyme was $21.6 million for the second quarter of 2009, including $6.1 million of incremental product transfer revenue. This compares to net product revenue to BioMarin of $13.4 million for the second quarter of 2008. During the second quarter of 2009, BioMarin recorded net product revenue that was higher than the royalty earned on Genzyme third party sales due to the incremental product transfer revenue related to net increases in Genzyme Aldurazyme inventory levels during the period.

Net product revenue from Kuvan (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), was $16.9 million for the second quarter of 2009, compared to $12.0 million for the second quarter of 2008. In the second quarter of 2009, net product revenue from Kuvan was negatively impacted by $0.7 million due to increased and retroactive federal rebates. Net product revenue from Kuvan for the six months ended June 30, 2009 was $32.5 million, compared to net revenue of $17.8 million for the six months ended June 30, 2008. The quantity of commercial tablets dispensed to patients in the U.S., the best metric to track true patient demand, increased 14.8 percent in the second quarter of 2009 compared to the first quarter of 2009.

  2009 Guidance


  Revenue Guidance ($ in millions)

  Item                       2009 Guidance       Previous 2009 Guidance
  Total BioMarin Revenues    $311 to $336             $307 to $336
  Total Net Product Revenues $304 to $329             $300 to $329
  Naglazyme Net Product
   Revenue                   $165 to $175             $160 to $175
  Kuvan Net Product Revenue   Unchanged                $70 to $80
  Aldurazyme Net Product
   Revenue to BioMarin        Unchanged                $69 to $74



  Selected Income Statement Guidance ($ in millions)

  Item                         Guidance          Previous 2009 Guidance
  Cost of Sales (% of
   Total Revenue)              Unchanged                19% to 21%
  Selling, General
   and Admin. Expense          Unchanged               $120 to $130
  Research and Development
   Expense*                    Unchanged               $118 to $128
  Interest Income              Unchanged                 $5 to $7
  Impairment Loss on La Jolla
   and Summit
   Investments**                 $5.9                     $7.9
  GAAP Net Income (Loss)     $(12) to $(6)            $(15) to $0
  Stock Compensation Expense     $34                    $32 to $35
  Non-GAAP Net Income***     $35.4 to $41.4           $33.7 to $51.7

  *   Includes upfront research and development expenses of $8.8 million
      associated with the La Jolla Pharmaceutical Company transaction.
  **  Represents impairment losses on investments in La Jolla Pharmaceutical
      Company of $4.5 million and Summit plc of $1.4 million during the
      first quarter of 2009.
  *** Non-GAAP net income excludes non-cash stock compensation expense,
      nonrecurring material items and the tax effect of the adjustments.
      Please see the table provided at the end of this press release for a
      full reconciliation between GAAP and non-GAAP expected net income.

  Non-GAAP Financial Information and Reconciliation

The above results for the quarter and six months ended June 30, 2009 and 2008, full year results for 2008 and financial guidance for 2009 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.

Non-GAAP net income in the second quarter of 2009 and the second quarter of 2008 excluded (1) stock compensation expense of $9.0 million in the second quarter of 2009 and $5.9 million in the second quarter of 2008; (2) gain on the sale of equity investments of $1.6 million in the second quarter of 2009 and (3) income tax effect of $0.3 million in the second quarter of 2009. Non-GAAP net income in the six months ended June 30, 2009 and the six months ended June 30, 2008 excluded (1) stock compensation expense of $16.8 million in the six months ended June 30, 2009 and $10.4 million in the six months ended June 30, 2008; (2) upfront license fees of $8.8 million in the six months ended June 30, 2009; (3) impairment charges of $5.9 million in the six months ended June 30, 2009; (4) Aldurazyme transfer revenue of $2.3 million in the six months ended June 30, 2008; (5) gain on the sale of equity investments of $1.6 million in the six months ended June 30, 2009 and (6) income tax effect of $0.3 million and $0.2 million in the six months ended June 30, 2009 and 2008, respectively.

Anticipated non-GAAP net income for the year ended December 31, 2009 and actual results for the year ended December 31, 2008 exclude (1) stock compensation expense $34 million for 2009 and $25.3 million for 2008; (2) upfront license fees of $8.8 million associated with the Riquent transaction million in 2009 and $1.4 million associated with the Summit transaction in 2008; (3) impairment charges of $5.9 million in 2009 and $4.1 million in 2008; (4) Kuvan approval milestones of $31.5 million in 2008; (5) the gross margin of the initial Aldurazyme product transfer to Genzyme of $2.3 million associated with the restructuring of BioMarin/Genzyme LLC in the first quarter of 2008; (6) gain on the sale of equity investments of $1.6 million in 2009 and (7) income tax effect of $0.3 million and $2.2 million in 2009 and 2008, respectively. The reconciliation of these measures to the estimated GAAP net income is detailed in the table provided at the end of the press release.

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 and Aldurazyme 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.

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 making significant investments in manufacturing and laboratory facilities to support the advancement of these programs.

  --  PEG-PAL for PKU: BioMarin reported results from the Phase I trial in
      early June.  The FDA has accepted the design of the Phase II protocol,
      and the company expects to initiate the study in the third quarter of
      2009, pending IRB approval from the clinical trial sites.  Results
      from the Phase II PEG-PAL trial are expected in mid-2010.
  --  GALNS for MPS IVA: BioMarin initiated the Phase I/II trial in
      mid-April 2009 and completed enrollment in mid-July.  The Phase I/II
      study is an open-label, within-patient dose escalation trial followed
      by a treatment continuation phase.  The company expects to report
      initial results in the first half of 2010.  Assuming positive results
      from the Phase I/II study, BioMarin expects to initiate a pivotal
      Phase III study in the second half of 2010.
  --  6R-BH4 for Pulmonary Arterial Hypertension (PAH): The
      investigator-sponsored Phase Ib multi-center, open-label
      dose-escalation study in PAH showed that the drug was well-tolerated
      and improved six-minute walk distance in patients compared to their
      pre-treatment baseline levels.  BioMarin expects to communicate a
      decision on the future of the 6R-BH4 PAH program in the second half of
      2009.
  --  BMN-195 - Utrophin upregulator for Duchenne Muscular Dystrophy:
      BioMarin is completing formulation work and toxicology studies and
      expects to initiate a Phase I trial by the first quarter of 2010. 
      BMN-195 is an orally available small molecule which may upregulate
      utrophin, a potential replacement for the missing dystrophin protein
      in DMD patients.
  --  BMN-103 - alpha-glucosidase (GAA) for Pompe Disease: BMN-103 is a
      highly phosphorylated GAA enzyme, which the company believes could
      result in more efficient uptake in cells and potentially lead to
      improved glycogen reduction in key affected muscle groups not
      addressed with current therapy.  BioMarin continues to explore
      partnering options for this program.
  --  BMN-185 - IgA protease for IgA nephropathy: BioMarin is completing
      early preclinical work and expects to make a decision on the
      continuation of the program by the end of 2009.  IgA proteases have
      been shown to cleave IgA complexes, the deposition of which causes IgA
      nephropathy, an orphan kidney disorder with few treatment
      alternatives.
  --  Kuvan lifecycle development:  Several programs are underway to expand
      and protect the market, and improve the ability of healthcare
      providers and patients to better manage their disease.  These programs
      include a ProDrug form of BH4, as well as a state-of-the-art handheld
      device to measure blood Phe levels in PKU patients.  Human studies for
      each of these are planned for 2010.  Regulatory approval and
      commercial availability of the handheld blood Phe monitor is expected
      in the first half of 2011.

  --  Additional early development candidates:  BioMarin is working on
      multiple early development opportunities and expects that at least one
      new program will be announced by the first quarter of  2010.

  Anticipated Upcoming Milestones


  3Q09: Initiation of PEG-PAL Phase II trial

  3Q09: International Congress of Inborn Errors of Metabolism (ICIEM)
  meeting - Data on first cohort of patients from trial evaluating the
  impact of Kuvan on executive function

  2H09: Decision on 6R-BH4 PAH program

  1Q10: Initiation of Phase I trial for BMN-195 for DMD

  1Q10: American College of Medical Genetics (ACMG) Meeting - Possible
  data from study of Kuvan in institutionalized PKU patients

  1H10: Results from Phase I/II trial for GALNS for MPS IVA

  Mid-2010: Results from PEG-PAL Phase II trial

  Mid-2010: IND filing for existing preclinical candidate

  2H10: Initiation of pivotal Phase III trial for GALNS for MPS IVA

  1H11: Availability of blood Phe monitor

  Conference Call Details

BioMarin will host a conference call and webcast to discuss second quarter 2009 financial results today, Thursday, July 30, at 5:00 p.m. ET (22:00 CET). This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.

  Date: July 30, 2009
  Time: 5:00 p.m. ET (22:00 CET)
  U.S. / Canada Dial-in Number:  866.272.9941
  International Dial-in Number:  617.213.8895
  Participant Code: 45596036
  Replay Dial-in Number: 888.286.8010
  Replay International Dial-in Number: 617.801.6888
  Replay Code: 74141589

  About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises three approved products and multiple clinical and pre-clinical product candidates. Approved products include Naglazyme (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme (laronidase) for mucopolysaccharidosis I (MPS I), a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; and Kuvan (sapropterin dihydrochloride) Tablets, for phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany. Other product candidates include PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase), which is currently in development for the treatment of PKU and GALNS (N-acetylgalactosamine 6-sulfatase), which is currently in Phase I/II 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, 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, 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 and Kuvan; Genzyme Corporation's success in continuing the commercialization of Aldurazyme; results and timing of current and planned preclinical studies and clinical trials; 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 and Kuvan; actual sales of Aldurazyme, Naglazyme and Kuvan; 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 2008 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 and Kuvan are registered trademarks of BioMarin Pharmaceutical Inc.

  Aldurazyme  is a registered trademark of BioMarin/Genzyme LLC.

  Contact:

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


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

                                                  December 31,     June 30,
                                                     2008 (1)        2009
                                                    --------         ----
                                                                 (unaudited)
  ASSETS
    Current assets:
    Cash and cash equivalents                       $222,900       $200,050
    Short-term investments                           336,892        146,341
    Accounts receivable, net                          54,298         72,576
    Inventory                                         73,162         72,836
    Other current assets                              50,444         15,178
                                                      ------         ------
      Total current assets                           737,696        506,981
    Investment in BioMarin/Genzyme LLC                   915            462
    Long-term investments                              1,633        138,863
    Property, plant and equipment, net               124,979        159,789
    Intangible assets, net                             7,626          4,391
    Goodwill                                          21,262         21,262
    Other assets                                      12,584         12,689
                                                      ------         ------
      Total assets                                  $906,695       $844,437
                                                    ========       ========

                    LIABILITIES AND STOCKHOLDERS' EQUITY
  Current liabilities:
    Accounts payable and accrued liabilities         $59,033        $59,104
    Acquisition obligation, net of discount           70,741              -
    Deferred revenue                                     307            929
                                                         ---            ---
      Total current liabilities                      130,081         60,033
  Convertible debt                                   497,083        497,083
  Other long-term liabilities                          2,856          3,887
                                                       -----          -----
      Total liabilities                              630,020        561,003
                                                     -------        -------

  Stockholders' equity:
    Common stock, $0.001 par value: 250,000,000
     shares authorized at December 31, 2008 and
     June 30, 2009; 99,868,145 and 100,235,218
     shares issued and outstanding at December
     31, 2008 and June 30, 2009, respectively            100            100
    Additional paid-in capital                       852,947        873,378
    Company common stock held by deferred
     compensation plan                                  (882)        (1,708)
    Accumulated other comprehensive income             1,106            101
    Accumulated deficit                             (576,596)      (588,437)
                                                    --------       --------
      Total stockholders' equity                     276,675        283,434
                                                     -------        -------
      Total liabilities and stockholders' equity    $906,695       $844,437
                                                    ========       ========

  (1) December 31, 2008 balances were derived from the audited consolidated
      financial statements.


                 BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
           For the Three and Six Months Ended June 30, 2008 and 2009
              (In thousands, except for per share data, unaudited)

                            Three Months Ended          Six Months Ended
                                 June 30,                   June 30,
                                 --------                   --------
                            2008           2009      2008              2009
                            ----           ----      ----              ----
  Revenues:
    Net product
     revenues             $60,458        $81,472   $118,083        $153,386
    Collaborative
     agreement
     revenues               2,509            868      4,975           1,377
    Royalty and license
     revenues               1,207            447      1,513           2,004
                            -----            ---      -----           -----

      Total revenues       64,174         82,787    124,571         156,767
                           ------         ------    -------         -------

  Operating expenses:
    Cost of sales           9,593         19,848     26,781          34,210
    Research and
     development           23,755         26,324     41,383          60,682
    Selling, general and
     administrative        25,203         30,527     48,872          59,095
    Amortization of
     acquired intangible
     assets                 1,093          1,775      2,185           2,868
                            -----          -----      -----           -----

      Total operating
       expenses            59,644         78,474    119,221         156,855
                           ------         ------    -------         -------

  Income from operations    4,530          4,313      5,350             (88)
  Equity in the loss of
   BioMarin/Genzyme LLC      (587)          (546)    (1,120)         (1,093)
  Interest income           4,101            886      9,750           3,039
  Interest expense         (4,081)        (4,404)    (8,193)         (8,496)
  Impairment loss on
   equity investments           -              -          -          (5,848)
  Net gain from sale of
   investments                  -          1,585          -           1,585
                              ---          -----        ---           -----

  Income (Loss) before
   income taxes             3,963          1,834      5,787         (10,901)
  Provision for income
   taxes                      153            522        291             939
                              ---            ---        ---             ---
    Net income (loss)      $3,810         $1,312     $5,496        $(11,840)
                           ======         ======     ======        ========
    Net income (loss) per
     share, basic           $0.04          $0.01      $0.06          $(0.12)
                            =====          =====      =====         =======
    Net income (loss) per
     share, diluted         $0.04          $0.01      $0.05          $(0.12)
                            =====          =====      =====         =======
  Weighted average common
   shares outstanding,
   basic                   98,923        100,065     98,285          99,984
                           ======        =======     ======          ======
  Weighted average common
   shares outstanding,
   diluted                104,120        101,217    103,948         100,075
                          =======        =======    =======         =======

                              Three Months Ended           Six Months Ended
                                   June 30,                    June 30,
                                   --------                    --------
                               2008         2009           2008        2009
                               ----         ----           ----        ----
  Cost of sales                $392        $1,423          $589       $1,987
  Research and
   development expense        2,059         2,605         3,617        5,080
  Selling, general and
   administrative
   expense                    3,497         4,986         6,206        9,743
                              -----         -----         -----        -----
  Total stock-based
   compensation
   expense                   $5,948        $9,014       $10,412      $16,810
                             ======        ======       =======      =======

          Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
                       (In millions, except per share data)
                                    (Unaudited)

                       Three Months  Six Months             Year
                          Ended        Ended                Ended
                         June 30,     June 30,           December 31,
                         --------     --------           ------------
                Notes: 2008    2009  2008   2009      2008        2009
                ------ ----    ----  ----   ----      ----        ----
                                                               (forecast)
    GAAP Net Income
     (Loss)           $3.8    $1.3    $5.5  $(11.8)   $30.8 $(12.0) to (6.0)
        Stock-based
         compensation
         expense       5.9     9.0    10.4    16.8     25.3            34.0
        Upfront
         license
         fees       (1)  -       -       -     8.8      1.4             8.8
        Impairment
         charges    (2)  -       -       -     5.9      4.1             5.9
        Kuvan
         Approval
         Milestones (3)  -       -       -       -    (31.5)              -
        Aldurazyme
         Transfer
         revenue    (4)  -       -    (2.3)      -     (2.3)              -
        Net gain on
         the sale of
         equity
         investments     -    (1.6)      -    (1.6)       -            (1.6)
        Income tax
         effect     (5)  -     0.3     0.2     0.3      2.2             0.3
                       ---     ---     ---     ---      ---             ---
        Non-GAAP
         net income   $9.7    $9.0   $13.8   $18.4    $30.0   $35.4 to 41.4


  Notes:
  (1)  Represents upfront license payments related to our collaboration
       agreements with Summit Corporation plc and La Jolla Pharmaceutical
       Company in 2008 and 2009, respectively.

  (2)  Includes impairment losses on investments in Summit plc. during the
       fourth quarter of 2008 and the first quarter of 2009, and La Jolla
       Pharmaceutical Company during the first quarter of 2009.

  (3)  Represents approval milestones earned in July 2008 of $1.5 million
       for the Japanese approval of Kuvan and in December 2008 of $30.0
       million for the EMEA approval of Kuvan.

  (4)  Represents gross margin associated with the initial Aldurazyme
       product transfer to Genzyme of $2.3 million associated with the
       restructuring of BioMarin/Genzyme LLC in the first quarter of 2008.

  (5)  Represents the tax effect of the adjustments.

First Call Analyst:
FCMN Contact: eshen@bmrn.com

SOURCE: BioMarin Pharmaceutical Inc.

CONTACT: Investors, Eugenia Shen, +1-415-506-6570, or Media, Susan Berg,
+1-415-506-6594, both of BioMarin Pharmaceutical Inc.


BioMarin

Diseases

Lysosomal Storage Disorders (MPS I, MPS IVA, MPS VI, CLN2 disease) PKU

Products

Palynziq®
Brineura®
Vimizim®
Kuvan®
Naglazyme®
Aldurazyme®

Patient/Physician Support Contact Information

BioMarin RareConnections
Tel: 866.906.6100
Fax: 888.863.3361
E-mail: support@biomarin-rareconnections.com

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