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BioMarin Announces Fourth Quarter and Full Year 2009 Financial Results
Fourth Quarter Profitability Driven by Continued Growth of Naglazyme and Kuvan Conference Call and Webcast to Be Held Today at 5:00 p.m. ET
Feb 23, 2010
PRNewswire-FirstCall
NOVATO, Calif.
  Financial Highlights ($ in millions, except per share data)

  Item                                        FY 2009     FY 2008 Comparison
  Total BioMarin Revenue                      $324.7      9.5% increase     
  Total Net Product Revenue                   $315.7      25.4% increase    
  Naglazyme Net Product Revenue               $168.7      27.1% increase    
  Aldurazyme BioMarin Net Product Revenue*    $70.2       $72.5             
  Kuvan Net Product Revenue                   $76.8       64.5% increase    
  GAAP Net Income (Loss)                      $(0.5)      $30.8**           
  GAAP Net Income (Loss) per share            $(0.00)     $0.31             
                                                (basic     (basic),         
                                                and        $0.29            
                                                diluted)   (diluted)        
  Non-GAAP Net Income                         $47.1       $30.0             
  Non-GAAP Net Income per share               $0.47       $0.30             
                                               (basic),    (basic),         
                                               $0.46       $0.29            
                                               (diluted)   (diluted)        
                                                                            
  *   Includes $8.4 million and $12.4 million of net incremental product    
      transfer revenue in FY 2009 and 2008 respectively.                    
  **  Includes a $30.0 million payment from Merck Serono related to the     
      approval of Kuvan in the EU.

BioMarin Pharmaceutical Inc. today announced financial results for the fourth quarter and year ended December 31, 2009. GAAP net income was $4.7 million ($0.05 per diluted share) for the fourth quarter of 2009, compared to GAAP net income of $24.5 million ($0.21 per diluted share) for the fourth quarter of 2008, which included a $30.0 million payment from Merck Serono related to the approval of Kuvan in the EU. Non-GAAP net income was $13.5 million ($0.13 per diluted share) for the fourth quarter of 2009, compared to non-GAAP net income of $8.0 million ($0.08 per diluted share) for the fourth quarter of 2008. 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 estimated GAAP net income is detailed in the table provided at the end of the press release.

GAAP net loss for the year ended December 31, 2009 was $0.5 million ($0.00 per diluted share), compared to GAAP net income of $30.8 million ($0.29 per diluted share) for the year ended December 31, 2008. Non-GAAP net income was $47.1 million ($0.46 per diluted share) for the year ended December 31, 2009, compared to non-GAAP net income of $30.0 million ($0.29 per diluted share) for the year ended December 31, 2008.

As of December 31, 2009, BioMarin had cash, cash equivalents and short and long-term investments totaling $470.5 million.

"Robust product sales of Naglazyme and Kuvan drove profitability in the fourth quarter and a strong finish to 2009. Commercially, we continue to aggressively pursue expansion of the Naglazyme and Kuvan markets and look forward to launching Firdapse in the EU in late March," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "We also have much to look forward to in terms of clinical milestones in 2010, including results from the Phase I/II trial of GALNS for MPS IVA in the second quarter, results from the Phase II PEG-PAL trial in the third quarter of 2010, results from the Phase I trial of BMN 195 for DMD in the third quarter of 2010 and the IND filing for the recently acquired PARP inhibitor from LEAD Therapeutics. Even after factoring in the Huxley and LEAD acquisitions, we expect to be slightly cash flow positive in 2010."

Net Product Revenue

Net product revenue from Naglazyme (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), was $44.4 million for the fourth quarter of 2009, an increase of 21.6 percent compared to Naglazyme net product revenue of $36.5 million for the fourth quarter of 2008. Net product revenue from Naglazyme for the year ended December 31, 2009 was $168.7 million, an increase of 27.1 percent from net product revenue of $132.7 million for the year ended December 31, 2008. Changes in foreign currency rates, net of hedges, caused an increase to Naglazyme sales of $0.6 million in the three months ended December 31, 2009 and a decrease of $4.4 million for the year ended December 31, 2009.

Net sales of Aldurazyme (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I (MPS I) recorded by Genzyme, were $38.7 million for the fourth quarter of 2009, an increase of 2.9 percent compared to net sales of Aldurazyme by Genzyme of $37.6 million for the fourth quarter of 2008. Net sales of Aldurazyme recorded by Genzyme for the year ended December 31, 2009 were $155.1 million, compared to $151.3 million for the year ended December 31, 2008. Changes in foreign currency rates caused an increase to Aldurazyme sales by Genzyme of $2.4 million in the three months ended December 31, 2009 and a decrease of $6.3 million for the year ended December 31, 2009.

Net product revenue to BioMarin related to Aldurazyme was $16.8 million for the fourth quarter of 2009, compared to net product revenue to BioMarin of $14.4 million for the fourth quarter of 2008. During the fourth quarter of 2009, BioMarin transferred more inventory to Genzyme compared to units shipped to third party customers by Genzyme, which resulted in an increase in BioMarin net product revenue from the royalty payable to BioMarin by Genzyme. During the fourth quarter of 2008, BioMarin transferred less inventory to Genzyme compared to units shipped to third party customers by Genzyme, which resulted in a reduction in BioMarin net product revenue from the royalty payable to BioMarin by Genzyme. Net product revenue to BioMarin related to Aldurazyme was $70.2 million for the year ended December 31, 2009, compared to $72.5 million for the year ended December 31, 2008.

Net product revenue from Kuvan (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), was $22.7 million for the fourth quarter of 2009, compared to $15.1 million for the fourth quarter of 2008. Net product revenue from Kuvan for the year ended December 31, 2009 was $76.8 million, compared to net revenue of $46.7 million for the year ended December 31, 2008. The quantity of commercial tablets dispensed to patients in the U.S., the best metric to track true patient demand, increased 17.8 percent in the fourth quarter of 2009 compared to the third quarter of 2009.

                                                                        
  2010 Guidance                                                             
                                                                            
  Revenue Guidance ($ in millions)                                          
                                                                            
  Item                                     2010 Guidance         2009 Actual
  Total BioMarin Revenues                  $374 to $405          $324.7     
  Total Net Product Revenues               $368 to $398          $315.7     
  Naglazyme Net Product Revenue            $190 to $200          $168.7     
  Kuvan Net Product Revenue                $98 to $108           $76.8      
  Aldurazyme Net Product Revenue                                            
   to BioMarin                             $70 to $75            $70.2      
  Firdapse Net Product Revenue             $10 to $15            NA         
                                                                            
  Selected Income Statement Guidance ($ in millions)                        
                                                                            
  Item                                     2010 Guidance         2009 Actual
  Cost of Sales (% of Total Revenue)       19% to 21%            20%        
  Selling, General and Admin. Expense      $145 to $150          $124.3     
  Research and Development Expense         $140 to $145          $115.1     
  Amortization/Other Costs- Acquisitions*  $7 to $9              NA         
  Interest Income                          $3 to $4              $5.1       
  GAAP Net Income (Loss)                   $2 to $12             $(0.5)     
  Stock Compensation Expense               $37                   $34.5      
  Non-GAAP Net Income                      $39 to $49            $47.1      
                                                                            
  *  Represents ongoing amortization and other charges associated with the  
     upfront and milestone payments of the Huxley and LEAD acquisitions.

  Firdapse Launch Update

BioMarin is on track to launch Firdapse for LEMS in the EU on a country by country basis beginning in late March. Firdapse pricing has been filed in Germany at 23 Euros per tablet. Since dosages can range from 15 mg to 60 mg a day, the annual cost of therapy can vary widely from patient to patient. BioMarin estimates that the annual cost will range be between 10,000 and 50,000 Euros per year.

  Anticipated Upcoming Milestones                                        
  March 2010: Launch of Firdapse in the EU                               
  March 2010: American College of Medical Genetics (ACMG) Meeting - data 
  from multiple investigator-sponsored Kuvan trials                      
  June 2010: Initiation of Kuvan neurocognitive outcomes study           
  2Q 2010: Results from Phase I/II trial for GALNS for MPS IVA           
  3Q 2010: Results from PEG-PAL Phase II trial                           
  3Q 2010: Results from Phase 1 trial for BMN 195 for DMD                
  4Q 2010/1Q 2011: Initiation of pivotal Phase III trial for GALNS for   
  MPS IVA                                                                
  Late 2010: File IND for BMN-673 (PARP Inhibitor)                       
  1H 2011: Availability of blood Phe monitor

  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.

  Advanced Programs
  --  Firdpase: BioMarin is on track to launch Firdapse for LEMS in the EU
      on a country by country basis beginning in late March.  The company
      also expects to meet with the FDA regarding the development strategy
      in the U.S. in the first half of 2010 and to explore additional
      possible indications.
  --  GALNS for MPS IVA: The Phase I/II study is a 36-week, open-label,
      within-patient dose escalation trial followed by a treatment
      continuation phase.  Encouraging preliminary results include: (1)
      decrease in keratan sulfate (KS) levels within a few weeks after the
      start of therapy; (2) improvements in 6-minute walk distance, 3-minute
      stair climb and pulmonary function at 24 weeks are consistent with
      those observed with clinical studies for MPS I, MPS II, and MPS VI;
      and (3) the frequency and severity of infusion reactions appear
      comparable to those observed with Naglazyme and Aldurazyme. The
      company expects to report full top-line results in the second quarter
      of 2010.  Assuming positive results from the Phase I/II study,
      BioMarin expects to initiate a pivotal Phase III study by the fourth
      quarter of 2010 or first quarter of 2011.
  --  Kuvan outcomes study/ Lifecycle development:  BioMarin expects to
      initiate a randomized, placebo-controlled, 13-week Kuvan outcomes
      study in June 2010.  Endpoints include clinically validated measures
      of neuropsychiatric symptoms.  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 are planned for 2010.  Regulatory approval and
      commercial availability of the handheld blood Phe monitor is expected
      in the first half of 2011.


  Mid-Stage Programs
  --  PEG-PAL for PKU: BioMarin initiated the Phase II trial in September
      2009.  The Phase II clinical trial is an open-label, multi-center
      study to be conducted in approximately 35 patients in a series of
      dose-escalating cohorts.  The primary treatment period of eight once
      weekly injections at a fixed dose will be followed by eight weeks of
      dose and frequency optimization and an extension period.  Results from
      the Phase II PEG-PAL trial are expected in 3Q 2010.
  --  BMN-195 - Utrophin upregulator for Duchenne Muscular Dystrophy:
      BioMarin initiated the Phase I trial in the first quarter of 2010 and
      expects to report results in the third quarter of 2010.  BMN-195 is an
      orally available small molecule which may upregulate utrophin, a
      potential substitution for the missing dystrophin protein in DMD
      patients.  Assuming a successful Phase I trial, BioMarin expects to
      initiate a Phase II trial in Q1 2011.


  Preclinical Programs
  --  BMN-185 - IgA protease for IgA nephropathy: BioMarin is completing
      early preclinical work and expects to move to the next phase of
      research in the first half of 2010.  IgA proteases have been shown to
      cleave IgA complexes, the deposition of which causes IgA nephropathy,
      an orphan kidney disorder with few treatment alternatives.
  --  BMN-673 (PARP Inhibitor) and additional early development candidates: 
      BioMarin is working on multiple early development opportunities,
      including the recently acquired BMN-673 from LEAD.  The company
      expects to file an IND for BMN-673 by the end of 2010.
  --  Undisclosed programs: Two additional undisclosed biologics are
      advancing toward IND-enabling decisions.


  Non-GAAP Financial Information and Reconciliation

The above results for the quarter and year ended December 31, 2009 and 2008 and financial guidance for 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  Year Ended      Year Ending  
                                 December 31,  December 31,    December 31, 
                                 ------------  ------------    ------------ 
                         Notes:   2008   2009  2008   2009             2010 
                         ------   ----   ----  ----   ----             ---- 
                                                                 (forecast) 
                                                                            
  GAAP Net Income (Loss)         $24.5    4.7 $30.8  $(0.5)    $2.0 to 12.0 
    Stock-based                                                             
     compensation expense          7.4    8.8  25.3   34.5             37.0 
    Upfront license fees     (1)     -      -   1.4    8.8                - 
    Impairment charges       (2)   4.1      -   4.1    5.9                - 
    Kuvan Approval                                                          
     Milestones              (3) (30.0)     - (31.5)     -                - 
    Initial Aldurazyme                                                      
     transfer revenue        (4)     -      -  (2.3)     -                - 
    Net gain on the                                                         
     sale of equity                                                         
     investments                     -      -     -   (1.6)               - 
    Income tax effect                                                       
     of Non-GAAP                                                            
     adjustments             (5)   2.0      -   2.2      -                - 
                                   ---      -   ---      -                - 
                                                                            
    Non-GAAP net income           $8.0  $13.5 $30.0  $47.1    $39.0 to 49.0 
                                  ====  ===== =====  =====    ============= 
                                                                            
  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 profit 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.

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.

Diluted Earnings Per Share Calculation

The calculation of GAAP diluted earnings per share for the fourth quarter of 2008 and non-GAAP diluted earnings per share for the fourth quarter of 2009 includes 26.3 million shares related to the outstanding convertible debt. The calculation of non-GAAP diluted earnings per share for full year 2009 includes 16.0 million shares associated with the 2017 notes but excludes the 10.3 million shares associated with the 2013 notes as their impact is considered anti-dilutive. These calculations reflect the exclusion of the interest expense from net earnings that would no longer be incurred if the Company's convertible notes were converted into shares.

Conference Call Details

BioMarin will host a conference call and webcast to discuss fourth quarter and full year 2009 financial results today, Tuesday, February 23, at 5:00 p.m. ET. This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.

  Date: February 23, 2010                               
  Time: 5:00 p.m. ET                                    
  U.S. / Canada Dial-in Number:  800.299.0433           
  International Dial-in Number:  617.801.9712           
  Participant Code: 98862458                            
  Replay Dial-in Number: 888-286-8010                   
  Replay International Dial-in Number: 617-801-6888     
  Replay Code: 46860097

  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® (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; Kuvan® (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; GALNS (N-acetylgalactosamine 6-sulfatase), which is currently in Phase I/II clinical development for the treatment of MPS IVA and BMN 195, which is currently in Phase I clinical development for the treatment of Duchenne Muscular Dystrophy. 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, BMN-195 and other product candidates; the continued clinical development and commercialization of Aldurazyme, Naglazyme, Kuvan, Firdapse, and its product candidates; and actions by regulatory authorities, particularly with respect to the recently acquired Firdapse. 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; 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 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.

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

  Aldurazyme® 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, December 31,
                                                       2008 (1)        2009
                                                       --------        ----
                                                                 (unaudited)
                    ASSETS                                                 
                                                                           
  Current assets:                                                          
    Cash and cash equivalents                          $222,900    $167,171
    Short-term investments                              336,892     133,506
    Accounts receivable, net                             54,298      73,540
    Inventory                                            73,162      78,662
    Other current assets                                 50,444      14,848
                                                         ------      ------
                                                                           
       Total current assets                             737,696     467,727
    Investment in BioMarin/Genzyme LLC                      915         441
    Long-term investments                                 1,633     169,849
    Property, plant and equipment, net                  124,979     199,141
    Intangible assets, net                                7,626      40,977
    Goodwill                                             21,262      23,722
    Other assets                                         12,584      15,306
                                                         ------      ------
       Total assets                                    $906,695    $917,163
                                                       ========    ========
                                                                           
         LIABILITIES AND STOCKHOLDERS' EQUITY                              
  Current liabilities:                                                     
    Accounts payable, accrued liabilities and other                        
     current liabilities                                $59,033     $78,068
    Acquisition obligation, net of discount              70,741           -
    Deferred revenue                                        307          86
                                                            ---         ---
       Total current liabilities                        130,081      78,154
  Convertible debt                                      497,083     497,083
  Other long-term liabilities                             2,856      19,741
                                                          -----      ------
       Total liabilities                                630,020     594,978
                                                        -------     -------
                                                                           
  Stockholders' equity:                                                    
    Common stock, $0.001 par value: 250,000,000 shares                     
     authorized at December 31, 2008 and 2009;                             
     99,868,145 and 100,961,922 shares issued and                          
     outstanding at December 31, 2008 and 2009,                            
     respectively                                           100         101
    Additional paid-in capital                          852,947     899,950
    Company common stock held by deferred compensation                     
     plan                                                  (882)     (1,715)
    Accumulated other comprehensive income                1,106         933
    Accumulated deficit                                (576,596)   (577,084)
                                                       --------    --------
       Total stockholders' equity                       276,675     322,185
                                                        -------     -------
       Total liabilities and stockholders' equity      $906,695    $917,163
                                                       ========    ========

  (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 Twelve Months Ended December 31, 2008 and 2009      
                   (In thousands, except for per share data)                
                                                                            
                               Three Months Ended       Twelve Months Ended 
                                  December 31,              December 31,    
                                2008        2009     2008 (1)         2009  
                                ----        ----     -------          ----  
                            (unaudited) (unaudited)              (unaudited)
  Revenues:                                                                 
    Net product revenues     $65,956     $83,951     $251,851     $315,721  
    Collaborative                                                           
     agreement revenues       31,518         355       38,907        2,379  
    Royalty and license                                                     
     revenues                  1,803       2,775        5,735        6,556  
                               -----       -----        -----        -----  
     Total revenues           99,277      87,081      296,493      324,656  
                              ------      ------      -------      -------  
  Operating expenses:                                                       
    Cost of sales             11,665      16,729       52,509       65,909  
    Research and                                                            
     development              25,733      27,443       93,291      115,116  
    Selling, general                                                        
     and administrative       28,730      36,528      106,566      124,290  
    Amortization of                                                         
     acquired                                                               
     intangible assets         1,093           -        4,371        2,914  
                               -----         ---        -----        -----  
     Total operating                                                        
      expenses                67,221      80,700      256,737      308,229  
                              ------      ------      -------      -------  
  Income (loss) from                                                        
   operations                 32,056       6,381       39,756       16,427  
  Equity in the loss                                                        
   of BioMarin/                                                             
   Genzyme LLC                  (579)       (821)      (2,270)      (2,594) 
  Interest income              3,231       1,035       16,388        5,086  
  Interest expense            (4,096)     (2,715)     (16,394)     (14,090) 
  Impairment loss on                                                        
   equity investments         (4,056)          -       (4,056)      (5,848) 
  Net gain from sale                                                        
   of investments                  -           -            -        1,585  
                                 ---         ---          ---        -----  
  Income before                                                             
   income taxes               26,556       3,880       33,424          566  
  Provision for                                                             
   income taxes                2,050        (831)       2,593        1,054  
                               -----        ----        -----        -----  
     Net income (loss)       $24,506      $4,711      $30,831        $(488) 
                             =======      ======      =======        =====  
     Net income (loss)                                                      
      per share, basic         $0.25       $0.05        $0.31       $(0.00) 
                               =====       =====        =====       ======  
                                                                            
     Net income (loss)                                                      
      per share, diluted       $0.21       $0.05        $0.29       $(0.00) 
                               =====       =====        =====       ======  
  Weighted average                                                          
   common shares                                                            
   outstanding, basic         99,777     100,768       98,975      100,271  
                              ======     =======       ======      =======  
  Weighted average                                                          
   common shares                                                            
   outstanding,                                                             
   diluted                   128,296     102,454      103,572      100,271  
                             =======     =======      =======      =======  
                                                                            
                               Three Months Ended       Twelve Months Ended 
                                  December 31,              December 31,    
                                  ------------              ------------    
                                2008        2009        2008 (1)      2009  
                                ----        ----        -------       ----  
                            (unaudited) (unaudited)              (unaudited)
                                                                            
  Cost of sales                 $503        $769       $1,521       $3,948  
  Research and development                                                  
   expense                     2,466       3,432        8,584       11,919  
  Selling, general and                                                      
   administrative expense      4,471       4,617       15,145       18,681  
                               -----       -----       ------       ------  
     Total stock-based                                                      
      compensation expense    $7,440      $8,818      $25,250      $34,548  
                              ======      ======      =======      =======  

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



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

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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