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Financial Highlights ($ in millions, except per share data, unaudited)
Q3 2013 |
Q3 2012 |
Percent Change |
|
Total BioMarin Revenue | $ 136.9 | $ 128.1 | 6.9% |
Total BioMarin Revenue (excluding Aldurazyme Net Product Transfer Revenue) - non-GAAP | 134.0 | 124.0 | 8.1% |
Naglazyme Net Product Revenue | 63.2 | 62.5 | 1.1% |
Aldurazyme BioMarin Net Product Revenue | 23.4 | 23.8 | -1.7% |
Aldurazyme Royalty Revenue (excluding Net Product Transfer Revenue) - non-GAAP | 20.5 | 19.7 | 4.1% |
Kuvan Net Product Revenue | 43.6 | 36.4 | 19.8% |
Firdapse Net Product Revenue | 4.1 | 3.6 | 13.9% |
Net Loss | (53.0) | (5.4) | |
Net Loss per Share (basic and diluted) | $ (0.38) | $ (0.04) | |
Adjusted EBITDA Income (Loss) - non-GAAP | $ (16.7) | $ 11.1 | |
Cash, cash equivalents and short and long-term investments | $ 527.5 | $ 533.2 | -1.1% |
SAN RAFAEL, Calif., Oct. 24, 2013 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced financial results for the third quarter ended September 30, 2013. GAAP net loss was $53.0 million ($0.38 per diluted share) for the third quarter of 2013, compared to GAAP net loss of $5.4 million ($0.04 per share) for the third quarter of 2012. GAAP net loss for the nine months ended September 30, 2013 was $114.4 million ($0.84 per diluted share), as compared to GAAP net loss of $61.3 million ($0.52 per diluted share) for the nine months ended September 30, 2012. Non-GAAP adjusted EBITDA loss was $16.7 million for the third quarter of 2013, compared to non-GAAP adjusted EBITDA income of $11.1 million for the third quarter of 2012. Non-GAAP adjusted EBITDA was a loss of $24.6 million for the nine months ended September 30, 2013, as compared to income of $3.9 million for the nine months ended September 30, 2012.
The increased GAAP and non-GAAP adjusted EBITDA loss for the third quarter of 2013 compared to the third quarter of 2012 was primarily due to increased R&D expenses from advancing our late stage clinical programs (PEG-PAL, BMN 673 and BMN 701), from increased SG&A expenses, primarily due to increased pre-commercialization expenses for Vimizim and commercialization expenses for Naglazyme and Kuvan, and from increased contingent consideration expense also due to progress on some of our acquired clinical programs (BMN 673 and BMN 701), partially offset by increased gross profit from total revenues. As of September 30, 2013, BioMarin had cash, cash equivalents and short and long-term investments totaling $527.5 million, as compared to $524.4 million on June 30, 2013.
"During the third quarter we saw continued steady growth of our development pipeline. We announced the advancement of two important programs, the decision to advance BMN 673 for the treatment of gBRCA breast cancer into Phase 3 and the initiation of a Phase 1/2 trial of BMN 190 for the treatment of Batten Disease," said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. "The next major inflection point for the company is the potential market approval of Vimizim in the U.S. and Europe. We have been working diligently to prepare for the launch of this drug and look forward to the Advisory Committee meeting November 19 and potential CHMP opinion, which we expect near the end of the year or early 2014."
Net Product Revenue
Total Revenue Growth, excluding Aldurazyme Net Product Transfer Revenues (in millions) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2013 | 2012 | $ Change | % Change | 2013 | 2012 | $ Change | % Change | |
Naglazyme (1) | $ 63.2 | $ 62.5 | $ 0.7 | 1.1% | $ 202.5 | $ 193.9 | $ 8.6 | 4.4% |
Kuvan | 43.6 | 36.4 | 7.2 | 19.8% | 122.1 | 103.1 | 19.0 | 18.4% |
Firdapse | 4.1 | 3.6 | 0.5 | 13.9% | 11.8 | 10.8 | 1.0 | 9.3% |
Aldurazyme | 23.4 | 23.8 | (0.4) | -1.7% | 57.7 | 57.7 | -- | 0.0% |
Net product revenue | 134.3 | 126.3 | 8.0 | 6.3% | 394.1 | 365.5 | 28.6 | 7.8% |
Collaborative agreement revenue | 1.8 | 1.2 | 0.6 | 2.8 | 1.7 | 1.1 | ||
Royalty and license revenue | 0.8 | 0.6 | 0.2 | 4.7 | 1.5 | 3.2 | ||
Total BioMarin revenue - GAAP | 136.9 | 128.1 | 8.8 | 6.9% | 401.6 | 368.7 | 32.9 | 8.9% |
Less: Aldurazyme net product transfer revenue | 2.9 | 4.1 | (1.2) | -3.3 | 1.1 | (4.4) | ||
Total BioMarin revenues (excluding Aldurazyme net product transfer revenue) - Non-GAAP (2) | $ 134.0 | $ 124.0 | 10.0 | 8.1% | $ 404.9 | $ 367.6 | 37.3 | 10.1% |
Reconciliation of Aldurazyme Revenues (in millions) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2013 | 2012 | $ Change | % Change | 2013 | 2012 | $ Change | % Change | |
Aldurazyme revenue reported by Genzyme | $ 50.8 | $ 48.3 | $ 2.5 | 5.2% | $ 152.9 | $ 140.0 | $ 12.9 | 9.2% |
Aldurazyme Royalties due from Genzyme - Non-GAAP (2) | $ 20.5 | $ 19.7 | $ 0.8 | $ 61.0 | $ 56.6 | $ 4.4 | ||
Incremental net product transfer revenue (3) | 2.9 | 4.1 | (1.2) | (3.3) | 1.1 | (4.4) | ||
Total Aldurazyme net product revenue - GAAP | $ 23.4 | $ 23.8 | $ (0.4) | $ 57.7 | $ 57.7 | -- | ||
(1) Naglazyme revenues experience quarterly fluctuations due to the timing of government ordering patterns in certain countries. For example, quarterly sales to Brazil have been between $11M--$17M for Q1 2012 through Q2 2013. In each of these quarters there has been a centralized Brazil Ministry of Health (MOH) order for more than 50% of the Brazil ordering. However, in Q3 2013 there was no large, centralized order from the Brazilian MOH. As a result, sales in Brazil were less than $6M in Q3 2013. The Company does not believe this reflects a change in underlying demand, simply the timing of the Brazil MOH order. In Q4 2013, the Company received a centralized order from the Brazilian MOH. | ||||||||
(2) 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 business. By providing information about both the GAAP and non-GAAP revenue measures, the company believes that the additional information enhances investors' overall understanding of the company's business and in particular allows for more consistent period to period evaluation of the revenue. | ||||||||
(3) To the extent units shipped to third party customers by Genzyme exceed 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. |
2013 Full Year Financial Guidance
Unchanged with the exception of cash balance which reflects lower cash burn in 2013 and net proceeds of $696.6 million from the Convertible Debt offering that closed on October 15, 2013.
Revenue Guidance ($ in millions) | |
Item | 2013 Guidance |
Total BioMarin Revenues | $530 to $555 |
Naglazyme Net Product Revenue | $265 to $285 |
Kuvan Net Product Revenue | $155 to $170 |
Selected Income Statement Guidance ($ in millions) | |
Item | 2013 Guidance |
Cost of Sales (% of Total Revenue) | 17% to 18% |
Selling, General and Admin. Expense | $220 to $240 |
Research and Development Expense | $340 to $380 |
GAAP Net Loss | $(185) to $(160) |
Non-GAAP Adjusted EBITDA (loss) | $(65) to $(40) |
Cash Balance* | Over $1,180 |
* Cash balance includes cash, cash equivalents and short and long term investments
Anticipated Upcoming Milestones
4Q 2013: First patient in Phase 3 with BMN 673 for the treatment of gBRCA breast cancer
4Q 2013/1Q 2014: Initiation of Phase 2/3 switching trial for BMN 701 for Pompe disease
4Q 2013/1Q 2014: Potential CHMP opinion for Vimizim for Morquio A
4Q 2013/ 1Q 2014: Initiation of Phase 1/2 trial for BMN 111 for achondroplasia
1Q 2014: PDUFA date for Vimizim for Morquio A
1Q 2014: Potential launch of Vimizim for Morquio A
4Q 2014: Top-line results for Phase 3 trial for PEG-PAL for PKU
Research and Development Programs
BioMarin continues to make significant investments in research and development to ensure a strong and profitable pipeline for the company. The current pipeline includes programs in various stages of development that focus on treating a range of rare and serious unmet medical needs.
Programs Under Regulatory Review for Approval
Advanced Clinical Programs
Early-Stage Clinical Programs
Preclinical Programs
Financing Update
The Notes will be convertible, under certain circumstances, into cash, shares of BioMarin's common stock or a combination of cash and common stock at BioMarin's election. The initial conversion rate will be 10.6213 shares of common stock per $1,000 principal amount of Notes (representing an initial conversion price of approximately $94.15 per common share), subject to customary adjustments. The initial conversion rate represents approximately a 40% premium to the last reported sale price of the common stock on the NASDAQ Global Select Market on October 8, 2013.
The company entered into privately-negotiated capped call transactions with respect to 50% of the principal amount of the Notes with three of the underwriters or their affiliates (the "hedge counterparties"). The capped call transactions are generally expected to reduce potential dilution to BioMarin's common stock upon conversion of the relevant Notes in excess of the principal amount of such converted Notes. The cap price of the capped call transactions entered into with respect to 50% of the Notes will initially be, in each case, approximately $121.05, which represents a premium of approximately 80% over the NASDAQ closing price of a share of BioMarin's common stock on October 8, 2013 and is subject to certain adjustments under the terms of such capped call transactions.
The company received net proceeds after fees, transaction costs and the purchase of the capped call of approximately $696.6 million, which the company intends to use for general corporate purposes.
In order to preserve flexibility and to potentially further minimize future dilution, on conversion, the Notes may be settled in cash, shares of BioMarin's common stock or a combination of cash and common stock at BioMarin's election. Under GAAP, convertible debt instruments that may be settled in cash are required to be accounted for by separating the instrument into separate debt and equity components based on our non-convertible debt borrowing rate. For GAAP purposes the equity component is treated as a discount to the notes, and this discount is amortized to interest expense using the effective interest method over the life of the notes as the they accrete to face value at maturity. This estimated additional GAAP interest expense does not have a current, past or future impact on cash flows. The table below shows the estimated future interest expense and associated GAAP tax benefits for the Notes due to the cash interest coupon payments and the cash issuance costs as well as the non cash debt discount accretion.
Estimated Convertible Note Interest Expense and Estimated Tax Benefits ($ in millions) | ||||||||
For the Year Ended | ||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
Coupon Interest (Cash) | $ 1.4 | $ 8.4 | $ 8.4 | $ 8.4 | $ 8.4 | $ 8.0 | $ 5.6 | $ 4.7 |
Amortization of Issuance Costs (Cash) | 0.5 | 3.2 | 3.2 | 3.2 | 3.2 | 2.9 | 1.3 | 1.1 |
Amortization of Debt Discount (Non-Cash) | 3.9 | 23.8 | 25.1 | 26.5 | 28.0 | 26.8 | 14.5 | 12.7 |
Total Estimated GAAP Interest Expense | $ 5.8 | $ 35.5 | $ 36.8 | $ 38.1 | $ 39.6 | $ 37.6 | $ 21.4 | $ 18.5 |
Total Estimated GAAP Tax Benefit | $ (2.1) | $ (12.8) | $ (13.3) | $ (13.8) | $ (14.3) | $ (13.6) | $ (7.7) | $ (6.7) |
Estimated After Tax Interest Expense of Cash Items (Coupon + Issuance Costs) | $ 1.2 | 7.4 | 7.4 | 7.4 | 7.4 | 6.9 | 4.4 | 3.7 |
Estimated After Tax Interest Expense of Non-Cash Items (Discount Amortization) | 2.5 | 15.2 | 16.1 | 16.9 | 17.9 | 17.1 | 9.2 | 8.1 |
Total Estimated After Tax GAAP Net Interest Expense | $ 3.7 | $ 22.7 | $ 23.5 | $ 24.4 | $ 25.3 | $ 24.1 | $ 13.7 | $ 11.8 |
Non-GAAP Financial Information and Reconciliation
The results for the three and nine months ended September 30, 2013 and September 30, 2012 and financial guidance for the year ending December 31, 2013 are all determined in accordance with GAAP except for non-GAAP adjusted EBITDA which is determined on a non-GAAP basis. As used in this release, non-GAAP adjusted EBITDA income is based on GAAP earnings before interest, taxes, depreciation and amortization (EBITDA) and further adjusted to also exclude certain non-cash stock compensation expense, non-cash contingent consideration expense and certain other nonrecurring material items (non-GAAP adjusted EBITDA).
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA Income (Loss) | |||||
(in millions) | |||||
(unaudited) | |||||
Three Months Ended September 30, | Nine Months EndedSeptember 30, | Year Ending December 31, 2013 | |||
2013 | 2012 | 2013 | 2012 | Guidance | |
GAAP Net Loss | $ (53.0) | $ (5.4) | $ (114.4) | $ (61.3) | $(185.0) - $(160.0) |
Interest expense, net | -- | 1.1 | 1.0 | 3.9 | 6.2 |
Provision for (benefit from) income taxes | 0.7 | (6.4) | (2.8) | (6.8) | (7.2) |
Depreciation expense | 6.3 | 6.4 | 19.0 | 21.0 | 25.0 |
Amortization expense | 2.6 | 2.7 | 8.9 | 14.5 | 10.5 |
EBITDA Loss | (43.4) | (1.6) | (88.3) | (28.7) | (150.5) - (125.5) |
Stock-based compensation expense | 16.2 | 12.1 | 41.7 | 35.9 | 59.5 |
Contingent consideration expense (1) | 8.8 | 0.6 | 9.8 | (3.3) | 13.8 |
Material non-recurring: | |||||
Debt conversion expense (2) | 1.7 | -- | 12.2 | -- | 12.2 |
Non-GAAP Adjusted EBITDA Income (Loss) | $ (16.7) | $ 11.1 | $ (24.6) | $ 3.9 | $(65.0) - $(40.0) |
(1) Represents the expense associated with the change in the fair value of contingent acquisition consideration payable for the period. The change in the current quarter reflects changes in estimated probabilities and timing of achieving certain developmental milestones. | |||||
(2) Represents debt conversion expense associated with the early conversion of a portion of our 2017 convertible notes in March and August 2013 |
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 and uses the non-GAAP adjusted EBITDA methodology in establishing corporate goals for internal compensation programs.
Conference Call Details
BioMarin will host a conference call and webcast to discuss third quarter 2013 financial results today, Thursday, October 24, at 5:00 p.m. ET. This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.
U.S. / Canada Dial-in Number: 877.303.6313
International Dial-in Number: 631.813.4734
Conference ID: 32118292
Replay Dial-in Number: 855.859.2056
Replay International Dial-in Number: 404.537.3406
Conference ID: 32118292
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™ (amifampridine), which has been approved by the European Commission for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS). Product candidates include GALNS (N-acetylgalactosamine 6-sulfatase), which is currently in Phase III clinical development for the treatment of MPS IVA, amifampridine phosphate (3,4-diaminopyridine phosphate), which is currently in Phase III clinical development for the treatment of LEMS in the U.S., PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase), which is currently in Phase II clinical development for the treatment of PKU, BMN-701, a novel fusion protein of insulin-like growth factor 2 and acid alpha glucosidase (IGF2-GAA), which is currently in Phase I/II clinical development for the treatment of Pompe disease, BMN-673, a poly ADP-ribose polymerase (PARP) inhibitor, which is currently in Phase I/II clinical development for the treatment of genetically-defined cancers, and BMN-111, a modified C-nutriuretic peptide, which is currently in Phase I clinical development for the treatment of achondroplasia. 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 GALNS, PEG-PAL, BMN-673, BMN-701, BMN-111, BMN-190 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, PEG-PAL, BMN-673, BMN-701, BMN-111 and BMN-190; 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 2012 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®, Kuvan® and Firdapse™ are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC.
BIOMARIN PHARMACEUTICAL INC. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
September 30, 2013 and December 31, 2012 | ||
(In thousands of U.S. dollars, except share and per share amounts) | ||
September 30, | December 31, | |
2013 | 2012(1) | |
ASSETS | (unaudited) | |
Current assets: | ||
Cash and cash equivalents | $ 181,565 | $ 180,527 |
Short-term investments | 198,086 | 270,211 |
Accounts receivable, net (allowance for doubtful accounts: $376 and $348, respectively) | 124,745 | 109,066 |
Inventory | 148,684 | 128,695 |
Current deferred tax assets | 32,238 | 29,454 |
Other current assets | 28,161 | 25,509 |
Total current assets | 713,479 | 743,462 |
Noncurrent assets: | ||
Investment in BioMarin/Genzyme LLC | 854 | 1,080 |
Long-term investments | 147,771 | 115,993 |
Property, plant and equipment, net | 285,664 | 284,473 |
Intangible assets, net | 165,791 | 162,980 |
Goodwill | 54,258 | 51,543 |
Long-term deferred tax assets | 238,703 | 225,501 |
Other assets | $ 14,010 | 16,611 |
Total assets | $ 1,620,530 | $ 1,601,643 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable and accrued liabilities | $ 167,633 | $ 147,068 |
Convertible debt | -- | 23,365 |
Total current liabilities | 167,633 | 170,433 |
Noncurrent liabilities: | ||
Long-term convertible debt | 78,310 | 324,859 |
Long-term contingent acquisition consideration payable | 26,500 | 30,618 |
Long-term deferred tax liabilities | 37,190 | 33,296 |
Other long-term liabilities | 34,411 | 26,674 |
Total liabilities | 344,044 | 585,880 |
Stockholders' equity: | ||
Common stock, $0.001 par value: 250,000,000 shares authorized at September 30, 2013 and December 31, 2012; 142,200,995 and 125,809,162 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively. | 142 | 126 |
Additional paid-in capital | 1,926,133 | 1,561,890 |
Company common stock held by Nonqualified Deferred Compensation Plan | (7,451) | (6,603) |
Accumulated other comprehensive income (loss) | 11,473 | (202) |
Accumulated deficit | (653,811) | (539,448) |
Total stockholders' equity | 1,276,486 | 1,015,763 |
Total liabilities and stockholders' equity | $ 1,620,530 | $ 1,601,643 |
(1) December 31, 2012 balances were derived from the audited consolidated financial statements. |
BIOMARIN PHARMACEUTICAL INC. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Three and Nine Months Ended September 30, 2013 and 2012 | ||||
(In thousands of U.S. dollars, except per share amounts) | ||||
(Unaudited) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2013 | 2012 | 2013 | 2012 | |
REVENUES: | ||||
Net product revenues | $ 134,330 | $ 126,310 | $ 394,074 | $ 365,540 |
Collaborative agreement revenues | 1,754 | 1,210 | 2,778 | 1,729 |
Royalty and license revenues | 790 | 597 | 4,760 | 1,516 |
Total revenues | 136,874 | 128,117 | 401,612 | 368,785 |
OPERATING EXPENSES: | ||||
Cost of sales (excludes amortization of certain acquired intangible assets) | 28,054 | 24,619 | 71,121 | 65,298 |
Research and development | 88,064 | 66,209 | 257,468 | 217,855 |
Selling, general and administrative | 61,841 | 46,337 | 163,547 | 143,124 |
Intangible asset amortization and contingent consideration | 9,639 | 1,443 | 13,173 | 5,819 |
Total operating expenses | 187,598 | 138,608 | 505,309 | 432,096 |
LOSS FROM OPERATIONS | (50,724) | (10,491) | (103,697) | (63,311) |
Equity in the loss of BioMarin/Genzyme LLC | (147) | (336) | (711) | (968) |
Interest income | 574 | 778 | 1,942 | 1,819 |
Interest expense | (526) | (1,837) | (2,854) | (5,709) |
Debt conversion expense | (1,732) | -- | (12,152) | -- |
Other income (expense) | 239 | 125 | 344 | (15) |
LOSS BEFORE INCOME TAXES | (52,316) | (11,761) | (117,128) | (68,184) |
Provision for (benefit from) income taxes | 704 | (6,404) | (2,765) | (6,849) |
NET LOSS | $ (53,020) | $ (5,357) | $ (114,363) | $ (61,335) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.38) | $ (0.04) | $ (0.84) | $ (0.52) |
Weighted average common shares outstanding, basic and diluted | 140,796 | 123,434 | 136,102 | 118,810 |
COMPREHENSIVE LOSS | $ (43,988) | $ (7,674) | $ (102,688) | $ (63,889) |
STOCK-BASED COMPENSATION EXPENSE | ||||
Total stock-based compensation expense included in the Condensed Consolidated Statements of Comprehensive Loss is as follows (unaudited): | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2013 | 2012 | 2013 | 2012 | |
Cost of Sales | $ 1,489 | $ 1,327 | $ 3,663 | $ 3,535 |
Research and development | 7,116 | 5,060 | 18,821 | 15,351 |
Selling, general and administrative | 7,600 | 5,752 | 19,214 | 17,021 |
$ 16,205 | $ 12,139 | $ 41,698 | $ 35,907 |
CONTACT: Investors Traci McCarty BioMarin Pharmaceutical Inc. (415) 455-7558 Media Debra Charlesworth BioMarin Pharmaceutical Inc. (415) 455-7451