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[tallyman]

http://www.finanznachrichten.de/nachrichten-2008-01/artikel-…




BioMarin to Host Fourth Quarter and Full Year 2007 Financial Results Conference Call and Webcast on Tuesday, February 26 at 5:00 p.m. ET (23:00 CET)
NOVATO, Calif., Feb. 5 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN) today announced that Jean-Jacques Bienaime, Chief Executive Officer of BioMarin, will host a conference call and webcast on Tuesday, February 26, at 5:00 p.m. ET (23:00 CET) to discuss fourth quarter and full year 2007 financial results.

U.S. / Canada Dial-in Number: 866.713.8564
International Dial-in Number: 617.597.5312
Participant Code: 79434433
Replay Dial-in Number: 888.286.8010
Replay International Dial-in Number: 617.801.6888
Replay Code: 87203261


Interested parties may access a live audio webcast of the conference call via the investor section of the BioMarin website, http://www.BMRN.com. A replay of the call will be archived on the site for at least one week following the call.

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 preclinical product candidates. Approved products include Naglazyme(R) (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme(R) (laronidase) for mucopolysaccharidosis I (MPS I), a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; and Kuvan(TM) (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany. Other product candidates include 6R-BH4 for cardiovascular indications, which is currently in Phase 2 clinical development for the treatment of peripheral arterial disease and sickle cell disease, and PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase) for the treatment of PKU. For additional information, please visit http://www.BMRN.com. Information on BioMarin's website is not incorporated by reference into this press release.

BioMarin(R) and Naglazyme(R) are registered trademarks of BioMarin Pharmaceutical Inc.

[tallyman]

Antwort auf Beitrag Nr.: 33.409.051 von tallyman am 19.02.08 11:17:53

Boersen-News
Biomarin 2007 mit 15,80 Mio USD Verlust - Für 2008 Gewinn erwartet
27.02 07:00
Novato (AWP) - Die Biomarin Pharmaceutical Inc weist für das Geschäftsjahr 2007 einen Nettoverlust von 15,8 Mio USD aus, nach 28,5 Mio USD im Vorjahr. Im vierten Quartal belief sich der Gewinn auf 2,57 Mio USD, verglichen mit einem Verlust von 10,39 Mio im Vorjahresquartal. Im vierten Quartal profitierte das Pharmaunternehmen von einer Meilensteinzahlung über 15 Mio USD von Merck Serono im Zusammenhang mit der erfolgreichen Zulassungseinreichung des gemeinsam entwickelten Medikamentes Kuvan in Europa.
Per Ende 2007 verfügte die Gruppe über liquide und cash-nahe Mittel sowie kurzfristige Investitionen im Umfang von 585,6 Mio USD, wie aus einer Mitteilung von Dienstagabend hervorgeht.

Biomarin erzielte im Geschäftsjahr 2007 einen Umsatz von 121,58 (84,21) Mio USD, wovon 86,80 (49,61) Mio USD als Netto-Produktverkäufe verbucht wurden. Die operativen Kosten kletterten auf 178,87 (127,63) Mio USD.

Für das laufende Jahr 2008 erwartet Biomarin einen Umsatz zwischen 255 und 306 Mio USD, dies inklusive Produkteeinnahmen von zwischen 213 und 264 Mio. Nach GAAP-Rechnungslegung soll der Reingewinn zwischen 20 und 40 Mio USD betragen, wie es heisst.

jb



Weitere Informationen:

[tallyman]

Antwort auf Beitrag Nr.: 33.488.098 von tallyman am 27.02.08 10:26:40

BioMarin Announces Fourth Quarter and Full Year 2007 Financial Results

Conference Call and Webcast to Be Held Today at 5:00 p.m. ET (22:00 CET)

2007 Financial Highlights
Total BioMarin revenue of $121.6 million
Naglazyme net product revenue of $86.2 million, an increase of 85.4 percent over 2006 and above BioMarin's guidance range of $82 million to $84 million
Aldurazyme net product revenue of $123.7 million, an increase of 28.5 percent over 2006 and toward the upper end of BioMarin's guidance range of $115 million to $125 million
Net loss of $15.8 million, within the guidance range of a loss of $13 million to $18 million
Net income of $2.6 million in the fourth quarter of 2007

2008 Financial Guidance
Total BioMarin revenue in the range of $255 million to $306 million which includes total product revenue of $213 million to $264 million
Naglazyme net product revenue in the range of $105 million to $116 million
Aldurazyme net product sales by Genzyme of $135 million to $145 million with net revenue to BioMarin from royalties and transfers of inventory in the range of $68 million to $78 million
Improved Kuvan net product revenue guidance in the range of $40 million to $70 million
GAAP net income in the range of $20 million to $40 million and non-GAAP net income in the range of $47 million to $67 million

NOVATO, Calif., Feb. 26 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN) today announced financial results for the fourth quarter and full year ended December 31, 2007. Net income was $2.6 million ($0.03 per share) for the fourth quarter of 2007, compared to a net loss of $10.4 million ($0.11 per share) for the fourth quarter of 2006. Net income for the fourth quarter of 2007 includes the receipt of the $15.0 million milestone payment from Merck Serono related to the EMEA acceptance of the Kuvan filing for marketing approval. The net loss for the year ended December 31, 2007 was $15.8 million ($0.16 per share), compared to a net loss of $28.5 million ($0.34 per share) for the year ended December 31, 2006. Non-cash stock compensation expense for the three months and year ended December 31, 2007 was $5.5 million and $18.3 million, respectively, compared to $3.1 million and $9.6 million, respectively, for the three months and year ended December 31, 2006.

As of December 31, 2007, BioMarin had cash, cash equivalents, and short-term investments totaling $585.6 million.

"We achieved many significant milestones in 2007, most notably, the FDA approval of Kuvan and the filing of the IND for PEG-PAL for PKU," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "We also continued building our pipeline with the in-licensing of promising compounds. As we look forward in 2008, we are focused on ensuring the successful commercial launch of Kuvan, further advancement of our research programs, and new in-licensing opportunities. Overall, we expect continued global expansion of Naglazyme and the U.S. launch of Kuvan to contribute to the improvement of our bottom line."

Product Revenue

Net revenue from Naglazyme(R) (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), was $25.5 million for the fourth quarter of 2007, an increase of 56.4 percent compared to net revenue of $16.3 million for the fourth quarter of 2006. Net revenue from Naglazyme for the year ended December 31, 2007 was $86.2 million, an increase of 85.4 percent from net revenue of $46.5 million for the year ended December 31, 2006. BioMarin is commercializing Naglazyme in the United States, Europe, and Latin America, and through distributors in other international markets.

Net revenue from Aldurazyme(R) (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I, (MPS I) recorded by BioMarin/Genzyme LLC increased by approximately 33.6 percent to $35.4 million for the fourth quarter of 2007, compared to $26.5 million in the fourth quarter of 2006. Net revenue from Aldurazyme for the year ended December 31, 2007 was $123.7 million, an increase of 28.5 percent compared to net revenue of $96.3 million for the year ended December 31, 2006. BioMarin's share of the profit of BioMarin/Genzyme LLC was $9.4 million for the fourth quarter of 2007, compared to a profit of $5.7 million for the fourth quarter of 2006. For the year ended December 31, 2007, BioMarin's share of the profit of BioMarin/Genzyme LLC was $30.5 million, compared to a profit of $19.3 million for the year ended December 31, 2006. Beginning January 1, 2008, as a result of the restructuring of the joint venture with Genzyme, BioMarin will receive 39.5 to 50 percent of worldwide net sales of Aldurazyme as product revenue and will also recognize additional product revenue related to the transfer of Aldurazyme inventory to Genzyme to meet future product demand.

Net product revenue from Kuvan(TM) (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), for the approximate two-week period after approval and launch in December 2007 was $0.4 million, which reflects initial shipments to a limited number of specialty pharmacies.

Collaborative Agreement Revenues

Collaborative agreement revenues for the fourth quarter of 2007 were $17.5 million, and include the $15 million milestone payment from Merck Serono for the filing of the MAA for Kuvan. Collaborative agreement revenues for the fourth quarter of 2006 were $4.9 million. Collaborative agreement revenues for the year ended December 31, 2007 were $28.3 million, compared to revenues of $18.7 million for the year ended December 31, 2006. Excluding the receipt of the $15 million milestone payment, collaborative agreement revenues decreased in 2007 as compared to 2006. This was due to decreased Kuvan research and development expenses reimbursable by Merck Serono resulting in decreased reimbursement revenue.

2008 Financial Guidance

BioMarin estimates 2008 net sales of Naglazyme will be in the range of $105 million to $116 million. BioMarin is updating its 2008 Kuvan net sales estimate to a range of $40 million to $70 million.

Net sales of Aldurazyme by Genzyme are estimated to be in the range of $135 million to $145 million. BioMarin's revenue from Genzyme related to Aldurazyme is estimated to be between $68 million and $78 million, which includes both the royalty earned on net sales by Genzyme and additional product revenue related to the transfer of Aldurazyme inventory to Genzyme to meet future product demand. This guidance reflects the new arrangement with Genzyme and the related changes in BioMarin's income statement presentation of Aldurazyme operations resulting from the restructuring of BioMarin/Genzyme LLC.

BioMarin estimates its Generally Accepted Accounting Principles (GAAP) net income for the fiscal year ending December 31, 2008 will be in the range of $20 million to $40 million which assumes that the $30 million milestone for EU Kuvan approval will be earned in 2008. The net income estimate includes approximately $27 million in non-cash stock compensation expense. Non-GAAP net income, excluding the impact of non-cash stock compensation, is estimated to be in the range of $47 million to $67 million.

Non-GAAP Financial Information and Reconciliation

The above 2008 financial guidance includes Management's estimated net income determined in accordance with GAAP and non-GAAP net income, which is net income calculated in accordance with GAAP, but excluding Management's estimate of non-cash stock compensation expense for 2008 of $27.0 million, a non-GAAP financial measure. The reconciliation of this measure to the estimated GAAP net income is as follows:


GAAP estimated net income for 2008 $20 - $40 million
Add estimated non-cash stock compensation $27.0 million
Non-GAAP estimated net income for 2008 $47 - $67 million

Management believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP net income guidance for 2008 because Management uses such information internally for its operating, budgeting and financial planning purposes, and to enhance investors' overall understanding of the company's prospects for the future.


Anticipated Upcoming Milestones
1Q08/early 2Q08: Initiation of PEG-PAL Phase I patient study with plans to roll into a Phase 2 study in 3Q08
4Q08: Results from Phase 2 Sickle Cell Disease trial
4Q08: Results from Phase 2 PAD trial

Upcoming Investor Conferences and Events
March 17-19: Citi Small/Mid Cap Conference -- Las Vegas
March 17-20: Cowen Healthcare Conference -- Boston
March 18-20: Lehman Brothers Global Healthcare Conference -- Miami
June 5: BioMarin R&D Day -- New York City

BioMarin will host a conference call and webcast to discuss fourth quarter and full year 2007 financial results today, Tuesday, February 26, at 5:00 p.m. ET (22:00 CET). This event can be accessed on the investor section of the BioMarin website at http://www.BMRN.com.

Date: February 26, 2008
Time: 5:00 p.m. ET (22:00 CET)
U.S. / Canada Dial-in Number: 866.713.8564
International Dial-in Number: 617.597.5312
Participant Code: 79434433
Replay Dial-in Number: 888.286.8010
Replay International Dial-in Number: 617.801.6888
Replay Code: 87203261

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(R) (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme(R) (laronidase) for mucopolysaccharidosis I (MPS I), a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; and Kuvan(TM) (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany. Other product candidates include 6R-BH4 for cardiovascular indications, which is currently in Phase 2 clinical development for the treatment of peripheral arterial disease and sickle cell disease, and PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase) for the treatment of PKU. For additional information, please visit http://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 6R-BH4 for other indications and PEG-PAL; the continued clinical development and commercialization of Aldurazyme, Naglazyme, Kuvan, and 6R-BH4 for other indications; 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 2006 Annual Report on Form 10-K, as amended, and the factors contained in BioMarin's reports on Form 10-Q and Form 8-K. 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(R) and Naglazyme(R) are a registered trademarks of BioMarin Pharmaceutical Inc.

Aldurazyme(R) is a registered trademark of BioMarin/Genzyme LLC.

Orapred(R) is a registered trademark of Medicis Pediatrics, Inc. and is used under license.

Net Product Revenue of BioMarin Pharmaceutical Inc. and BioMarin/Genzyme LLC

For the Three Months and Years Ended December 31, 2006 and 2007
(In millions, unaudited)

Three Months Year Ended
Ended December 31, December 31,
2006 2007 2006 2007
Aldurazyme (as reported by
BioMarin/Genzyme LLC) (1) $26.5 $35.4 96.3 $123.7
Naglazyme 16.3 25.5 46.5 86.2
Kuvan -- 0.4 -- 0.4

(1) The Company recognizes its 50% share of the net income of
BioMarin/Genzyme LLC as Equity in the income of BioMarin/Genzyme LLC
in the Company's consolidated statements of operations.



BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Years Ended December 31, 2006 and 2007
(In thousands, except for per share data, unaudited)

Three Months Ended Year Ended
December 31, December 31,
2006 2007 2006 2007
Revenues:
Net product sales $16,310 $26,202 $49,606 $86,802
Collaborative
agreement revenues 4,882 17,506 18,740 28,264
Royalty and license
revenues 827 1,146 15,863 6,515
Total revenues 22,019 44,854 84,209 121,581
Operating expenses:
Cost of sales (1) 3,616 5,224 8,740 18,359
Research and
development (1) 20,572 24,015 66,735 78,600
Selling, general and
administrative (1) 13,719 23,891 48,507 77,539
Amortization of
acquired intangible
assets 1,093 1,093 3,651 4,371

Total operating
expenses 39,000 54,223 127,633 178,869

Loss from operations (16,981) (9,369) (43,424) (57,288)
Equity in the income
of BioMarin/Genzyme
LLC 5,670 9,366 19,274 30,525
Interest income 3,951 7,383 12,417 25,932
Interest expense (2,957) (4,080) (13,411) (14,243)
Debt conversion
expense -- -- (3,315) --
Income (loss) before
income taxes (10,317) 3,300 (28,459) (15,074)

Provision for income
taxes 74 729 74 729
Net income (loss) $(10,391) $2,571 $(28,533) $(15,803)
Net income (loss)
per share, basic $(0.11) $0.03 $(0.34) $(0.16)
Net income (loss)
per share, diluted $(0.11) $0.03 $(0.34) $(0.16)
Shares used in per
share calculation
-- basic 91,552 96,931 84,582 95,878
Shares used in per
share calculation
-- diluted 91,552 101,193 84,582 95,878

(1) The following is the stock-based compensation expense included in the
respective captions of the consolidated statements of operations
above:

Three Months Ended Year Ended
December 31, December 31,
2006 2007 2006 2007
Stock-based compensation
expense:
Cost of goods sold $-- $162 $-- $578
Research and development 1,364 2,211 4,242 6,978
Selling, general and
administrative 1,727 3,092 5,348 10,727

Total stock-based compensation
expense $3,091 $5,465 $9,590 $18,283



BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
December 31, 2006 and 2007
(In thousands, except for share and per share data)

December 31, December 31,
2006 2007
ASSETS
Current assets:
Cash and cash equivalents $89,162 $228,343
Short-term investments 199,685 357,251
Accounts receivable, net 14,670 16,976
Advances to BioMarin/Genzyme LLC 1,596 2,087
Inventory 25,075 32,445
Other current assets 4,036 7,195
Total current assets 334,224 644,297
Investment in BioMarin/Genzyme LLC 31,457 44,881
Property, plant and equipment, net 55,466 76,818
Intangible assets, net 11,655 9,596
Goodwill 21,262 21,262
Restricted cash 1,731 2,889
Other assets 7,641 15,536
Total assets $463,436 $815,279

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $32,166 $49,907
Current portion of acquisition obligation,
net of discount 6,787 6,309
Current portion of deferred revenue 7,092 5,327

Total current liabilities 46,045 61,543
Convertible debt 223,940 497,375
Long-term portion of acquisition obligation,
net of discount 68,548 66,553
Deferred revenue, net of current portion 5,023 --
Other long-term liabilities 2,078 2,082
Total liabilities 345,634 627,553
Stockholders' equity:
Common stock, $0.001 par value:
150,000,000 and 250,000,000 shares
authorized at December 31, 2006 and
December 31, 2007, respectively;
91,725,528 and 97,114,159 shares
issued and outstanding at December
31, 2006 and December 31, 2007,
respectively 92 97
Additional paid-in capital 709,359 794,917
Accumulated other comprehensive loss (25) 139
Accumulated deficit (591,624) (607,427)
Total stockholders' equity 117,802 187,726
Total liabilities and stockholders'
equity $463,436 $815,279

SOURCE BioMarin Pharmaceutical Inc. - 02/26/2008

CONTACT:
investors, Eugenia Shen, [phone], or
media, Susan Berg, [phone], both of BioMarin Pharmaceutical Inc.
Web site: http://www.bmrn.com

[tallyman]

Antwort auf Beitrag Nr.: 33.488.907 von tallyman am 27.02.08 11:32:12

Live Webcast Banc of America Securities Health Care Conference 05/14/08 at 1:20 p.m. PT
Live Webcast Robert W. Baird & Co., Inc. Growth Stock Conference 05/13/08 at 7:45 a.m. CT
Replay Webcast Morgan Stanley 2008 Global Healthcare Unplugged Conference 05/01/08 at 5:00 p.m. ET


Latest News 05/07/08 BioMarin to Present at the Bank of America Healthcare Conference




Stock Chart

[tallyman]

Antwort auf Beitrag Nr.: 34.069.752 von tallyman am 10.05.08 08:30:27

NOVATO, Calif., April 29 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN) today announced financial results for the first quarter ended March 31, 2008. Net income was $1.7 million ($0.02 per share) for the first quarter of 2008, compared to a net loss of $9.3 million ($0.10 per share) for the first quarter of 2007. Non-GAAP net income was $6.2 million ($0.06 per share) for the first quarter of 2008, compared to non-GAAP net loss of $5.7 million ($0.06 per share) for the first quarter of 2007. Non-cash stock compensation expense for the three months ended March 31, 2008 was $4.5 million, compared to $3.6 million for the three months ended March 31, 2007.

As of March 31, 2008, BioMarin had cash, cash equivalents, and short-term investments totaling $574.8 million.

"We are off to a great start in 2008 with strong sales of both Naglazyme and Aldurazyme, as well as the first full quarter of Kuvan sales driving improved financials. The Kuvan launch is progressing well, with a positive reception from the PKU community, and we remain extremely optimistic about the long-term potential of the drug," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "We remain focused on the successful execution of the Kuvan launch, continued geographic expansion of Naglazyme, development of the PEG-PAL and other pipeline programs and the possible in-licensing or acquisition of later-stage products to supplement our current portfolio."

Product Revenue

Net revenue from Naglazyme (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), was $27.7 million for the first quarter of 2008, an increase of 50.5 percent compared to net revenue of $18.4 million for the first quarter of 2007. BioMarin is commercializing Naglazyme in the United States, Europe, Latin America, and Turkey and through distributors in other international markets.

Net revenue from Aldurazyme (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I, (MPS I) recorded by Genzyme increased by approximately 37.3 percent to $36.8 million for the first quarter of 2008, compared to $26.8 million in the first quarter of 2007. Net revenue to BioMarin for the first quarter of 2008 was $24.1 million. Beginning January 1, 2008, as a result of the restructuring of the joint venture with Genzyme, BioMarin receives a royalty of 39.5% to 50% of worldwide net sales. In addition, BioMarin recognizes product transfer revenue when product is shipped to Genzyme. This amount will eventually be deducted from royalties earned when the product is sold by Genzyme.

Net product revenue from Kuvan (sapropterin dihydrochloride) Tablets, a product for the treatment of phenylketonuria (PKU), for the first quarter of 2008 was $5.8 million. As of April 25, 881 patients have been referred to the BioMarin Patient and Physician Support (BPPS) program and 509 patients have initiated commercial therapy. BioMarin anticipates a portion of these patients will discontinue therapy in the future.

Collaborative Agreement Revenues

Collaborative agreement revenues for the first quarter of 2008 were $2.5 million, compared to $4.1 million for the first quarter of 2007, and decreased due to less reimbursable Kuvan development expenses during the first quarter of 2008.

2008 Financial Guidance

BioMarin estimates 2008 net sales of Naglazyme will be in the range of $115 million to $125 million, revised from a range of $105 million to $116 million.

Net sales of Aldurazyme by Genzyme are estimated to be in the range of $135 million to $145 million. BioMarin's revenue from Genzyme related to Aldurazyme is estimated to be between $70 million and $80 million, revised from a range of $68 million to $78 million, which includes both the royalty earned on net sales by Genzyme and additional product revenue related to the transfer of Aldurazyme inventory to Genzyme to meet future product demand.

BioMarin estimates 2008 Kuvan net sales to be in the range of $45 million to $70 million, revised from a range of $40 million to $70 million.

Interest income is expected to be in the range of $15 million to $18 million, a result of reduced yields on investments due to declining market interest rates.

BioMarin estimates its Generally Accepted Accounting Principles (GAAP) net income for the fiscal year ending December 31, 2008 will be in the range of $28 million to $40 million, revised from a range of $20 million to $40 million, which assumes that the $30 million milestone for EU Kuvan approval will be earned in 2008. The net income estimate includes approximately $24 million to $27 million in non-cash stock compensation expense. Non-GAAP net income, excluding the impact of non-cash stock compensation, is estimated to be in the range of $52 million to $67 million, revised from a range of $47 million to $67 million.

Non-GAAP Financial Information and Reconciliation

The above 2007 and 2008 first quarter results and 2008 financial guidance include actual and Management's 2008 estimated net income determined in accordance with GAAP and non-GAAP net income, which is net income calculated in accordance with GAAP, but excluding non-cash stock compensation, a non-GAAP financial measure. Stock compensation expense excluded in the calculation of non-GAAP net income was $4.5 million for the first quarter of 2008, $3.6 million for the first quarter of 2007 and $24.0 million to $27.0 million for Management's estimate of 2008 net income