BioMarin swings to 1Q profit on boost in product sales

NOVATO, Calif.—Biotechnology company BioMarin Pharmaceutical Inc. said Tuesday it swung to a first-quarter profit on higher product sales and collaboration revenue.

The company earned $1.7 million, or 2 cents per share, compared with a loss of $9.3 million, or 10 cents per share, during the same period a year before. Revenue nearly tripled to $60.4 million from $22.8 million.

Analysts polled by Thomson Financial expected a loss of 5 cents per share on revenue of $55.7 million.

Sales of the company's enzyme replacement therapy Naglazyme rose 51 percent to $27.7 million, while the company posted $24.1 million in royalty and product transfer revenue for the enzyme replacement therapy Aldurazyme.

The company expects Naglazyme sales to range from $115 million to $125 million in 2008. Meanwhile, Aldurazyme sales will range from $135 million to $145 million, with BioMarin's share of the profits from Genzyme expected to range from $70 million to $80 million.

Kuvan sales will range from $45 million to $70 million, the company said.

Shares of BioMarin rose $1.23, or 3.6 percent, to $34.98 in after-hours trading after falling 91 cents, or 2.6 percent, to close at $33.77.