UPDATE 1-BioMarin posts Q1 profit; raises 2008 revenue view

martes 29 de abril de 2008 23:09 CEST
 

(Recasts; adds details, share movement)

April 29 (Reuters) - Biotechnology company BioMarin Pharmaceutical Inc (BMRN.O: Cotización) reported a quarterly profit that beat market estimates, helped by strong sales of two of its enzyme replacement therapies, and raised its full-year revenue outlook.

The company posted first-quarter earnings of $1.7 million, or 2 cents a share, compared with a net loss of $9.3 million, or 10 cents a share, a year earlier.

Revenue surged 165 percent to $60.4 million.

Analysts on average were expecting the company to report a loss of 4 cents a share on revenue of $55.7 million, according to Reuters Estimates.

Sales of its enzyme replacement therapy (ERT) Naglazyme were $27.7 million, up from $18.4 million in the year-ago quarter. Net sales of BioMarin's other ERT, Aldurazyme, rose about 37 percent to $36.8 million .

The company based in Novato, California, said it expects 2008 earnings of $28 million to $40 million, on revenue of $271 million to $316 million.

It had previously expected net income of $20 million to $40 million on revenue of $255 million to $306 million. Analysts were expecting earnings of 41 cents a share, on revenue of $302.6 million for the period.

Shares of the company were trading at $35.00 after the bell. The stock closed at $33.77 Tuesday on Nasdaq. (Reporting by Aradhana Aravindan in Bangalore; Editing by Deepak Kannan)