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