BioMarin's Big Moves: Fool by Numbers

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On May 2, BioMarin Pharmaceutical (Nasdaq: BMRN) released first-quarter earnings for the period ended March 31.

• Revenues increased 65.3%, driven by the rise in sales of Naglazyme. BioMarin's other drug, Aldurazyme, marketed by Genzyme (Nasdaq: GENZ), also turned in solid growth.
• BioMarin's most advanced clinical drug, Kuvan, is rapidly approaching a potential launch for the treatment of phenylketonuria. The company is filing for FDA approval later this quarter, which means the drug could be on the market by this time next year.
• For fiscal 2007, Biomarin estimates net sales of Naglazyme to be around $76 million to $82 million and Aldurazyme to be around $115 million to $125 million. The net loss guidance for the fiscal year is $18 million to $23 million.
• See "BioMarin Moves Ahead" for one Fool's take on BioMarin's earnings release.

(Figures in thousands, except per-share data.)

Income Statement Highlights

	Q1 2007	Q1 2006	Change
Sales	$22,838	$13,812	65.3%
Net Profit	($9,293)	($9,780)	N/A
EPS	($0.10)	($0.13)	N/A
Diluted Shares	94,557	74,963	26.1%

Get back to basics with the income statement.

Margin Checkup

	Q1 2007	Q1 2006	Change*
Gross Margin	82%	87.5%	(5.6)
Operating Margin	(73.6%)	(82.9%)	9.3
Net Margin	(40.7%)	(70.8%)	30.1

*Expressed in percentage points.

Margins are the earnings engine.

Balance Sheet Highlights

Assets	Q1 2007	Q1 2006	Change
Cash + ST Invest.	$273,307	$375,500	(21.4%)
Accounts Rec.	$14,525	$7,493	93.8%
Inventory	$27,438	$18,137	51.3%

Liabilities	Q1 2007	Q1 2006	Change
Accounts Payable*	$24,889	$19,946	24.8%
Long-Term Debt	$172,500	$297,500	(42%)

*Includes accrued liabilities.

The balance sheet reflects the company's health.

Cash Flow Highlights

A statement of cash flows was not provided.

Free cash flow is a Fool's best friend.

Related Foolishness:

• Mostly Good From BioMarin
• Picks and Shovels of Biotechnology

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean. This data has been provided by Netscribes. To provide feedback on this article, please click on the "feedback" button below.