BioMarin: 3Q Earnings Snapshot
SAN RAFAEL, Calif. (AP) _ BioMarin Pharmaceutical Inc. (BMRN) on Wednesday reported third-quarter net income of $55 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Rafael, California-based company said it had profit of 30 cents. Earnings, adjusted for one-time gains and costs, came to 43 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The rare disease biopharmaceutical posted revenue of $461.1 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $455.8 million.
BioMarin expects full-year revenue in the range of $1.69 billion to $1.72 billion.
BioMarin shares have fallen 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $69.01, a drop of 31% in the last 12 months.