BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) reported late Tuesday that its profit dropped during its fiscal fourth quarter, citing lower revenue from partnerships and higher costs, according to Associated Press.
BioMarin posted that its profit fell to $4.7 million, or 5 cents per share, from $24.5 million, or 21 cents per share, in the year-ago quarter. Revenue dropped 12 percent to $87.1 million from $99.3 million.
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Analysts polled by Thomson Reuters expected profit of a penny per share and $86 million in revenue.
The drop in revenue is mostly due to lower payments from partnerships. In the year-ago period, the company received a $30 million payment from Merck Serono related to the approval of Kuvan in the EU.
Sales of Naglazyme rose 22 percent to $44.4 million, while BioMarin's revenue from Aldurazyme rose to $16.8 million from $14.7 million.
Aldurazyme is licensed to Genzyme Corp. (NASDAQ: GENZ) by BioMarin. Total sales of the drug grew 3 percent to $38.7 million.
Revenue from Kuvan rose 50 percent to $22.7 million. Quarterly expenses rose 20 percent to $80.7 million.
For the full year, the company lost $488,000, or less than a penny per share, compared with profit of $30.8 million, or 29 cents per share, in 2008. Revenue rose to $324.7 million from $296.5 million.
The company expects revenue between $374 million and $405 million in 2010. Analysts expect $396 million in revenue.
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