BioMarin Announces Third Quarter 2009 Financial Results

Third Quarter Results Drive Improved 2009 Net Income Guidance

NOVATO, Calif., Oct. 28 /PRNewswire-FirstCall/ --

Financial Highlights ($ in millions, except per share data)

Item Q3 2009 Q3 2008 Comparison
Total BioMarin
Revenue $80.8 11% increase
Total Net Product
Revenue $78.4 16% increase
Naglazyme Net
Product Revenue $42.1 26% increase
Aldurazyme BioMarin
Net Product Revenue $14.6 $20.7 ($5.6 net inventory
transfer)
Kuvan Net Product
Revenue $21.7 57% increase
GAAP Net Income $6.6 $0.8
GAAP Net Income
per share $0.07 (basic), $0.01 (basic and diluted)
$0.06 (diluted)
Non-GAAP Net Income $15.5 $8.2
Non-GAAP Net Income
per share $0.16 (basic), $0.08 (basic and diluted)
$0.13 (diluted)

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced financial results
for the third quarter ended September 30, 2009. GAAP net income was $6.6
million ($0.06 per diluted share) for the third quarter of 2009, compared to
GAAP net income of $0.8 million ($0.01 per diluted share) for the third
quarter of 2008. Non-GAAP net income was $15.5 million ($0.13 per diluted
share) for the third quarter of 2009, compared to non-GAAP net income of $8.2
million ($0.08 per diluted share) for the third quarter of 2008. Non-GAAP net
income excludes non-cash stock compensation expense, certain nonrecurring
material items and the tax effect of the adjustments. The reconciliation of
the non-GAAP measures to the estimated GAAP net income is detailed in the
table provided at the end of the press release.

GAAP net loss for the nine months ended September 30, 2009 was $5.2 million
($0.05 per diluted share), compared to GAAP net income of $6.3 million ($0.06
per diluted share) for the nine months ended September 30, 2008. Non-GAAP net
income was $33.9 million ($0.33 per diluted share) for the nine months ended
September 30, 2009, compared to non-GAAP net income of $21.9 million ($0.21
per diluted share) for the nine months ended September 30, 2008.

As of September 30, 2009, BioMarin had cash, cash equivalents and short and
long-term investments totaling $491.8 million.

"During the quarter, we continued to advance our clinical pipeline as we
completed enrollment for the Phase I/II study of GALNS for MPS IVA and
initiated the Phase II trial of PEG-PAL for PKU. On the commercial front, we
were issued patents covering stable tablet formulation and the once daily
dosing regimen for Kuvan, and received claims covering the approved
administration of Kuvan with food. We believe that these patents are
significant in extending protection beyond orphan drug market exclusivity,"
said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "Based on
our performance to date, we have narrowed the guidance range on a few items to
reflect increased visibility into the year, including improved expectations
for the bottom line. Our commercial products are performing well, and we
continue to carefully manage expenses. We are also carefully evaluating both
internal pipeline programs and external product opportunities to maximize
long-term value for both the company and our shareholders. Also, as announced
earlier this week, we acquired Huxley Pharmaceuticals, which is developing a
proprietary form of 3,4-DAP for the rare autoimmune disease Lambert Eaton
Myasthenic Syndrome. A positive opinion was issued by the EMEA last week, and
we expect to launch this product in the EU in the first quarter of 2010. This
low-risk deal leverages our EU commercial infrastructure, fits our orphan drug
strategy with a specialist oriented and potentially high priced therapeutic
and has the potential for near-term value creation."

Net Product Revenue

Net product revenue from Naglazyme (galsulfase), an enzyme replacement therapy
for mucopolysaccharidosis VI (MPS VI), was $42.1 million for the third quarter
of 2009, an increase of 26.0 percent compared to Naglazyme net product revenue
of $33.3 million for the third quarter of 2008. Net product revenue from
Naglazyme for the nine months ended September 30, 2009 was $124.3 million, an
increase of 29.2 percent from net product revenue of $96.2 million for the
nine months ended September 30, 2008. Changes in foreign currency rates, net
of hedges caused a negative impact to Naglazyme sales of $1.3 million and $5.0
million in the three and nine months ended September 30, 2009, respectively.

Net sales of Aldurazyme (laronidase), an enzyme replacement therapy for
mucopolysaccharidosis I (MPS I) recorded by Genzyme, were $40.3 million for
the third quarter of 2009, an increase of 5.5 percent compared to net sales of
Aldurazyme by Genzyme of $38.2 million for the third quarter of 2008. Net
sales of Aldurazyme recorded by Genzyme for the nine months ended September
30, 2009 were $116.4 million, compared to $113.7 million for the nine months
ended September 30, 2008. Changes in foreign currency rates caused a negative
impact to Aldurazyme sales by Genzyme of $1.5 million and $8.7 million in the
three and nine months ended September 30, 2009, respectively. In the third
quarter of 2009, Aldurazyme unit volume increased 11.6 percent compared to the
third quarter of 2008 as the number of patients on therapy worldwide continues
to grow.

Net product revenue to BioMarin related to Aldurazyme was $14.6 million for
the third quarter of 2009, compared to net product revenue to BioMarin of
$20.7 million for the third quarter of 2008. The timing of inventory
transfers to Genzyme reduced net product revenue reported by BioMarin in the
third quarter of 2009. During the third quarter of 2009, BioMarin transferred
less inventory to Genzyme compared to units shipped to third party customers
by Genzyme, which resulted in a reduction in BioMarin net product revenue from
the royalty payable to BioMarin by Genzyme. During the third quarter of 2008,
Genzyme's Aldurazyme inventory levels increased, which resulted in BioMarin
recorded net product revenue that was higher than the royalty earned on
Genzyme third party sales. Net product revenue to BioMarin related to
Aldurazyme was $53.4 million for the nine months ended September 30, 2009,
compared to $58.1 million for the nine months ended September 30, 2008.

Net product revenue from Kuvan (sapropterin dihydrochloride) Tablets, a
product for the treatment of phenylketonuria (PKU), was $21.7 million for the
third quarter of 2009, compared to $13.8 million for the third quarter of
2008. Net product revenue from Kuvan for the nine months ended September 30,
2009 was $54.1 million, compared to net revenue of $31.6 million for the nine
months ended September 30, 2008. The quantity of commercial tablets dispensed
to patients in the U.S., the best metric to track true patient demand,
increased 8.5 percent in the third quarter of 2009 compared to the second
quarter of 2009.

2009 Guidance

Revenue Guidance ($ in millions)

Item 2009 Guidance Previous 2009 Guidance
Total BioMarin Revenues $313 to $327 $311 to $336
Total Net Product Revenues $306 to $320 $304 to $329
Naglazyme Net Product Revenue $165 to $170 $165 to $175
Kuvan Net Product Revenue $72 to $76 $70 to $80
Aldurazyme Net Product
Revenue to BioMarin Unchanged $69 to $74

Selected Income Statement Guidance ($ in millions)

Item Guidance Previous 2009 Guidance
Cost of Sales (% of
Total Revenue) 19% to 20% 19% to 21%
Selling, General and
Administrative Expense $120 to $125 $120 to $130
Research and Development
Expense* $117 to $121 $118 to $128
Interest Income $5 $5 to $7
Impairment Loss on La Jolla
and Summit Investments** Unchanged $5.9

GAAP Net Income (Loss) $(8) to $(4) $(12) to $(6)
Stock Compensation Expense $35 $34
Non-GAAP Net Income*** $39.8 to $43.8 $35.4 to $41.4

* Includes upfront research and development expenses of $8.8 million
associated with the La Jolla Pharmaceutical Company transaction.
** Represents impairment losses on investments in La Jolla
Pharmaceutical Company of $4.5 million and Summit plc of $1.4 million
during the first quarter of 2009.
*** Non-GAAP net income excludes non-cash stock compensation expense,
nonrecurring material items and the tax effect of the adjustments.
Please see the table provided at the end of this press release for a
full reconciliation between GAAP and non-GAAP expected net income.

Anticipated Upcoming Milestones
1Q10: Launch of amifampridine phosphate in the EU
1Q10: Initiation of Phase I trial for BMN-195 for DMD
1Q10: American College of Medical Genetics (ACMG) Meeting - Possible data from
study of Kuvan in institutionalized PKU patients
2Q10: Initiation of Kuvan neurocognitive outcome study
1H10: Announcement of next IND candidate
1H10: Results from Phase I/II trial for GALNS for MPS IVA
Mid-2010: Results from PEG-PAL Phase II trial
Late 2010/ Early 2011: Initiation of pivotal Phase III trial for GALNS for MPS
IVA
1H11: Availability of blood Phe monitor

Research and Development Programs

BioMarin continues to make significant investments in research and development
to ensure continued growth of the company. The current pipeline includes
programs which are in various stages of development and are focused on
treating a range of unmet medical needs. BioMarin is making significant
investments in manufacturing and laboratory facilities to support the
advancement of these programs.

-- GALNS for MPS IVA: BioMarin initiated the Phase I/II trial in
mid-April
2009 and completed enrollment in mid-July. The Phase I/II study is a
36-week, open-label, within-patient dose escalation trial followed by
a
treatment continuation phase. The company expects to report initial
results in the first half of 2010. Assuming positive results from the
Phase I/II study, BioMarin expects to initiate a pivotal Phase III
study
in late 2010 or early 2011.
-- PEG-PAL for PKU: BioMarin initiated the Phase II trial in September
2009. The Phase II clinical trial is an open-label, multi-center
study
to be conducted in up to 35 patients in a series of dose-escalating
cohorts. The primary treatment period of eight once weekly injections
at a fixed dose will be followed by eight weeks of dose and frequency
optimization and an extension period. Results from the Phase II
PEG-PAL
trial are expected in mid-2010.
-- BMN-195 - Utrophin upregulator for Duchenne Muscular Dystrophy:
BioMarin
is in the final stages of preparing the regulatory filing and expects
to
initiate a Phase I trial by the first quarter of 2010. BMN-195 is an
orally available small molecule which may upregulate utrophin, a
potential substitution for the missing dystrophin protein in DMD
patients.
-- Kuvan lifecycle development: Several programs are underway to expand
and protect the market and to improve the ability of healthcare
providers and patients to better manage PKU. These programs include a
state-of-the-art handheld device to measure blood Phe levels in PKU
patients. Human studies are planned for 2010. Regulatory approval and
commercial availability of the handheld blood Phe monitor is expected
in
the first half of 2011.
-- BMN-185 - IgA protease for IgA nephropathy: BioMarin is completing
early
preclinical work and expects to move to the next phase of research in
the first half of 2010. IgA proteases have been shown to cleave IgA
complexes, the deposition of which causes IgA nephropathy, an orphan
kidney disorder with few treatment alternatives.
-- Additional early development candidates: BioMarin is working on
multiple early development opportunities and expects to announce the
next IND candidate in the first half of 2010.
-- BMN-103 - a-glucosidase (GAA) for Pompe Disease: BMN-103 is a highly
phosphorylated GAA enzyme, which the company believes could result in
more efficient uptake in cells and potentially lead to improved
glycogen
reduction in key affected muscle groups not addressed with current
therapy. BioMarin continues to explore partnering options for this
program.

-- 6R-BH4 Cardiovascular: BioMarin has decided to put the PAH
opportunity
for 6R-BH4 on hold, pending discussions with potential partners.
Although the early data suggest a potential for 6R-BH4 to be a safe
and
efficacious therapy for PAH, BioMarin decided that the additional
investment in time and resources required to demonstrate this effect
is
better allocated to other early pipeline candidates.

Non-GAAP Financial Information and Reconciliation

The above results for the quarter and nine months ended September 30, 2009 and
2008, full year results for 2008 and financial guidance for 2009 are presented
both as determined in accordance with GAAP and on a non-GAAP basis. As used
in this release, non-GAAP income is calculated in accordance with GAAP, but
excludes non-cash stock compensation expense, certain nonrecurring material
items and the tax effect of the adjustments.

Non-GAAP net income in the third quarter of 2009 and the third quarter of 2008
excluded (1) stock compensation expense of $8.9 million in the third quarter
of 2009 and $7.4 million in the third quarter of 2008; (2) upfront license
fees paid of $1.4 million in the third quarter of 2008; (3) Kuvan approval
milestones received of $1.5 million in the third quarter of 2008 and (4)
income tax effect of $0.1 million in the third quarter of 2008. Non-GAAP net
income in the nine months ended September 30, 2009 and the nine months ended
September 30, 2008 excluded (1) stock compensation expense of $25.7 million in
the nine months ended September 30, 2009 and $17.8 million in the nine months
ended September 30, 2008; (2) upfront license fees paid of $8.8 million in the
nine months ended September 30, 2009 and $1.4 million in the nine months ended
September 30, 2008; (3) impairment charges of $5.9 million in the nine months
ended September 30, 2009; (4) Kuvan approval milestones received of $1.5
million in the nine months ended September 30, 2008; (5) initial Aldurazyme
transfer revenue of $2.3 million in the nine months ended September 30, 2008;
(6) net gain on the sale of equity investments of $1.6 million in the nine
months ended September 30, 2009 and (7) income tax effect of $0.3 million and
$0.2 million in the nine months ended September 30, 2009 and 2008,
respectively.

Anticipated non-GAAP net income for the year ended December 31, 2009 and
actual results for the year ended December 31, 2008 exclude (1) stock
compensation expense of $35.0 million anticipated for 2009 and $25.3 million
for 2008; (2) upfront license fees of $8.8 million associated with the La
Jolla Pharmaceutical Corporation transaction in 2009 and $1.4 million
associated with the Summit transaction in 2008; (3) impairment charges of $5.9
million in 2009 and $4.1 million in 2008; (4) Kuvan approval milestones
received of $31.5 million earned in 2008; (5) the gross margin of the initial
Aldurazyme product transfer to Genzyme of $2.3 million associated with the
restructuring of BioMarin/Genzyme LLC in the first quarter of 2008; (6) gain
on the sale of equity investments of $1.6 million in 2009 and (7) income tax
effect of $0.3 million and $2.2 million in 2009 and 2008, respectively. The
reconciliation of these measures to the estimated GAAP net income is detailed
in the table provided at the end of the press release.

BioMarin believes that this non-GAAP information is useful to investors, taken
in conjunction with BioMarin's GAAP information because it provides additional
information regarding the performance of BioMarin's core ongoing business,
Naglazyme, Kuvan and Aldurazyme and development of its pipeline. By providing
information about both the overall GAAP financial performance and the non-GAAP
measures that focus on continuing operations, the company believes that the
additional information enhances investors' overall understanding of the
company's business and prospects for the future. Further, the company uses
both the GAAP and the non-GAAP results and expectations internally for its
operating, budgeting and financial planning purposes.

Diluted Earnings Per Share Calculation

The calculation of GAAP diluted earnings per share for all of the 2009 periods
presented and non-GAAP diluted earnings per share for the third quarter and
first nine months of 2008 reflect the theoretical exclusion of the interest
expense from net earnings that would no longer be incurred if the Company's
convertible notes were converted into shares as their impact is considered
anti-dilutive. Non-GAAP diluted earnings per share for the third quarter and
first nine months of 2009 include 16.0 million shares related to the Company's
convertible notes due in April 2017. The March 2013 notes reflecting 10.4
million shares are excluded from the non-GAAP diluted earnings per share for
the 2009 periods presented as their impact is considered anti-dilutive.

Conference Call Details

BioMarin will host a conference call and webcast to discuss third quarter 2009
financial results today, Wednesday, October 28, at 5:00 p.m. ET. This event
can be accessed on the investor section of the BioMarin website at
www.BMRN.com.

Date: October 28, 2009
Time: 5:00 p.m. ET
U.S. / Canada Dial-in Number: 800.299.6183
International Dial-in Number: 617.801.9713
Participant Code: 51404008
Replay Dial-in Number: 888.286.8010
Replay International Dial-in Number: 617.801.6888
Replay Code: 51416825

About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious
diseases and medical conditions. The company's product portfolio comprises
three approved products and multiple clinical and pre-clinical product
candidates. Approved products include Naglazyme® (galsulfase) for
mucopolysaccharidosis VI (MPS VI), a product wholly developed and
commercialized by BioMarin; Aldurazyme® (laronidase) for mucopolysaccharidosis
I (MPS I), a product which BioMarin developed through a 50/50 joint venture
with Genzyme Corporation; and Kuvan® (sapropterin dihydrochloride) Tablets,
for phenylketonuria (PKU), developed in partnership with Merck Serono, a
division of Merck KGaA of Darmstadt, Germany. Other product candidates include
PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase), which is
currently in Phase II clinical development for the treatment of PKU and GALNS
(N-acetylgalactosamine 6-sulfatase), which is currently in Phase I/II clinical
development for the treatment of MPS IVA. For additional information, please
visit www.BMRN.com. Information on BioMarin's website is not incorporated by
reference into this press release.

Forward-Looking Statement

This press release contains forward-looking statements about the business
prospects of BioMarin Pharmaceutical Inc., including, without limitation,
statements about: the expectations of revenue and sales related to Naglazyme,
Kuvan, and Aldurazyme; the financial performance of the BioMarin as a whole;
the timing of BioMarin's clinical trials of PEG-PAL, GALNS and other product
candidates; the continued clinical development and commercialization of
Aldurazyme, Naglazyme, Kuvan, and its product candidates; and actions by
regulatory authorities, particularly with respect to the recently acquired
3,4-DAP product. These forward-looking statements are predictions and involve
risks and uncertainties such that actual results may differ materially from
these statements. These risks and uncertainties include, among others: our
success in the continued commercialization of Naglazyme and Kuvan; Genzyme
Corporation's success in continuing the commercialization of Aldurazyme;
results and timing of current and planned preclinical studies and clinical
trials; our ability to successfully manufacture our products and product
candidates; the content and timing of decisions by the U.S. Food and Drug
Administration, the European Commission and other regulatory authorities
concerning each of the described products and product candidates; the market
for each of these products and particularly Aldurazyme, Naglazyme and Kuvan;
actual sales of Aldurazyme, Naglazyme and Kuvan; Merck Serono's activities
related to Kuvan; and those factors detailed in BioMarin's filings with the
Securities and Exchange Commission, including, without limitation, the factors
contained under the caption "Risk Factors" in BioMarin's 2008 Annual Report on
Form 10-K, and the factors contained in BioMarin's reports on Form 10-Q.
Stockholders are urged not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. BioMarin is under no
obligation, and expressly disclaims any obligation to update or alter any
forward-looking statement, whether as a result of new information, future
events or otherwise.

BioMarin(®), Naglazyme(®) and Kuvan(®) are registered trademarks of BioMarin
Pharmaceutical Inc.

Aldurazyme(®) is a registered trademark of BioMarin/Genzyme LLC.

BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)

December September
31, 30,
2008 (1) 2009
-------- ----
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $222,900 $191,778
Short-term investments 336,892 171,566
Accounts receivable, net 54,298 68,378
Inventory 73,162 75,441
Other current assets 50,444 13,104
------ ------

Total current assets 737,696 520,267
Investment in BioMarin/Genzyme LLC 915 522
Long-term investments 1,633 128,435
Property, plant and equipment, net 124,979 182,099
Intangible assets, net 7,626 4,194
Goodwill 21,262 21,262
Other assets 12,584 12,578
------ ------

Total assets $906,695 $869,357
======== ========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $59,033 $63,921
Acquisition obligation, net of discount 70,741 -
Deferred revenue 307 149
--- ---

Total current liabilities 130,081 64,070
Convertible debt 497,083 497,083
Other long-term liabilities 2,856 4,351
----- -----

Total liabilities 630,020 565,504
------- -------

Stockholders' equity:
Common stock, $0.001 par value: 250,000,000
shares authorized at December 31, 2008 and
September 30, 2009; 99,868,145 and
100,723,649 shares issued and outstanding at
December 31, 2008 and September 30, 2009,
respectively 100 101
Additional paid-in capital 852,947 887,966
Company common stock held by deferred
compensation plan (882) (1,715)
Accumulated other comprehensive income
1,106 (704)
Accumulated deficit (576,596) (581,795)
-------- --------

Total stockholders' equity 276,675 303,853
------- -------

Total liabilities and stockholders' equity $906,695 $869,357
======== ========

(1) December 31, 2008 balances were derived from the audited consolidated
financial statements.

BIOMARIN PHARMACEUTICAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2008 and 2009
(In thousands, except for per share data, unaudited)

Three Months Nine Months
Ended Ended
September 30, September 30,
------------- -------------
2008 2009 2008 2009
---- ---- ---- ----
Revenues:
Net product revenues $67,812 $78,383 $185,895 $231,769
Collaborative agreement
revenues 2,414 648 7,389 2,025
Royalty and license
revenues 2,420 1,776 3,933 3,780
----- ----- ----- -----

Total revenues 72,646 80,807 197,217 237,574
------ ------ ------- -------

Operating expenses:
Cost of sales 14,063 14,970 40,844 49,180
Research and development 26,175 26,991 67,559 87,673
Selling, general and
administrative 28,964 28,667 77,836 87,762
Amortization of acquired
intangible assets 1,093 46 3,278 2,914
----- -- ----- -----

Total operating expenses 70,295 70,674 189,517 227,529
------ ------ ------- -------

Income (loss) from operations 2,351 10,133 7,700 10,045
Equity in the loss of
BioMarin/Genzyme LLC (572) (680) (1,692) (1,773)
Interest income 3,407 1,012 13,157 4,051
Interest expense (4,105) (2,880) (12,297) (11,375)
Impairment loss on equity
investments - - - (5,848)
Net gain from sale of
investments - - - 1,585
--- --- --- -----

Income (loss) before income
taxes 1,081 7,585 6,868 (3,315)
Provision for income taxes 252 945 543 1,884
--- --- --- -----

Net income (loss) $829 $6,640 $6,325 $(5,199)
==== ====== ====== =======

Net income (loss) per
share, basic $0.01 $0.07 $0.06 $(0.05)
===== ===== ===== ======

Net income (loss) per
share, diluted $0.01 $0.06 $0.06 $(0.05)
===== ===== ===== ======

Weighted average common
shares outstanding, basic 99,537 100,331 98,705 100,098
====== ======= ====== =======

Weighted average common
shares outstanding,
diluted 103,403 101,906 103,916 100,189
======= ======= ======= =======

Three Months Nine Months
Ended Ended
September 30, September 30,
------------- -------------
2008 2009 2008 2009
---- ---- ---- ----
$430 $1,192 $1,019 $3,179
Cost of sales
Research and development expense 2,501 3,408 6,118 8,488
Selling, general and
administrative expense 4,468 4,321 10,674 14,064
----- ----- ------ ------

Total stock-based
compensation expense $7,399 $8,921 $17,811 $25,731
====== ====== ======= =======

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(In millions, except per share data)
(Unaudited)

Three Months Nine Months
Ended Ended Year Ended
September 30, September 30, December 31,
------------- ------------- ------------
Notes: 2008 2009 2008 2009 2008 2009
------ ---- ---- ---- ---- ---- ----
(forecast)

GAAP Net (8.0) to
Income (Loss) $0.8 $6.6 $6.3 $(5.2) $30.8 $(4.0)
Stock-based
compensation
expense 7.4 8.9 17.8 25.7 25.3 35.0
Upfront
license
fees (1) 1.4 - 1.4 8.8 1.4 8.8
Impairment
charges (2) - - - 5.9 4.1 5.9
Kuvan
Approval
Milestones (3) (1.5) - (1.5) - (31.5) -
Initial
Aldurazyme
transfer
revenue (4) - - (2.3) - (2.3) -
Net gain
on the
sale of
equity
investments - - - (1.6) - (1.6)
Income
tax effect
of Non-GAAP
adjustments (5) 0.1 - 0.2 0.3 2.2 0.3
--- --- --- --- --- ---
Non-GAAP $39.8 to
net income $8.2 $15.5 $21.9 $33.9 $30.0 43.8
==== ===== ===== ===== ===== =====

Notes:
(1) Represents upfront license payments related to our collaboration
agreements with Summit Corporation plc and La Jolla Pharmaceutical
Company in 2008 and 2009, respectively.

(2) Includes impairment losses on investments in Summit plc. during the
fourth quarter of 2008 and the first quarter of 2009, and La Jolla
Pharmaceutical Company during the first quarter of 2009.

(3) Represents approval milestones earned in July 2008 of $1.5 million
for the Japanese approval of Kuvan and in December 2008 of $30.0
million for the EMEA approval of Kuvan.

(4) Represents gross margin associated with the initial Aldurazyme
product transfer to Genzyme of $2.3 million associated with the
restructuring of BioMarin/Genzyme LLC in the first quarter of 2008.

(5) Represents the tax effect of the adjustments.

Contact:

Investors Media
Eugenia Shen Susan Berg
BioMarin Pharmaceutical Inc. BioMarin Pharmaceutical Inc.
(415) 506-6570 (415) 506-6594

SOURCE BioMarin Pharmaceutical Inc.

Investors, Eugenia Shen, +1-415-506-6570, or Media, Susan Berg,
+1-415-506-6594, both of BioMarin Pharmaceutical Inc.