BioMarin Pharmaceutical Inc. (BMRN) saw its loss narrow to $16.29 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $83.05 million, or $0.51 a share. On an adjusted basis, net profit for the quarter was $35 million, when compared with net loss $29 million in the last year period.
Revenue during the quarter grew 28.31 percent to $303.74 million from $236.74 million in the previous year period. Gross margin for the quarter expanded 175 basis points over the previous year period to 83.54 percent. Operating margin for the quarter stood at negative 6.65 percent as compared to a negative 34.18 percent for the previous year period.
Operating loss for the quarter was $20.21 million, compared with an operating loss of $80.92 million in the previous year period.
Commenting on the quarter, Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin, said, "We begin 2017 from a position of strength across all facets of the business including regulatory actions, financial results and pipeline development. The recent FDA approval and positive CHMP opinion of Brineura marks a significant regulatory accomplishment for the Company and more importantly, a turning point for families living with CLN2 disease who now have an approved treatment option. The speed with which global health authorities reviewed our applications both in the U.S. and Europe speaks to the value our innovative medicines provide patients.
For fiscal year 2017, BioMarin Pharmaceutical Inc. expects revenue to be in the range of $1,250 million to $1,300 million. Biomarin Pharmaceutical forecasts net loss to be in the range of $140 million to $180 million and projects adjusted net income to be in the range of $30 million to $70 million.
Working capital increases sharply
BioMarin Pharmaceutical Inc. has recorded an increase in the working capital over the last year. It stood at $1,012.58 million as at Mar. 31, 2017, up 67.43 percent or $407.80 million from $604.78 million on Mar. 31, 2016. Current ratio was at 3.98 as on Mar. 31, 2017, up from 2.56 on Mar. 31, 2016.
Days sales outstanding went down to 59 days for the quarter compared with 66 days for the same period last year.
Days inventory outstanding has decreased to 346 days for the quarter compared with 600 days for the previous year period.
Debt moves up marginally
BioMarin Pharmaceutical Inc. has witnessed an increase in total debt over the last one year. It stood at $690.93 million as on Mar. 31, 2017, up 3.43 percent or $22.92 million from $668.01 million on Mar. 31, 2016. Short-term debt stood at $22.50 million as on Mar. 31, 2017. Total debt was 17.54 percent of total assets as on Mar. 31, 2017, compared with 18.22 percent on Mar. 31, 2016. Debt to equity ratio was at 0.25 as on Mar. 31, 2017, down from 0.29 as on Mar. 31, 2016.
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