BioMarin Pharmaceutical Inc. (BMRN) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $90.72 million, or $ 0.53 a share in the quarter, against a net profit of $68.62 million, or $0.39 a share in the last year period. On an adjusted basis, net loss for the quarter was $27 million, when compared with $70 million in the last year period.
Revenue during the quarter surged 31.66 percent to $300.09 million from $227.94 million in the previous year period. Gross margin for the quarter contracted 30 basis points over the previous year period to 78.62 percent. Operating margin for the quarter stood at negative 29.86 percent as compared to a positive 44.45 percent for the previous year period.
Operating loss for the quarter was $89.62 million, compared with an operating income of $101.32 million in the previous year period.
Commenting on the year, Jean-Jacques Bienaime, chairman and chief executive officer of BioMarin said, "2016 was a transformational year for BioMarin. Our commercial business topped $1 billion for the first time while we concurrently achieved significant clinical and regulatory milestones across the product pipeline. In the third quarter, we shared proof-of-concept data with BMN 270 gene therapy, the only factor VIII product in clinical development for the treatment of severe Hemophilia A. In addition, our regulatory filings for approval of Brineura, for the treatment of Batten disease, were accepted and validated in both the U.S. and EU. With the Prescription Drug User Fee Act (PDUFA) goal date for an FDA approval decision of April 27, 2017, we hope to have an approved treatment option for this devastating childhood disease in the near future."
For financial year 2017, BioMarin Pharmaceutical Inc. forecasts revenue to be in the range of $1,250 million to $1,300 million. It projects net loss to be in the range of $140 million to $180 million. It expects adjusted net income to be in the range of $30 million to $70 million for the same period.
Working capital increases sharply
BioMarin Pharmaceutical Inc. has recorded an increase in the working capital over the last year. It stood at $982.48 million as at Dec. 31, 2016, up 52.52 percent or $338.30 million from $644.18 million on Dec. 31, 2015. Current ratio was at 3.24 as on Dec. 31, 2016, up from 2.45 on Dec. 31, 2015.
Days sales outstanding were almost stable at 33 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 255 days for the quarter compared with 260 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 $683.24 million as on Dec. 31, 2016, up 3.16 percent or $20.95 million from $662.29 million on Dec. 31, 2015. Short-term debt stood at $22.48 million as on Dec. 31, 2016. Total debt was 16.98 percent of total assets as on Dec. 31, 2016, compared with 17.76 percent on Dec. 31, 2015. Debt to equity ratio was at 0.25 as on Dec. 31, 2016, down from 0.28 as on Dec. 31, 2015.
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