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news.BioMarin Pharmaceutical, a developer and marketer of biopharmaceuticals, has reported a net income of $24.5 million, or $0.21 per fully diluted share, for the fourth quarter of 2008, compared to $2.6 million, or $0.03 per fully diluted share, for the fourth quarter of 2007.
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Net income for the year ended December 31, 2008 was $30.8 million, or $0.29 per fully diluted share, compared to a net loss of $15.8 million, or $0.16 per fully diluted share, for the year ended December 31, 2007.
For the fourth quarter of 2008, the company reported net revenue of $99.3 million, compared to $44.9 million for the corresponding period of 2007. For the year ended December 31, 2008, the company posted net revenue of $296.5 million, compared to $121.6 million for the year ended December 31, 2007.
Jean-Jacques Bienaime, CEO of BioMarin, said: “We achieved our first profitable full year in 2008, with an increase of 144% in total revenue over 2007 driven by our three growing commercial products. We ended the year with a strong cash position and a promising development pipeline.”