- Although BioMarin Pharmaceutical ( NASDAQ: BMRN ) saw its net loss narrow 82% in Q3 to $6.7M from a loss of $26.5M in the year-ago period, that was not good enough to beat on the bottom line .
- Revenue in the quarter of ~$505M, a ~24% year-over-year increase, was also a miss.
- Sales of Vimizim (Elosulfase alfa), the company's best-selling drug by revenue, increased 14% in the quarter to $155.5M.
- Naglazyme (galsulfase), BioMarin's ( BMRN ) second-best selling drug, had the biggest percentage increase in sales year over year, up 40% to $99.5M.
- The company ended the quarter with ~$1.6B in cash and cash equivalents, an 8% increase from Dec. 31, 2021.
- See why Seeking Alpha contributor Nathan Aisenstadt considers BioMarin ( BMRN ) a hold.
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BioMarin GAAP net loss narrows 82% in Q3, but not enough to beat on bottom line