SAN RAFAEL, Calif. (AP) — SAN RAFAEL, Calif. (AP) — BioMarin Pharmaceutical Inc. (BMRN) on Monday reported first-quarter earnings of $105.5 million.
On a per-share basis, the San Rafael, California-based company said it had profit of 54 cents. Earnings, adjusted for one-time gains and costs, came to 76 cents per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The rare disease biopharmaceutical posted revenue of $766.2 million in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $762.4 million.
BioMarin expects full-year earnings in the range of $4.85 to $5.05 per share, with revenue in the range of $3.83 billion to $3.93 billion.
BioMarin shares have decreased almost 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.30, a decrease of 11% in the last 12 months.
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