BioMarin Announces Fourth Quarter and Year-End 2005 Financial Results

February 23, 2006

Significant Reduction in Net Loss Projected for 2006
Conference Call to be Held Today at 5:00 p.m. ET (23:00 CET)
Feb 23, 2006
PRNewswire-FirstCall
NOVATO, Calif.

BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN) today announced results for its fourth quarter and year ended December 31, 2005. The net loss was $15.0 million ($0.20 per share) for the fourth quarter of 2005 compared to $82.4 million ($1.28 per share) for the fourth quarter of 2004. The net loss was $74.3 million ($1.08 per share) for the year ended December 31, 2005 compared to a net loss of $187.4 million ($2.91 per share) for the year ended December 31, 2004.

"Over the past year, we successfully advanced our product pipeline while significantly reducing our net loss. During this time, we achieved key company milestones, including the approval of Naglazyme in both the United States and Europe, the completion of the double-blind portion of the Phase 3 clinical trial of Phenoptin for PKU, and the initiation of our program for 6R- BH4 for the treatment of several cardiovascular indications," stated Jean- Jacques Bienaime, Chief Executive Officer of BioMarin. "Looking ahead in 2006, we expect the growing sales of Aldurazyme and Naglazyme and the revenue from our Phenoptin development collaboration to substantially offset development spending, leading to a significant reduction in our projected 2006 net loss as compared to 2005."

Net sales of Naglazyme(TM) (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI (MPS VI), for the fourth quarter and year ended December 31, 2005 were $3.7 million and $6.1 million, respectively. Naglazyme was approved by the U.S. Food and Drug Administration (FDA) on May 31, 2005 and launched by BioMarin's U.S.-based sales force on June 20, 2005.

Net sales of Aldurazyme(R) (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I, (MPS I) by BioMarin/Genzyme LLC increased 36 percent to $21.2 million for the fourth quarter of 2005, compared to $15.6 million in the fourth quarter of 2004. Net sales for the year ended December 31, 2005 were $76.4 million compared to $42.6 million for the same period in 2004, representing an increase of 79 percent. BioMarin's share of the profit of BioMarin/Genzyme LLC was $3.1 million for the fourth quarter of 2005, compared to $1.0 million for the fourth quarter of 2004. BioMarin's share of the profit of BioMarin/Genzyme LLC for the year ended December 31, 2005, was $11.8 million, compared to a loss of $3.0 million for the year ended December 31, 2004.

Net sales of Orapred(R) (prednisolone sodium phosphate oral solution), including the branded and authorized generic products, were $0.4 million for the fourth quarter of 2005, compared to $13.9 million for the fourth quarter of 2004. Orapred net sales recorded by BioMarin for the 12 months ended December 31, 2005 were $6.9 million compared to $18.6 million for the same period in 2004. This decrease in net sales can be attributed to the introduction of generic competitors that entered the market in late 2004. BioMarin began recording sales of Orapred in May 2004 at the time the product was acquired.

As of December 31, 2005, BioMarin had cash, cash equivalents, short-term investments and cash balances related to long-term debt of approximately $64.8 million.

2006 Projected Net Product Sales

In a company press release issued January 30, 2006, BioMarin provided the following net sales guidance for 2006:

   *    BioMarin estimates sales of Naglazyme for 2006 to be in a range of
        $28 million to $32 million.
   *    BioMarin and Genzyme estimate sales of Aldurazyme by the joint
        venture for 2006 to be in a range of $90 million to $100 million.

  2006 Projected Net Loss

BioMarin projects that the GAAP net loss for 2006 will be between $49 million and $52 million, which includes $5.9 million of expenses related to the 2004 acquisition of Orapred and $7.5 million of expenses related to stock option compensation.

  Recent Events and Fourth Quarter 2005 Highlights

   *    On January 30, 2006, BioMarin announced that the European Commission
        had granted marketing authorization for Naglazyme for the treatment
        of MPS VI.
   *    On January 25, 2006, BioMarin announced that the FDA had granted
        Fast Track designation for Phenoptin(TM) (sapropterin
        dihydrochloride), a Phase 3 investigational product candidate for
        the treatment of phenylketonuria (PKU).
   *    On January 10, 2006, BioMarin announced that it had established
        operations for BioMarin Europe Ltd., positioning the company to
        launch Naglazyme in the European Union and to partner with companies
        looking to bring other products for rare diseases to the European
        marketplace.
   *    On October 19, 2005, BioMarin announced that the FDA had accepted
        for filing the new drug application submitted for Orapred ODT(TM)
        (prednisolone sodium phosphate orally disintegrating tablets).  The
        FDA will take action on the application, under the Prescription Drug
        User Fee Act (PDUFA), by June 1, 2006.

  Upcoming Company Milestones

BioMarin expects to continue to advance its clinical-stage product candidates in the coming months. The following is a list of the company's projected near-term milestones:

   *    Announce results from the double-blind, placebo-controlled portion
        of the Phase 3 clinical trial of Phenoptin for PKU in late March
        2006; and
   *    Initiate a Phase 2 clinical trial of 6R-BH4 in poorly controlled
        hypertension in the second or third quarter of 2006 and a Phase 2
        clinical trial of 6R-BH4 in peripheral arterial disease in the
        fourth quarter of 2006.

  Upcoming Presentation at Medical Conference

On March 14, 2006, a researcher from Emory University School of Medicine will present a poster presentation entitled, "Tetrahydrobiopterin: A Novel Antihypertensive Therapy," at the 55th Annual Scientific Session of the American College of Cardiology being held in Atlanta, Georgia. The study was led by Dr. Arshed Quyyumi, Professor of Medicine at Emory University School of Medicine, Division of Cardiology.

Conference Call and Webcast Scheduled for Today, February 23 at 5:00 p.m. ET

BioMarin will host a conference call and webcast to discuss fourth quarter and year-end 2005 financial results Thursday, February 23, at 5:00 p.m. ET (23:00 CET). This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.

   Date: February 23, 2006
   Time: 5:00 p.m. ET (23:00 CET)
   U.S. & Canada Toll-free Dial in #: 866-825-3308
   International Dial in #: 617-213-8062
   Participant Code: 95873939
   Replay Toll-free Dial in #: 888-286-8010
   Replay International Dial in #: 617-801-6888
   Replay Code: 32640583

  About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio is comprised of three approved products and multiple clinical and preclinical product candidates. Approved products include Naglazyme(TM) (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin, Aldurazyme(R) (laronidase) for mucopolysaccharidosis I (MPS I), and Orapred(R) (prednisolone sodium phosphate oral solution) for inflammatory conditions. Investigational product candidates include Phenoptin(TM) (sapropterin dihydrochloride), a Phase 3 product candidate for the treatment of phenylketonuria (PKU). For additional information, please visit www.BMRN.com. Information on BioMarin's website is not incorporated by reference into this press release.

Forward-Looking Statement

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including, without limitation, statements about: the sales expectations of BioMarin's products Naglazyme and Orapred (including its branded and authorized generic products) and BioMarin/Genzyme LLC's product Aldurazyme; the financial performance of BioMarin as a whole; the continued partial funding of the Phenoptin program by Serono; the timing of BioMarin's clinical trials of Phenoptin and 6R-BH4; the continued clinical development and commercialization of Aldurazyme, Naglazyme, Orapred, Phenoptin and 6R-BH4; and actions by regulatory authorities, including actions related to Naglazyme, Orapred and Phenoptin. These forward- looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in continuing commercialization of Naglazyme and Orapred; BioMarin's joint venture partner's success in continuing the commercialization of Aldurazyme; results and timing of current and planned preclinical studies and clinical trials, including the Phase 3 clinical trial of Phenoptin; the content and timing of decisions by the U.S. Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products and particularly Aldurazyme, Naglazyme and Orapred; actual sales of Aldurazyme, Naglazyme and Orapred; actions by Serono as permitted under BioMarin's license to it; the effect of the recent requirement to expense stock-based compensation; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Factors That May Affect Future Results" in BioMarin's 2004 Annual Report on Form 10-K, as amended, and the factors contained in BioMarin's reports on Form 10-Q and Form 8-K. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

NOTE: Aldurazyme(R) is a registered trademark of BioMarin/Genzyme LLC.

Orapred(R) is a registered trademark of Medicis Pediatrics, Inc. and is used under license.

   Contacts:

   Investors
   Joshua A. Grass
   Director, Business Development & Finance
   BioMarin Pharmaceutical Inc.
   415-506-6777

   Media
   Susan Ferris
   Senior Manager, Corporate Communications
   BioMarin Pharmaceutical Inc.
   415-506-6701


     Net Product Sales of BioMarin and BioMarin/Genzyme LLC
 For the Three Months and Years Ended December 31, 2004 and 2005
                    (In thousands, unaudited)

                               Three Months               Year Ended
                            Ended December 31,           December 31,
                           2004         2005          2004         2005
  Aldurazyme (as
   reported by
   BioMarin/Genzyme
   LLC) (1)              $15,615      $21,216      $42,583      $76,417
  Naglazyme                   --        3,709           --        6,091
  Orapred                 13,897          448       18,641        6,948

  (1) The company recognizes its 50% share of the net income/loss of
  BioMarin/Genzyme LLC as Equity in the loss/(income) of BioMarin/Genzyme
  LLC in the company's consolidated statements of operations.


                BioMarin Pharmaceutical Inc. and Subsidiaries
                    Consolidated Statements of Operations
       For the Three Months and Years Ended December 31, 2004 and 2005
               (In thousands, except per share data, unaudited)

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                          2004          2005         2004         2005
  Revenues:
   Net product sales     $13,897       $4,157      $18,641      $13,039
   Collaborative
    agreement revenues        --        5,317           --       12,630
     Total revenues       13,897        9,474       18,641       25,669

  Operating expenses:
   Cost of sales
    (excludes
    amortization of
    developed product
    technology)            3,305        1,327        3,953        2,629
   Research and
    development           12,114       12,682       49,784       56,391
   Selling, general and
    administrative        13,302       11,076       37,606       41,556
   Amortization of
    acquired intangible
    assets                 1,474          286        3,987        1,144
   Impairment of acquired
    intangible assets     68,251           --       68,251           --
   Acquired in-process
    research and
    development          (3,991)           --       31,453           --

     Total operating
      expenses            94,455       25,371      195,034      101,720

   Equity in the
    income (loss) of
    BioMarin/Genzyme LLC     993        3,072      (2,972)       11,838

  Loss from operations  (79,565)     (12,825)    (179,365)     (64,213)
  Interest income            469          685        2,466        1,861
  Interest expense       (3,326)      (2,856)     (10,544)     (11,918)

     Net loss          $(82,422)    $(14,996)   $(187,443)    $(74,270)

  Net Loss per Share,
   Basic and Diluted     $(1.28)      $(0.20)      $(2.91)      $(1.08)

  Weighted Shares
   Outstanding, Basic
   and Diluted            64,466       74,048       64,354       68,830


                BioMarin Pharmaceutical Inc. and Subsidiaries
                         Consolidated Balance Sheets
                                (In thousands)

                                                December 31, December 31,
                                                    2004          2005
  Assets
  Current assets:
   Cash and cash equivalents                       $13,081        $38,092
   Short-term investments                           35,734          9,700
   Restricted Cash                                  25,180             --
   Accounts receivable, net                          4,047          5,860
   Advances to BioMarin/Genzyme LLC                  2,160          1,071
   Inventory                                         2,316         10,898
   Other current assets                              2,641          3,320
     Total current assets                           85,159         68,941

  Cash balances related to long-term debt           16,406         17,049
  Investment in BioMarin/Genzyme LLC                23,129         31,983
  Property and equipment, net                       42,501         37,321
  Acquired intangible assets, net                   16,451         15,306
  Goodwill                                          45,053         21,262
  Other assets                                       4,267          3,441
     Total assets                                 $232,966       $195,303

  Liabilities and Stockholders' Equity (Deficit)
  Current liabilities:
   Accounts payable and accrued liabilities        $27,249        $20,934
   Current portion of acquisition obligation,
    net of discount                                 39,122          7,477
   Current portion of deferred revenue                  --          8,096
   Current portion of equipment and facility loans   3,683          3,860
     Total current liabilities                      70,054         40,367

   Convertible debt                                125,000        125,000
   Long-term portion of acquisition obligation,
    net of discount                                 86,632         70,873
   Deferred revenue, net of current portion             --         11,825
   Equipment and facility loan, net of
    current portion                                 16,406         17,049
   Other long-term liabilities                       2,852          7,651
     Total liabilities                             300,944        272,765

  Stockholders' equity (deficit):
   Common stock                                         65             75
   Additional paid-in capital                      421,141        485,570
   Accumulated other comprehensive loss              (363)           (16)

   Accumulated deficit                           (488,821)      (563,091)

     Total stockholders' equity (deficit)         (67,978)       (77,462)

     Total liabilities and stockholders'
      equity (deficit)                            $232,966       $195,303

SOURCE: BioMarin Pharmaceutical Inc.

CONTACT: investors, Joshua A. Grass, Director, Business Development &
Finance, +1-415-506-6777, or media, Susan Ferris, Senior Manager, Corporate
Communications, +1-415-506-6701, both of BioMarin Pharmaceutical Inc.

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