Biotechnology company BioMarin Pharmaceutical Inc (NASDAQ:BMRN) announced on Wednesday its GAAP net loss of USD44.1m (USD0.25 loss per basic and USD0.26 loss per diluted share) for the first quarter ended 31 March 2018.
This is compared with a higher GAAP net loss of USD16.3m (USD0.09 loss per basic and diluted share) for the quarter ended 31 March 2017.
The company said the increase in GAAP net loss year over year was due to higher research and development expenses for expansion of its clinical programmes related to BMN-250, valoctocogene roxaparvovec and vosoritide, offset by higher gross profit from increased Aldurazyme and Kuvan net product revenues.
Total revenues of USD373.4m were collected for the quarter ended 31 March 2018, a rise of 23% over total revenues of USD303.7m for the quarter ended 31 March 2017.
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