SAN RAFAEL, Calif. (AP) — SAN RAFAEL, Calif. (AP) — BioMarin Pharmaceutical Inc. (BMRN) on Wednesday reported first-quarter profit of $88.7 million.
On a per-share basis, the San Rafael, California-based company said it had net income of 46 cents. Earnings, adjusted for one-time gains and costs, were 71 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The rare disease biopharmaceutical posted revenue of $648.8 million in the period, which did not meet Street forecasts. Ten analysts surveyed by Zacks expected $649.8 million.
BioMarin expects full-year earnings in the range of $2.75 to $2.95 per share.
BioMarin shares have declined 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $91.40, a fall of 5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BMRN at https://www.zacks.com/ap/BMRN