Good day ladies and gentlemen. And welcome to the First Quarter 2009 BioMarin Pharmaceutical Incorporated Earnings Conference Call. My name is Shamita and I'll be your coordinator for today. At this time all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions) I would now like to turn the call over to Ms. Eugenia Shen, Senior Manager of Investor Relations. Please proceed.

Thank you. On the call today is J.J. Bienaime, BioMarin’s Chief Executive Officer; Jeff Cooper, Chief Financial Officer; Han Fuchs, Chief Medical Officer and Steve Aselage, Senior Vice President of Global Commercial Development. I would like to remind everyone that this non-confidential presentation contains forward-looking statements about the business prospects of BioMarin Pharmaceutical, including expectations regarding BioMarin's financial performance, commercial products and potential future products in different areas of therapeutic research and development. Results may differ materially, depending on the progress of BioMarin's product programs, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, such as 10-Q, 10-K and 8-K reports. And now I would like to turn the call over to J.J., BioMarin's CEO. J.J. Bienaimé: Thank you, Eugenia and good afternoon to all and thank you for joining us on the call. So, I have a few introductory comments before Jeff reviews the financials of the first quarter of 2009. Steve will then provide more details on the commercial activities, and Hank will provide an update on our ongoing R&D programs before we open the call for questions. So, first looking at the big picture, we're proud of the business we've build and we believe that in this tough economic environment we're well positioned for continuous long-term growth. We have three commercial products from the market, each one independently profitable and two of them are basically annuities with significant revenue contributions. We are transitioning from a business based on both products and collaborative revenue to mainly a product revenue driven business. We have developed into a fully integrated Company with considerable manufacturing and R&D capabilities and a promising product pipeline. We're operationally cash flow positive and with…

Thanks, J. J. I'll start by reviewing product revenues of Naglazyme, Aldurazyme and Kuvan for the first quarter ended March 31, 2009. I will then follow with a more in depth look into our operating expenses and financial results before reviewing our expectations for 2009. Beginning with Naglazyme, net product revenue for the first quarter of 2009 was $39.4 million, an increase of 42.2% over net product revenue of $27.7 million in the first quarter of 2008. Naglazyme net product revenue growth is attributable to geographic expansion internationally, the initiation of therapy by previously identified or newly diagnosed patients and weight gain as patients grow. Naglazyme, sales in the first quarter of 2009 were negatively impacted by foreign exchange rates of about $2 million as compared to the first quarter of 2008 which is net of our impact of our revenue hedging program. However, after factoring in the offsetting national hedge of expenses denominated in foreign currencies and net negative impact of foreign exchange on our P&L was about $1.2 million. Net sales of Aldurazyme by Genzyme were $36.8 million for the first quarter of 2009, were flat compared to net sales for the first quarter of 2008. First quarter of each year has been historically weak and foreign currency exchange rate had a $3.6 million negative impact on Aldurazyme sales by Genzyme in the first quarter of 2009. However, in the first quarter of 2009 the Aldurazyme unit volume increased 9% compared to the first quarter of 2008 as the number of patients on therapy worldwide continues to grow. Net product revenue to BioMarin related to Aldurazyme $17 million for the first quarter of 2009. This includes $2.5 million of incremental net product transfer revenue as transfers of product to Genzyme exceeded the amount of products shipped to third…

Thank you, Jeff. First as JJ touched upon earlier, we are closely monitoring the impact of the worldwide economic slowdown and weakened healthcare sector on our business. In aggregate, we see no material impact on over our Naglazyme and Kuvan sales. Volume of patient is system request, patient compliance or dosing regimen. Turning to Naglazyme, we continue to make progress in international markets, particularly in regions such as Latin America and the Middle East. While fluctuations in foreign currency have massive true growth of Naglazyme. We are encouraged by progress made in new geographic regions and the number of newly identified patients initiated on therapy. It is probably worth noting the Latin American transactions including Brazil which is currently our largest market, are done in US dollars. So, currency fluctuations do not impact revenues from that region. Please also keep in mind that as international becomes a larger portion of our overall revenue, a greater percentage of orders come from government entities that tend to buy larger quantities less frequently. This situation is likely to cause some quarterly fluctuation going forward as we experienced in 2008. From our assessment of the market, we believe the remain significant untapped potential, particularly in the international region, which is the largest contributor to Naglazyme growth. In addition to Brazil and Turkey some areas where we see significant near term growth opportunities include Colombia, Saudi Arabia early stage markets such as Poland, Russia, Belarus, Mexico and the Baltic states. Markets where we have identified MPO six patients but unsure about our ability to secure reimbursement include Iran, Venezuela and China. We remain confident with our current peak sales estimates for Naglazyme of around 300 million which is double our expectations at the time of watch. Moving on the Kuvan, we continue to make progress…

Thanks Steve, starting with the GALNS or program or MPS4A the Phase I-II trial with initiated last week. In terms of timing this program is on power with PEG-PAL program, as both we yield Phase I, II results by early next year. GALNS has been shown in lights to reach important tissues including cartilage and different zones of the bone including bone marrow, calcified bone and importantly, the growth plate. We have also shown that GALNS is taken up into human Morquio chondrocytes in vitro and reaches the lysosome to clear keratan sulfate. This indication is well with our core development regulatory and commercial competencies, and we hope to leverage our strengths to provide the first treatment options for this unmet medical needs. Moving onto PEG-PAL as JJ mentioned earlier, we completed the fifth carbohydrate at the Phase I study and we believe that we have in our state in efficacy data to move on to the Phase II study. You are transitioning to the Phase II study and working to finalize the find of the protocol and working besides to get them activated in the rolling patients. This Phase II study will evaluate the safety and efficacy weekly injections for eight weeks followed by dose optimization in an extension period, this will be the two proof concept study for the drug since it is, it is the efficacy of repeat dosing in the presence of any immune response that is the key question to answer. To put this in perspective minor immune reactions with enzyme therapies are not unusual. The question is whether we are able to thus around this to pretreatment of possibly identification of patients you may react the therapy. We would like to reiterate that during our serious adverse in the Phase I trial and while…

Thank you. (Operator Instructions) You have a question from the line of Salveen Kochnover of Collins Stewart. Please proceed.

Good afternoon, thanks for taking my question. Could you provide us with some color on the first quarter Kuvan new patient additions into the free drug program and just comments from physicians and patients and how the [extra launch] is progressing?

Sure, we have said publicly that referrals into BPPS were somewhat down from Q4 we’re continuing to add net new patients into the program now as reflected by the end-user demand. As far as xUS, Merck Serono has approval in [NAEU]. They have launched now in three countries but those launches took place I believe it was April 21 or 22. So it is really too soon to saying much about uptick of Kuvan in the European marketplace.

And can you maybe just give us a little bit more clarity as to why you think referrals are down versus the fourth quarter?

When we saw significant bullish referrals in the fourth quarter. Most of the PKU clinics worked on the assumption that the started our equivalent program would end on December 31, and it really worked very hard and pull some extra patients in to take advantage of that program. We had a number of centers that actually pull the patients in got them into BPPS but then at BPPS put the patients on hold until they can get them back into clinic and start them up again. I think we ended up in a situation where there was some backlog with patients from Q4 that rolled over in to Q1 to actually come in and go through the logistics of getting started and I believe that had some negative impact on Q1 referrals in.

Great. And then is there any chance for an interim look at the phase II PEG-PAL data on posted we repeat dosing?

We’re really just finalizing design to that program and getting it started. So I think it will as we get clear on the program that we’re going to implement, I think we’ll give you an update then.

And then just one last question, whether the determining factors that you intend to take into consideration on deciding whether to continue with BH4 cardiovascular program going forward?

I think the core considerations are the strength of the clinical evidence, the degree to which an important medical need might be provided by the drug, physician and investigator interest, potential regulatory pathway considerations and obviously we are running a business here and we are going to pay very close attention to business considerations and making decision.

Thank you.

Your next question comes from the line of Brian Abrahams of Oppenheimer. Please proceed.

Hi, thank you very much for taking my question. Question on the freehand held device, I was wondering if you could outline in a little bit more detail some of the steps that are going to be necessary in order to make that available? And what's your sense based on your market research as the potential this might have in increasing Kuvan uptick?

Do you want me start with the regulatory or would you like me to start with the commercial?

Why don't you tell the commercial.

We think that home free monitor would be a significant benefit to Kuvan and also an essential part of the PEG-PAL launch in the future. One of the barriers for patients getting started and staying compliant is the logistics involved and getting a patient to the hospital, getting a blood drawn in any institutions require three to four weeks of stable blood levels prior to starting a patient on Kuvan. If the patient can use dried blood spot, mailing it in is awkward. But if that the center that requires patient actually show up at the hospital, get a blood drawn, family was a 100, 150 million away. It's huge logistic of very good patient being able to put a simple standard, easy to use, way to measure blood fee all results back into center we think we will make it much easier for patients to be get started once patients are on therapy being able to routinely check their blood I think we could give them a significant motivation to stay more compliant both with their diet and with their Kuvan therapy but we see it as win-win both in getting patients started and keeping patients on therapy.

I mean regarding as was explained by Hank we are the working prototype already we are basically talking about making some modifications to blood glucose monitor devices to adapt them to measuring T levels and we do not. Now we need to give a lot of several (inaudible) to be able to do an end-user study and to look at how patients interact with the device and how lucky might the device before we do those, to scale up and prepare for launch. Earlier, we think commercial availability but it’s actually we are not going to sell, it's unlikely we are going to sell this device before even providing free to the patients to actually potentially improve Kuvan and down the road potentially and PEG-PAL sales.

Great and then just a quick follow-up, can you describe in a little bit more detail the reactions that were seen with PEG-PAL’s, the higher doses independent of the Depo-Provera? And based on your dialogue with the FDA how high is your level of confidence that the agency will enable you to proceed into phase II?

I think one of the most important prospects to have on this is that we have not observed serious adverse reactions in patients who have been treated with PEG-PAL. The events that we have seen are the event that we would be expected to be seen with a product of protein nature, we have not reported any alarming or severe serious adverse reactions to the FDA. And as far as ongoing dialogue with the FDA product to (inaudible) we really at the stage of implementing that (inaudible) characterize all of the Aldurazyme we received from investigators, IRVs, regulatory authorities, etcetera, in terms of how we capture that into the final design of the phase II program.

We are confident that we are going to be able start the study soon.

Great. Thanks for the initial clarity.

Your next question comes from the line of Chris Raymond of Robert Baird. Please proceed.

Thanks. I just want to make sure I understand some of the dynamics here with Kuvan numbers, Steve, you mentioned, I think I heard you say that unit sales for Kuvan were up, am I correct 9% over Q4 '08, is that correct?

9.5%, that is the measurement of tablets dispensed from specialty pharmacies to the patients.

Okay.

For tablets dispensed.

And so, I understand Q1 or Q4 had an inventory impact, but is it an accurate statement to say that, obviously your sales, your revenue run rate was not up 9.5%. So, can we just from our perspective for thinking purposes, assume that $1 million inventory issued that we heard about in Q4, has been sort of worked out or we had a sort of steady state inventory level among the distributors?

We will find out. But I think we are close to a steady state at this point. Chris, what has surprised us really a little bit for product with this smaller volume, is the ups and down on a month-to-month basis of the inventories the SPs are keeping. The ordering patterns haven't been particularly predictable. So, it is the reason why we went to the end user demand metric. We found trying to count patients and communicate patients has not been particularly helpful and sometimes misleading. And the one thing that is unarguable is how many patients should go or how many tablets are going to the patient. We get good accurate information on that, we can track it relatively real time basis, so we felt like going forward that might be something that would help everybody with their models which would be, I think pretty clear inside into the true demand.

So remain, what was that tablet unit growth sequentially in Q4 versus Q3?

9.5%.

That's Q1 versus Q4.

Yes Q4 versus Q3?

It was smaller, it was I am doing some math in my head here it was more or like 2%.

Okay, so it essentially looks like they just worked off the inventory from Q4.

Clearly I mean since the dollar sales grew up to 9.5%, it was some destocking that took place at the pharmacy level I mean specialty paharma unit.

Okay, thanks.

We have a question from the line of Phil Nadeau of Cowen & Company. Please proceed. Phil Nadeau - Cowen & Company: Good afternoon, thanks for taking my question. J.J. the first one for you, after the long-term guidance you gave last quarter there was a pretty balanced reaction in the stock, wondering if that has caused you and the management team to change your long-term plans as far as expenses and if there is anyway that you could actually decrease the expenses that you had projected, you are going to have?

Yes we decided not to give no long-term guidance we have to update this and we make no reasons to provide for the long-term guidance and its time that we are making expenses very carefully where we have gone through a review with (inaudible) and the senior management team of all additional expenses that part being incurred within the company as a different programs, we believe we are fairly fiscally responsible specifically compared to all the companies that are about our size with significant revenues and for the sake we do some better life freelancing there. SG&A huge $160 million significantly higher than ours when they are only selling one product around the world and we are selling two products and supporting three. So, but we are matching the expenses and hopefully we will continue to grow in the GAAP and the non-GAAP income it's what we have been reaching. Phil Nadeau - Cowen & Company: Okay. And just a follow-up to that, understanding that there are priorities within every company and its hard to make any definitive statements but if you did decide to cut cost where there are certain areas to do that or do you find that your expense structure is kind of as stream lined as it possibly could be given the projects, do you think should be cut down?

Given the projects that we are ongoing right now, I think it will difficult to significantly cut the expense the percent. Although the R&D expense is obviously one item little fluctuate in the future depending on how many projects survive and how many new projects we bring in. I know from (inaudible) and that’s somewhat difficult to putting us while we give a range, but maybe just an elaborate but clearly recent projects we opted in and we provided a pretty long list I think in the press release. It's we believe we have the right infrastructure and it would be difficult to significantly reduce the expense where we are not.

I said pretty here what Jeff says I think really the ultimate spending will be dependent upon the projects that may get through the pipeline and of course, these projects move further along in the pipeline into later stages development to become more expensive. So, to the extent that we are spending a little bit more money on certain programs in one sense it's positive because it might mean that we are actually getting success with those programs obviously to the extent with some programs don’t make, will be spending money on those programs. Clearly as we look at our portfolio of all of our programs we look at that carefully at least the couple of times a year in terms of all our programs and then prioritize in terms of where we want to go and also back me in the overall spending impact. So and we look at that pretty closely. Phil Nadeau - Cowen & Company: Okay, that’s very helpful. Hank one for you it seems like (inaudible) for mid 2010 data for phase II clinical trail maybe somewhat later than we have thought, maybe a quarter or maybe two quarter later than we thought. Is there any change in the design that you are thinking about versus what have suggested in the past or I guess what lie is that in mid 2010 rather than like Q1 or earlier?

Not to my knowledge there hasn’t been any major change in the design of the program. I think we are probably been conservative about all the things that we have to do to get the programs through, approve the patients, go through the stages of the protocol, collect the data and report it. Phil Nadeau - Cowen & Company: Okay.

But hopefully it could happen earlier but it's kind of are talking there right now. Phil Nadeau - Cowen & Company: Okay. And one last question just housekeeping question for Jeff. Do you have the quarterly non-GAAP EPS numbers for 2008 using the new method of computing non-GAAP EPS?

Sure, for the first quarter of 2008 it's $0.04 a share and for the full-year 2008 that’s basic and diluted to the full-year 2008 basic about $0.30 and diluted about a penny less $0.29. Phil Nadeau - Cowen & Company: Okay. Do you have contributing quarters.

I don’t have it handy but we can get those to you. Phil Nadeau - Cowen & Company: Okay, great. Thank you.

You have a question from the line of Lucy Lu of Citi. Please proceed.

Great. Thank you. I have a question on the Pompe Disease program, what's those into your calculation and consideration in term of finding a partner versus doing this program yourself? And also I want to know if you have decided to do yourself, hosting candidates program angio clinical testing and do you need to change R&D expense guidance for this year? I think it probably take a lot of resources to do this. Thanks.

So I will answer the earlier question I mean (inaudible) already dealt in our 2009 guidance, although this year [vitamins programs] we know there has been clinic this year we are just doing some clinical work. So, what answers into the decision there are too a lot of variables, risk assessment of the program and potential de-rsiking of the partner for different reasons. I will be very keen to break the often drug status on Europe and the US and basically NTV analysis of what we believe or adjusted NTV analysis probably just NTV analysis as to what we can do. All along versus going with partner some we are in consideration of course. We just talked about expenses and obviously we do this program on our own. We talked in our P&L would be much higher than if you partner it for obvious reasons. So obviously just taking into account we have say that we are in active discussion with a potential partner right now. And we feel pretty confident that either we will finalize the deal with the partner or as major decision is going alone by the end of the summer I would say?

J.J. it sounds like you are a little more open than before in terms of really wanting to take on this program on your own, am I reading that correctly?

No you are not reading that correctly. You just said what (inaudible) a year-ago we saw well I know we partner which is shielded and here it is either we partner it or we do it alone, that’s the difference. But we have not made a decision I would say the higher probability that we were into partnering or not.

Okay. And then last question on the BH4 program, if you want to discontinue that program, how much money can you save from R&D’s budget?

This year I mean Jeff do you want to answer that?

I think as you look at our BH4 spending for this year clearly as you look at the BH4 in total we will spend less that last year. We had a full range development during 2008 and we are wrapping up the numbers studies, we have completed the number of studies so the spending will collapse however we are also looking at prodrug development and assuming that we continue to move forward on that program that spending will ramp so there will be somewhat of an offset. So overall our spending will be a bit less than last year if you look at BH4 and prodrug but not too much.

But to summarize as to where we stand based on what being committed on BH4, there are only two indications that could potentially move forward, one is (inaudible) and one is PH that’s about it. And then we are going to make a decision if we move with one unlikely we would with two or we don’t do anything anymore we just shell off the program and we will make that decision in summer.

Okay, thank you

Your next question comes from the line of Joseph Schwartz of Leerink Swann. Please proceed.

Hi, thanks for taking the question. I think I heard you say that BPPS referrals were down versus the fourth quarter, but there is a back log of patients. And I am wondering now that we are looking towards the summer. Do you expect more weakness this year in summer months and are all of the patients that were in the investigators sponsored studies that can get commercial therapy already on Kuvan? Thanks.

With regard to projecting future, referrals in the BPPS, we think we can increase referrals over the next few months. I think if there is one thing we wanted in the last year and half is it is dangerous to predict what referral levels are going to look like downstream. So, we feel confident and we are putting in place some programs that are going to help referrals. But I honestly can't tell you, it's going to increase by x% or certainly that it is going to increase at all. We feel good about what's happening. We feel like we are making progress. And we feel like we are going to come in within the revenue guidance that J.J. has provided which is going to require some increasing referrals. So, I am generally positive about it with regard to the bolus of patients. Maybe it's worth saying that one of the reasons while we have that 9.5% increase in tablets dispensed in Q1, because we had some success in taking the starter patients that came in at Q4 moving them through reasonably, rapidly on the commercial product in Q1. You had a third question in there and if you could repeat that for me, I would appreciate it.

I think there were a couple of fairly large investigator sponsored studies that you were waiting just to begin until those protocols were all figured out and yet they were going to be using commercial drug. So I am wondering have those already begun what stage away there? JJ Bienaimé: We have at least eight different investigators response to trials in PKU of those eight trials they range from almost completely enrolled probably they are further still ongoing as one or two additional patients to go into the study. We have got a couple of that are still are on IRB stage that we do not have the first patient and it’s really a scattering of patients between those two extremes. The product is used in all of the PKU related investigators following to trials we do provide free drug trials outside of PKU and we do that with couple of those going as well.

Okay, great. Thank you. JJ Bienaimé: If I can maybe read between the lines on your question and If you previously ask about one large trial, it seem to be going pretty slow and that trial is ramped up significantly and we are seeing good patient accrual on outfits on that by early next year.

Your next question comes from the line of Liana Moussatos of Wedbush. Please procced.

JJ, you said just kind of following up on Lucie’s questions about business development you had said earlier this year that there is a potential for a late stage opportunity in licensing this summer that you guys were still in active negotiations which is after the Kuvan announcement is that still a possibility?

Yeah. I mean that’s no, we keep looking at the business development opportunities on ongoing basis that is the possibility such as in business development, you never show up any deals until that you resize and the price is established and the parameters of the deals are established. So that will happen but we are very cheerful. As to how we are going spend our money, we are not looking at major acquisitions such that we are looking at product yield that would leverage our infrastructure in Europe and also the rest of the world and also the US country. So there are actually several big wishes is going on no guarantee of anything happening.

Okay and you had said that if something late stage was going to happen, it would happen in the summer or Q3 still the same or you do not want to define as that much? JJ Bienaimé: I think I don’t want to differentiate; it’s far it early but far from being sure.

Okay and could you repeat as part of product sales guidance, you are giving guidance on transfer fees and things that were non-organic. So can you repeat that please?

Are you referring to Aldurazyme?

Aldurazyme and I think there is something with Kuvan?

No, no we had provided the Aldurazyme, the revenue to for more end of the guidance that we provided was $69 million to $74 million in total and I think I noted during earlier discussions that about $3 million to $7 million related to net incremental part of revenue.

Okay and none of the other one type to anything like that?

But the only other thing for Kuvan is, we have Kuvan guidance of $70 million to $80 million and how was that, I noted by the 1.5 million relates to products transfer revenue and royalties that would go to look sort of.

Okay, thank you very much.

You have a question from the line of [Jose Chamber of FBN], please proceed.

Hey thanks for taking my question, for the [muti-yeild] program besides from the safety what efficacy or disease measures will you be evaluating in Phase I/II study what activity will you be looking for is specifically and how will you decide about the appropriate dose is to move into phase III? Thanks. JJ Bienaimé: I am sorry, we are going to test three different doses and we are going to look at a bunch of biological markers in the activity which conclude care measurements in both plasma and urine. In addition, looking at some other biological markers up in inbound production and turnover were aboard inflammatory still the patients. I think one of the most important and exciting aspects of the program is the opportunity to observe improvements in the function of well being of patients. Which could be measured either in terms of pulmonary function tests or lock test. As you know with the other anti-replacement therapies for less than storage disease. The treatment in fact has been so dramatic is to be roughly evident early on in the clinical trials. And so we will be paying very careful attention to clinical efficacy outcome measures and these trials different doses and using that information together with a registry side. We are going to pick phase III dose and design in end points.

Great. Thanks so much.

Your next question comes from the line of [Shiv Kapoor of Morgan Josef]. Please proceed.

Hi, I have got two questions. First on business development. It seems like you have got three drugs that are growing pretty fast and you got a strong pipeline. You just announced that there is two additional undisclosed drug candidates that could do, you could do an R&D pretty soon. I want to know why do you feel that you need to in license more drugs and perhaps the question should be, has that need decreased over the past six months? JJ Bienaimé: No, we don’t have seriously needs to relaxes something to keep growing. I would say by having another late stage products like late phase II, phase III products. We maximized our chances to maintain healthy double digit top line growth for year and years to come. In clinical developments you need to cut them short all because some project its an nature of product development and biopharmaceutical work. So, we are desperate that we like we absolutely need to license something or we are going to trouble or if not the case that's why we are sticking in. So the rest of your question I think increase or decrease about remaining of our flat. There is no increase need to license something that I say to be fine. If we find the right product at a right price over the license it just a question of financial analysis and product analysis. We had over $500 million of the cash over two years now, I mean we are careful with it there is no reason why we hit this, this is option on right when we are finishing the work there was very limited amount of money and the fact that we have money doesn’t mean we need to spend it, it just it's available in case we find the right opportunity and it's true that there are lots of assets which priced and declined significantly in the past six to nine months. But the fact they are cheap doesn’t mean they are good. So we are I think it's good business to keep looking available specifically one some asset are for sale are available and we do that and actually we might or license something we like to do something. And we have couple of things in the past some of you know and when the price got us beyond what you believe what the right price in the asset. We stopped and we didn’t buy this to do a deal strategically that way.

So what I am hearing is you are not desperate so you'll won’t do a deal until it’s very strategically beneficial and leverages your infrastructure? JJ Bienaimé: If it financially beneficial.

Sure, I’ll ask a second question on Naglazyme can you go over some intra-quarter trends, it seems like you have got the marketing approval in Brazil and although you have been able to sell there before, it seems according to my calculations, your penetration there is still only 30%, 35%, have you seen a stronger trend towards the end of this quarter on Naglazyme? JJ Bienaimé: I’ll just correct one of your statements and let’s see where the question is. That in Brazil although we did not have approval until January of this year, we have been selling in Brazil in fact a couple of years already and the main patient base but I will let Steve elaborate here.

I think that the change in Brazil, the approval gives us the ability to go out educate much more aggressively about identification and treatment of MPS VI patients. In the course of the very good time since that approval came in. We ran three educational meetings in different parts of Brazil one in Salvador one in Rio, one in Sao Paulo but we had almost 50 physicians, specialists in genetic diseases along with experts both from the US and from the genetic centers in Brazil did a lot of work with Naglazyme. And we were able to do a tremendous amount of work in terms of increasing awareness, facilitating referrals and initiation of therapy for patients in Brazil. Also allows us to work much closer with the diagnostic labs working with the labs given the ability again to find patients sooner get them started, sooner improve their lives and increase our business. I would say that your comment about 30% penetration in Brazil is a little iffy. There are known patients in Brazil right now, we have a substantially better penetration in there. We also know that there are significant numbers of patients in Brazil, or at least we believe that there are significant numbers of patients in Brazil that we have not identified yet. And we think that there is a significant upside potential, now that we have approval to be more aggressive in going out and trying to find those patients.

Okay thanks.

Sure.

Your next question comes from the line of Andrew Vaino of Roth Capital. Please proceed.

Thanks for taking my question. With the words you mean serious adverse events with the. JJ Bienaimé: Could you speak you a little louder, we have a hard time to hear you.

You mentioned that there are no serious Aes with PEG-PAL, I wonder if you could mention what percentage of patients had antibodies raised to PEG-PAL? JJ Bienaimé: You know, we are actually just finishing the analysis of those data and I think we are going to need a little bit more time to pull all together the data and have it presented for you.

Okay. Thank you.

Your next question comes from the line of Steven Willey of Thomas Weisel Partner. Please proceed.

Hi, thanks for taking my question. I just want to question on the GALNS compound that was just moving the clinic, could you just update us what the IT is there and maybe you just comment on what R&D is doing over in Europe? Thanks. JJ Bienaimé: The product we are developing is wild type enzyme so there is no composition on the drug. We are looking at different season to be that could be patented. But as you know in this field, the true protection is a fact that you need to have a major investment in manufacturing process developments and clinical to launch of products more in there is (inaudible) be and as our often protection for what 70 years now and they feel no about receivables that is not until $1.2 billion. Right, so got in Vivandi, we understanding is exceeding operations, their assets are for sale and so we don’t believe that they are likely competitors of ours, and that’s like an so basically they are discontinued operations then as far as we know discontinued give development of that an there.

Your next question comes from the line of Joseph Schwartz of Leerink Swann, please proceed.

Thanks for taking the follow up, At a higher level I was wondering if our could help us understand how do you asses the risk of pricing controls for your growths in current area we are in and how prepared you to counter that risk with pharmaco economic data? JJ Bienaimé: I will get started and may be Steve can elaborate but in the US we have not se seen in all the rough plan for health and forum, we haven’t see anything that specifically target orphan drugs at this time. That could change but we have no reason to be more worried than any other some as a good manufacturer. Good news is that most of our party may care components is very small if not non-existent so we are less exposure in this respect and I will let Steve elaborate and talk about this time.

Yeah, I think it’s a similar situation actually US is well what think about traditional pharmaco economics and quality adjusted life here is in cost payer willing to pay for quality. Those type of calculations just don’t fit with these type or orphan diseases and we have a code LCA with Naglazyme which we use with pricing authorities around the world. We adjust that LCA to any specific countries requirements, if they have additional information that they want. And we have been reasonably successful I think in working payers, government payers with the disease of the impacted disease, the cost of the disease, the cost of Naglazyme and the benefits to the patients receiving Naglazyme. This is not a drug that where you can say, you spend X dollars on Naglazyme to save 2X dollars with fewer hospitalizations. I think government has to be willing to say we are going to spend extra money to improve the lives of these patients. Today, most developed countries have been willing to do that. We work closely with the payers and had some recent success with additional countries. There has been sign to date out of the economic crisis is going to change that.

And as I said to you some of these related to this act is going to seize data that is are also often diseases where the impact on any payer whether it’s a private payer or government payer can be easily calculated by the payers, so they know what is the maximum exposure that they have. And also for our at least Naglazyme or Aldurazyme there is very little risk of off label use. It should not the case for all Aldurazyme product, as you know the prior product in our Aldurazyme. We only work in MPS one patients and Naglazyme only (inaudible) patients and there is no risk of major treats, on usage and major explosion of usage in not stable indication. And with Kuvan it is done extremely limited to PKU and I don’t think net expenses in Naglazyme do we do?

That’s correct, and besides that we have generally gone positive response from the payers regarding what we have done with the 30 day started program. By the time payer has to make a decision, they know that there is a significant beneficial impact from the Kuvan therapy that they have not hesitate for. What frustrates many of the payers in the US for these drugs that you know have a 30% or 40% or 50% response rate a very expensive impair are paying for things that are not working, we can show them with Kuvan, if they are paying for it's because the patients too having the benefit.

I would think that these drugs would stack up well on a quality just in life years basis because you are adding quality to the early part of the patients life as suppose to the latter part as with the cancer drug with the life, is that correct? And what about the ability to reduce surgeries and things like that. These are very sick patients that often need a lot of other interventions. Do you have data that you are able to use defend yourself if that ever came to past?

Again, that is not an approach we take. In all probability surgeries are reduced, that there is no way we can quantify that, we dollaries that. The basic equation that payers have to look at within on replacement, is it are they willing to pay more money to improve the lives of the patients. And again, to date that is an approach that is worked and worked reasonably well.

Great. Thank you.

Sure.

Your next question comes from the line of Carol Werther of Summer Street. Please proceed.

Thanks for taking the question. I was just wondering, what different parameters we’re going to deciding whether you will go ahead with [sicliso] anemia or PAH. So, markets are quite different I guess the length of trial you might have do a quite different?

Absolutely and that's why we would take all these things into account in addition to the weight of transfer the evidence that actually we have so far like they were up and cost of clinical development and then the potential market opportunity and the probability of success always kept into account before we decide.

Do you have all the information now that you need?

Pretty much.

Okay. Thank you.

Your next question comes from the line of Liana Moussatos of Wedbush. Please proceed.

I am just wondered of the 39.4 million in Q1 Naglazyme sales, how much was in the US, Europe, rest of the world or how do you want to break it down geographically?

Sure. I have that information. US sales were $5.1 million. EU sales were16.7 and rest of the world was 17.6.

Thank you.

There are no further questions in the queue. I would now like to turn the call over to Mr. J.J. Bienaime. Please proceed.

Thank you. So, in summary, we have three growing commercial products treating lysosomal disorders and Naglazyme, Aldurazyme are stable recurring revenue streams which are well protected. We believe (inaudible) and reimbursement stress. We also have a growing pipeline of products in developments, including PEG-PAL for BKU and the BMN110 for MPS IVA, as well as earlier stage products. We are making some investments in our R&D programs to ensure to achieve double digit revenue growth in the coming years. So we remain cautious about the allocation of our resources to maximize long-term value to BioMarin and our shareholders. We are committed to be expense of our pipeline. We continue to pursue objectives later stage-in licensing or acquisition opportunities. And we look forward to keeping you up-to-date in our progress. So, I want to thank you for your continued support and for joining us on today’s call. Bye.

Thank you for your participation in today’ conference. This concludes the presentation. You may now disconnect. Good day.