Genzyme first-quarter revenue up 16% to $730.8 million

By Lisa Kerner

Erie, Pa., April 19 - Genzyme Corp. released its first-quarter financials, reporting revenue for the quarter rose to $730.8 million, up 16% from $629.9 million in the same quarter a year earlier.

GAAP net income rose to $101.0 million, or $0.37 per diluted share, compared with $95.6 million, or $0.36 per diluted share in the first quarter last year.

Non-GAAP net income increased to $156.5 million, or $0.59 per diluted share, up from $131.1 million, or $0.51 per diluted share, in the first quarter a year ago.

Genzyme attributes first-quarter results to investments in late-stage clinical programs, Myozyme launch preparations and manufacturing scale-up.

The company said it is reiterating full-year revenue guidance of $3.1 billion to $3.3 billion and its earnings guidance per diluted share of $1.78 to $1.88 (GAAP) and $2.65 to $2.75 (non-GAAP).

Highlights for the quarter include approval to market Myozyme (alglucosidase alfa) in the European Union for Pompe disease, and the strong growth of key products, in particular Renagel with first-quarter sales up 19% to $118.7 million. The company also completed enrollment or continued enrollment in several studies.

New production facilities were brought online, with Thymoglobulin (anti-thymocyte globulin, rabbit) now being filled at Genzyme's new biological fill/finish facility in Waterford, Ireland.

Genzyme is a biotechnology company located in Cambridge, Mass.

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