Genzyme General Q1 profit doubles on 30% revenue rise

16 April 2003 16:09  [Source: ICIS news]

HOUSTON (CNI)--Biopharmaceuticals developer Genzyme General said Wednesday 2003 first quarter net income more than doubled to $61.9m (Euro57.3m) on a 30% rise in revenues to $314m.

 

For the period ended 31 March, Cambridge, Massachusetts-based Genzyme posted earnings/share (eps) of 28 cents compared to 2002 first quarter eps of 14 cents.

 

Sales of renal drug Renagel nearly doubled to $58.8m while sales of enzyme replacement therapy Cerezyme rose13% to $167m.

 

Henri Termeer, chairman and chief executive of Genzyme, said the company had a very strong quarter.

 

He added:  "Our Renagel franchise is on track with end-user demand driving solid growth in product sales. We are also generating excellent growth and momentum within our therapeutics franchise, which we expect will continue with product launches in a number of major markets during the second half of this year."

 

Second quarter eps are expected to be in the 28-30 cents range, the company said.

 

Genzyme General confirmed its 2003 eps guidance of $1.25-1.35 excluding $39m or 11 cents/share in amortization.

 

Genzyme General develops and markets therapeutic products and diagnostic products and services. It is a division of biotechnology company Genzyme Corporation.

By: Mike Sheridan
+1 713 525 2653

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