09 May 2003 20:04 [Source: ICIS news]
HOUSTON (CNI)--Shares of biopharmaceutical developer Genzyme rose 4% or $1.60 to $40.73 in active trading Friday after the company said it expects 2003 revenue growth of 20% and earnings/share (eps) growth of 20-25%.
Cambridge, Massachusetts-based Genzyme also said it is eliminating its Genzyme molecular oncology and biosurgery stocks and would exchange them for Genzyme shares.
Genzyme revenues for 2003 are now expected to increase to $1.35bn-1.42bn (Euro1.17bn-1.2bn), the company said, including revenue from the biosurgery and molecular oncology businesses.
Corporate research and development spending is expected to be in the $276m-$290m range.
Said the company: "Genzyme will evaluate and prioritise its current research programs in order to maintain R&D [research and development] spending at approximately 20% of revenue in the near term. It will also continue to evaluate strategic alliances to help accelerate the progress of certain programs."
Genzyme markets a number of products including Renagel for patients with end-stage renal disease on hemodialysis; Cerezyme for Type 1 Gaucher disease; and, Fabrazyme or Fabry disease.
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