Genzyme '03 revenues up 46% to $1.6bn on global expansion

HOUSTON (CNI)--US biotech Genzyme said Tuesday that its 2003 revenue rose 46% to $1.58bn (Euro1.2bn) on continued global expansion.

Speaking at JP Morgan's 22^nd annual healthcare conference in San Francisco today, chairman and chief executive Henri Termeer noted revenue totals include only Genzyme General in the first and second quarters and the entire corporation after 30 June, when the company eliminated its tracking stocks.

Said Termeer: "With the continuing sales momentum of all our leading products, we enter 2004 with confidence. Our strong top-line performance also allows us to make larger investments in our research and development portfolio and our worldwide infrastructure, which will help fuel our growth in the years to come."

Sales of Renagel - for patients with chronic kidney disease on hemodialysis - totalled $281m in 2003, up from $156.9m in 2002, he said.

Sales of Cerezyme, an enzyme replacement therapy for patients with Type 1 Gaucher disease, rose 19% to $739m.

The company will report audited financial results 19 February.

Genzyme is a global biotechnology company that focuses on rare genetic disorders, renal disease, osteoarthritis and immune-mediated diseases.