Genzyme second-quarter revenue up 19% to $793.4 million

By Lisa Kerner

Charlotte, N.C., July 12 - Genzyme Corp. said its second-quarter revenue was up 19% to $793.4 million from $668.1 million in the second quarter a year ago. The increase is attributed to growth across all major product areas, according to a company news release.

GAAP net income also increased to $134.5 million, or $0.49 per diluted share, compared with net income of $123.6 million, or $0.46 per diluted share, the previous year.

Non-GAAP net income rose 22% to $181.2 million from $149.0 million in the same quarter in 2005. Genzyme's non-GAAP earnings were up 19% to $0.68 per diluted share from $0.57 per diluted share.

"We had a strong quarter with excellent progress throughout the business, including solid results in the three product areas that were below expectations in the first quarter," chairman and chief executive officer Henri A. Termeer said in the release.

"We are on track to meet our financial goals for the year, while also meeting our commitment to the future by continuing to invest in late-stage clinical trials, manufacturing expansion, and product launches."

The company reiterated its full-year revenue guidance of $3.1 billion to $3.3 billion, GAAP earnings guidance of $1.78 to $1.88 per diluted share and non-GAAP earnings guidance of $2.65 to $2.75 per diluted share.

Clinical development program highlights for the second quarter include:

• Completing two-thirds of enrollment in the phase 3 trial of tolevamer for Clostridium difficile-associated diarrhea;

• Starting a phase 3 study of alemtuzumab (Campath) for the treatment of relapsing/remitting multiple sclerosis;

• Completing enrollment in the clinical study of Myozyme for late-onset Pompe disease; and

• Advancing the Synvisc clinical program to include the hip, shoulder and ankle, and to introduce new formulations of the product.

South San Francisco, Calif.-based Genentech discovers, develops, manufactures and commercializes biotherapeutics for unmet medical needs.

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