Genzyme 'bullish' on future growth
Strong quarterly sales lead to 21% revenue increase
SAN FRANCISCO - Genzyme Corp., the maker of treatments for rare genetic disorders, said fourth-quarter revenue climbed 21 percent to $1.04 billion, beating analysts' estimates.
Sales for the year also rose, increasing 20 percent to $3.8 billion, the company said in a statement yesterday. Chief executive Henri Termeer discussed the results in a presentation at the JP Morgan Healthcare Conference in San Francisco.
Treatments for rare hereditary disorders, including Cerezyme for Gaucher disease and Myozyme for Pompe disease, bolstered revenue. Genzyme was expected to report $991 million in sales for the quarter and $3.77 billion for 2007, according to the average estimate of 18 analysts surveyed by Bloomberg.
"We feel bullish as we look ahead at the picture that is unfolding for Genzyme," Termeer said.
Genzyme repeated that it expects to boost compound earnings growth 20 percent each year through 2011. The Cambridge-based company will report earnings on Feb. 13.
Yesterday, the company said it paid $325 million to license an experimental drug from Isis Pharmaceuticals Inc. for a rare genetic disorder that causes cardiovascular disease in patients as young as age 10.
Fourth-quarter sales of Cerezyme increased 15 percent to $301 million. Sales of Myozyme, the company's newest product, more than doubled to $62 million. Fabrazyme, a treatment for Fabry disease, increased 18 percent to $114 million.
Genzyme's drugs for rare hereditary disorders treat illnesses caused by a deficiency of certain enzymes needed for critical bodily functions. 