Genzyme's revenue up 17 percent in quarter
Drug maker Genzyme Corp., of Cambridge, reports that its revenue rose 17 percent in the fourth quarter of calender 2006, beating Wall Street expectations.
The company posted preliminary sales of $852 million for the last quarter, up from $729 million in the same quarter a year earlier. Analysts polled by Thomson Financial had forecast $843 million.
Genzyme also said it expects revenue for 2007 of $3.6 to $3.8 billion, though that does not include the recent $584 million acquisition of Anormed. The company said it would report full financial results that include the purchase on Feb. 14.
Last week, Deutsche Bank analyst Jennifer Chao reiterated a "buy" rating for Genzyme, partially based on Mozobil, a drug used in stem cell production that was acquired with Anormed. Genzyme said it expects two pivotal trials of the drug to be complete by mid-2007.
Fourth quarter sales of Fabrazyme for Fabry disease were $96 million, up 18 percent from $82 million last year. The company said full-year sales of the drug were $359 million, up from $305 million the previous year.
Genzyme also reported quarterly sales of $30 million for Myozyme, a first-in-class drug recently launched to treat Pompe disease.
(AP)
