Genzyme's revenue up 17 percent in quarter

January 9, 2007 03:57 PM E-mail| |Comments ()| Text size +

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)

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