Genzyme reports 13 percent revenue growth in 4Q
Cambridge biotechnology Genzyme Corp. is on track to meet or beat fourth-quarter profit expectations, based on today's preannounced revenue results by chairman and chief executive Henri Termeer.
Termeer, speaking at J.P. Morgan's annual health care conference in San Francisco, said the company's revenue rose 13 percent during the quarter, reaching $1.17 billion. He expects profit to range from $1.01 per share to $1.04 per share.
Analysts polled by Thomson Reuters expect profit of $1.01 per share on revenue of $1.2 billion.
"We made great progress during 2008 in a number of areas," he said. "We delivered strong financial results, continued to grow our existing products, secured new product approvals, advanced pivotal clinical trials, and significantly strengthened our late-stage pipeline."
For the full year, revenue rose 21 percent to $4.6 billion while analysts expected revenue of $4.63 billion.
Genzyme sells Renagel and Renvela for kidney disease, along with genetic disease treatments. The latter includes Fabrazyme, which treats an Myozyme, a treatment for Pompe disease, a rare disorder that interferes with muscle development and can cause deadly respiratory problems.
In a statement, Genzyme said it is on track to meet its goal of 20 percent compound average earnings growth from 2006 through 2011, excluding charges and one-time items.
Looking ahead, the company expects profit of about $4.70 per share in 2009 on revenue between $5.2 billion and $5.4 billion. Analysts expect profit of $4.74 per share on revenue of $5.26 billion. The company also expects profit, excluding charges, to rise to about $7 per share by 2011, while it gets 16 regulatory approvals between now 2009 and 2012.
The company is scheduled to release full 2008 financial results Feb. 11.
To read Genzyme's press release, please click here. (AP)
