Genzyme profit rises; revenue falls short of view

Genzyme Corp. said its first-quarter earnings rose 34.5 percent, but revenue was hurt by currency fluctuations and supply constraints on Myozyme, its drug to treat the muscle disorder Pompe disease.

The Cambridge-based biotech company said net profit rose to $195.5 million, or 70 cents a share, from $145.3 million, or 52 cents a share, a year ago.

Excluding one-time items Genzyme earned $1.04 a share. Analysts on average expected earnings of $1.05 a share, according to Reuters Estimates.

Revenue rose 4.5 percent to $1.15 billion, which is less than the $1.21 billion analysts on average expected.

Genzyme said currency fluctuations knocked down revenue by 6 percent, or $66 million. In addition, a number of adult Pompe disease patients in Europe agreed to skip doses of Myozyme as part of a program designed to redirect it to infants.

The company reaffirmed its guidance, saying it expects 2009 revenue of between $5.15 billion to $5.35 billion and non-GAAP earnings per share of $4.58. (Reuters)