Genzyme Posts Lower Profit, Cuts View

CAMBRIDGE, Mass. (TheStreet) -- Genzyme(GENZ Quote) reported lower third-quarter earnings Wednesday that fell below Wall Street expectations, and the company once again slashed profit expectations for the year.

Net income in the September quarter fell to $16 million, or 6 cents a share, compared with net income of $119.6 million, or 42 cents a share, in the year-ago quarter.

Adjusted earnings totaled 31 cents a share, way below the Street's consensus estimate of 44 cents a share.

Total revenue of $1.06 billion in the September quarter, felll 9% year over year, also missing expectations of $1.1 billion. Genzyme's top-line performance was negatively affected by the shutdown of its manufacturing plant outside Boston due to a viral contamination.

The company reduced its 2009 adjusted earnings guidance to $2.26 a share from a range of $2.35 to $2.90 a share. The Street was currently expecting adjusted earnings of $2.46 a share on $4.61 billion in revenue.

Genzyme shares were down 2.6% to $53.40 in recent trading.

-- Reported by Adam Feuerstein in Boston