Genzyme Beats Estimates, Raises Outlook

Genzyme(GENZ Quote - Cramer on GENZ - Stock Picks) beat per-share earnings estimates by 7 cents and increased guidance on Wednesday.

The biotechnology company reported GAAP net income of $139.9 million, or 51 cents a share, compared with $134.5 million, or 49 cents a share, in the year-ago quarter. The Thomson Financial consensus target from analysts was 81 cents a share.

Non-GAAP net income increased 32% to $238.7 million from $181.2 million last year. The company earned 88 cents a share compared with 68 cents a share in 2006 on a non-GAAP basis. These figures exclude pretax stock-compensation expenses of $71.8 million, amortization of $49.5 million and a $25 million milestone payment to Ceregene.

Revenue climbed 18% to $933.4 million from $793.4 million in the same period in 2006.

On the therapeutics side, sales of Pompe disease treatment Myozyme were $46.7 million, compared with $6.5 million in the same period in 2006 following its launch. Enzyme replacement therapy Fabrazyme saw sales increase 17%, to $104.3 million; sales of MPSI, or Hurler Syndrome, therapy Aldurazyme rose 24% to $29.1 million; and injectable thyroid cancer treatment Thyrogen sales grew 25% to $29.5 million.

Oncology revenue, including sales of pediatric leukemia drug Clolar and profits and royalties from B-cell chronic lymphocytic leukemia treatmentCamPath, increased 27% to $17.4 million from $13.7 million in the second quarter a year ago.

Additionally, sales of its renal-failure product Renagel increased 14% to $145 million.

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