Biotech Earnings Review: Celgene, Biogen

On the quarterly conference call, management reiterated its full-year sales guidance and lowered its expected effective tax rate to between 28% and 29% from between 29% and 30% for full-year '08.

For more on Gilead, check out these recent headlines from TheStreet.com:

• HIV Drug Sales Boost Gilead Profits

Genzyme: April 23

Genzyme managed a 2-cent per-share profit beat on revenue that was relatively in line with expectations. However, two days before earnings the company scaled back full-year guidance due to a regulatory delay for the manufacturing of the 2,000L scale of Pompe Disease drug Myozyme, and not long after it also announced greater-than-expected requirements for its joint-venture cholesterol drug Mipomersen that stand to lengthen the drug's path to approval.

On an adjusted basis (factoring out a $56 million charge related to the company's deal with Isis Pharmaceuticals), Genzyme reported profit of $260 million, or 95 cents a share, up from 78 cents a share in the year-ago quarter. Revenue increased 25% year over year to $1.1 billion. Wall Street analysts, who usually factor out one-time charges, were looking for earnings of 93 cents a share on revenue of $1.085 billion.

First quarter sales of Myozyme rose 78% to $67.3 million - Wall Street was looking for $68 million. Sales of Gaucher disease drug Cerezyme and Fabry disease treatment Fabrazyme came in at $304 million and $117 million, vs. consensus targets of $301 million and $118 million respectively.

Because of the delay in larger-scale Myozyme, the company is now predicting an adjusted profit of $3.90 a share for this year, compared with $4 a share previously expected, and GAAP earnings of $2.65 a share, also down 10 cents from its prior guidance.

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