Genzyme Misses Estimates, Blames Dilution

Genzyme General reported higher fourth-quarter profits but lower earnings per share as a result of the biotech firm issuing new stock for acquisitions.

Profits in the fourth quarter totaled $63.3 million, before amortization and items, compared with $58.3 million in the fourth quarter last year.

But Genzyme reported fourth-quarter earnings of 29 cents a share, lower than last year's 31 cents and a penny shy of Wall Street consensus estimates. The company said the lower earnings per share were the result of a higher share count after a December acquisition. ...