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Profits Top Estimates at Genzyme
Genzyme (GENZ Quote), a maker of treatments for rare diseases, exceeded analysts' expectations for second-quarter earnings and revenue, sending its shares up more than 7% Wednesday.
Earnings totaled $134.5 million, or 49 cents a share, in the second quarter, up from $123.6 million, or 46 cents a share, in the year-ago quarter.
The latest quarter's results include a $42 million gain related to Genzyme's tender of its investment in biopharmaceutical company Cambridge Antibody Technology, which is being acquired by European pharmaceuticals concern AstraZeneca (GENZ Quote). ...
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