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Genzyme Misses Product-Sales Estimates

Stock quotes in this article: GENZ , BIIB , CELG , AMGN  

Genzyme(GENZ Quote) beat analysts' earnings estimates in the latest quarter, but it missed Wall Street's sales targets for its key products, and shares eased Wednesday.

The company reported a third-quarter profit of $119.6 million, or 42 cents a share, down from $159.3 million, or 58 cents a share, in the year-ago quarter. The recent quarter included a $100 million licensing fee for the rights to a late-stage genetic disease drug developed by PTC Therapeutics.

On an adjusted basis, the company said it earned $1.04 a share, up from 90 cents last year, on revenue that rose 20% to $1.16 billion. ...

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