said Tuesday that a final review of its Dec. 21, 2004, acquisition of
has necessitated adjusting GAAP results to produce a larger year-end loss.
The Cambridge, Mass.-based company said the total one-time charge for acquiring Ilex was $254.5 million rather than the $194.3 million as reported in mid-February. The adjustment was based on reclassifying certain assets.
As a consequence, Genzyme restated its fourth-quarter GAAP earnings to a loss of $157.3 million, or 68 cents a share. Previously, Genzyme said the fourth-quarter loss was $97.1 million, or 42 cents a share.
For the full-year, the revised figure showed a profit of $86.5 million, or 37 cents a share, compared to the previously reported 2004 profit of $124.3 million, or 52 cents a share.
Non-GAAP financial results were unaffected. The adjustment also caused Genzyme to raise its GAAP-based earnings per share prediction for 2005 to a range of $1.68 to $1.76, up one penny from its previous estimate.
Genzyme's stock was off 32 cents to $57.56.