Updated from 9:50 a.m. EDT

Genzyme

( GENZ) posted first-quarter financial results Wednesday morning that beat Wall Street estimates on the top and bottom lines. Earlier in the week the biotech company reined in full-year guidance due to a regulatory delay.

Shares of the Cambridge, Mass.-based company were up $1.58, or 2.2%, at $73.13 in recent trading Wedneday.

Genzyme reported quarterly profit of $145 million, or 52 cents a share, in the first quarter, vs. $158.2 million, or 57 cents a share, in the year-ago quarter. The recent quarter includes a charge of $56 million related to Genzyme's deal with

Isis Pharmaceutical

(ISIS)

.

On an adjusted basis, profit increased to $260 million, or 95 cents a share, from $210 million, or 78 cents a share, in the 2007 quarter. Revenue climbed 25% to $1.1 billion, from $883.2 million in the first quarter of 2007.

Wall Street analysts were looking for earnings of 93 cents a share on revenue of $1.085 billion.

First-quarter sales of Pompe disease drug Myozyme rose 78% to $67.3 million, just shy of Wall Street's target of $68 million. Earlier in the week Genzyme said that the FDA will require it to submit a separate application for the 2000L production of the drug, considering it a different product than the 160L scale, which is already approved.

The delayed production of the larger-scale version will affect 2008 sales of the drug. Genzyme now expects Myozyme sales of roughly $275 million to $285 million in 2008, down from its previous estimate of $320 million to $330 million.

Sales of injected Gaucher disease drug Cerezyme rose 15% to $304 million and sales of Fabry disease treatment Fabrazyme increased 16% to $117 million year over year, vs. the consensus targets of $301 million and $118 million, respectively.

Sales of chronic kidney disease treatments Renagel and Renvela rose 23% to $168.7 million, edging past Wall Street's expectation for $166 million.

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.

"We had a very strong first quarter to start the year," said Genzyme CEO Henri Termeer in a release on Wednesday. "We continue to focus on our commitment to deliver 20 percent non-GAAP earnings growth through 2011, while building the company to ensure that we sustain our growth over the longer term."

Fellow biotech

Biogen Idec

(BIIB) - Get Report

also aired its earnings, beating by 4 cents a share on an adjusted basis. Sales of Biogen's MS drug Avonex and Biogen and

Elan's

(ELN)

MS and Crohn's disease drug Tysabri both beat analyst views. But shares were trading down $1.05, or 1.6%, to $63.57.

Meanwhile, biotech stocks

Amgen

(AMGN) - Get Report

and

Imclone

(IMCL)

, set to release earnings on Thursday, were up 1.5% and 1.2%, respectively.