hit first-quarter targets and boosted full-year guidance.
The Cambridge, Mass., biotech company reported first-quarter net income of $95.6 million, or 36 cents a share, compared with $67.9 million, or 29 cents a share, a year ago. The latest quarter was hit by charges related to the company's acquisition of Verigen AG, a German cell therapy company with proprietary technology used in cartilage repair.
Excluding charges, latest-quarter earnings were 51 cents a share, which beat Genzyme's guidance of 45 cents to 48 cents a share. Revenue rose 28% to $629.9 million.
For the second quarter, Genzyme expects to post earnings of 51 to 53 cents a share before charges and 41 to 43 cents after charges. Those figures are in line with analyst estimates.
The company raised its full-year guidance to a range of $2.12 to $2.18 per diluted share from its previously expected $2.08 to $2.16.
Early Thursday, Genzyme rose 50 cents to $61.32.