swung to a third-quarter net loss Wednesday but said it expects to top its full-year revenue and earnings forecasts.
The company posted a net loss of $95.7 million, or 43 cents per share, compared with net income of $53.4 million, or 25 cents per share, in the same quarter a year ago. Genzyme recorded several special items in the third quarter related to the acquisition of SangStat Medical on Sept. 11 and other actions the company took to exit noncore businesses.
Excluding amortization and special items, net income for the third quarter was $84.6 million, or 37 cents per diluted share, compared with $57.9 million, or 27 cents per diluted share in the same quarter last year.
Total revenue for the quarter was $437 million, up from $272.8 million recorded in the same quarter last year.
"This has been a very productive quarter for Genzyme, with strong revenue growth, the closing of the SangStat acquisition, advances in our pipeline and continued progress in our two recent product launches," said Henri A. Termeer, chairman and chief executive.
Genzyme expects that it will exceed its full-year revenue and earnings guidance, and that its earnings per share in the fourth quarter will be in the range of 35 cents to 37 cents a share before amortization. On a GAAP basis, Genzyme expects EPS to reach 30 cents to 32 cents per share.
Genzyme anticipates an annual EPS growth rate of approximately 20% going forward.
The company's shares closed Tuesday at $49.99, up 30 cents, or 0.6%.