reported higher first-quarter earnings Wednesday, but profit and revenue fell below Wall Street expectations, causing the stock to fall.
The Cambridge, Mass.-based biopharmaceuticals firm said net income rose 35% to $195.5 million, or 70 cents a share, compared with $145.3 million, or 52 cents a share, in the year-ago quarter
Adjusted earnings, however, grew 10% to $1.04 a share, a penny below consensus.
Genzyme shares fell 5.1% to $51.74 in recent trading.
Total revenue in the quarter rose 4% to $1.15 billion, compared with $1.10 billion in the same period a year ago. That's well below the $1.21 billion consensus revenue estimate.
Genzyme said revenue in the quarter was impacted by negative currency exchange rates and a slowdown in sales of Myozyme, its drug to treat Pompe disease, due to supply constraints.
Myozyme sales totaled $67.4 million in the first quarter, essentially flat with the year-ago period.
Genzyme reaffirmed its revenue and earnings guidance for 2009. The company expects 2009 revenue of $5.15 billion to $5.35 billion and adjusted earnings per share of $4.58. Analysts expect the company to earn $4.62 a share on revenue of $5.26 billion.
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