Genzyme ( GENZ) beat estimates on strong sales and reaffirmed its product-launch and long-term earnings outlooks Wednesday. The biotech company reported that GAAP net income rose to $159.3 million, or 58 cents a share, compared with $16 million, or 6 cents a share, in the quarter a year ago. Excluding items, Genzyme earned $241 million, or 90 cents a share, vs. $195.9 million, or 73 cents a share, in the year-ago quarter. Analysts surveyed by Thomson Financial were looking for 87 cents a share on revenue of $954 million. The company reported a 19% increase in revenue to $960.2 million from $808.6 million in the year-ago period. Sales of Renagel for chronic kidney disease rose 14% to $154.2 million. Sales of Myozyme for Pompe disease rose to $53.6 million from $20.4 million in the same period a year ago; sales of Fabrazyme Fabry disease increased 12% year over year to $104.6 million; and sales of Guacher disease drug Cerezyme grew 13% to $286.1 million. Genzyme also reported a 20% increase in the sale of Thyrogen, an injection used by thyroid cancer patients while they are off hormones for periods of necessary testing -- $26.8 million compared to $22.4 million in the year-ago period. Genzyme said it expects approval for the injection's use in thyroid cancer remnant ablation procedures this year.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).