Genzyme ( GENZ) 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.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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