Genzyme 3Q earnings beat expectations; revenue rises 19% |
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Wed, 24 Oct 2007 13:59
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NEW YORK (Thomson Financial) - Genzyme Corp. Wednesday said adjusted third-quarter adjusted income was $241.3 million, or 90 cents a share, beating the mean estimate of analysts polled by Thomson Financial of 87 cents a share.Revenue for the Cambridge, Mass.-based biotechnology company rose 19% to $960.2 million, ahead of the $954.7 million analyst estimate. The company said the rise in revenue was helped by obtaining marketing approval for three new products and because it had reported 'highly encouraging' results for two of its drugs.In the year-ago period, the company posted adjusted income of $195.9 million, or 73 cents a share, on revenue of $808.6 million.The company sees adjusted earnings of $4 a share for fiscal 2008, and said it projects a rise to $7 a share in earnings by 2011. Analysts are forecasting $3.89 a share in earnings, on average, in 2008.Shares of Genzyme closed Tuesday at $73.51.Ryan Vlastelicarv/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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