Genzyme (GENZ) Reports Strong Earnings Growth in Third Quarter

October 24, 2007 8:56 AM EDT

Genzyme (Nasdaq: GENZ) reported Q3 EPS of $0.90, cents better than the analyst consensus of $0.87. Revenues for the quarter were $960.2 million, versus the consensus of $954.67 million.

-- Genzyme is preparing to launch two products that will add incrementally to the top line while primarily utilizing existing sales and marketing resources. Specifically, the company won approval in Japan to market Elaprase(TM) (idursulfase) for the treatment of Hunter syndrome. Elaprase is being commercialized by Genzyme in Asia under an agreement with Shire Human Genetic Therapies Inc. In addition, Genzyme obtained European Union clearance to market Cholestagel® (colesevelam hydrochloride), a cholesterol-lowering agent for the treatment of primary hypercholesterolemia.

During the third quarter, Genzyme generated approximately $280 million in cash from operations. The company is using a portion of its cash from operations to repurchase shares under a three-year program intended to reduce the dilutive effect of equity compensation programs. Since the program be

One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 10,000 employees in locations spanning the globe and 2006 revenues of $3.2 billion.

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