Genzyme 4Q Profit Down As Year Remains Flat
Pharmaceutical and biotech giant Genzyme Corp., which has significant operations in MetroWest, said its fourth quarter profit fell from $86.7 million in 2008 to $23.2 million last year.
The Cambridge-based company said its profit for the year was $422 million compared to $421 million the previous year.
Revenue remained relatively flat for both the quarter and the year. The company said it ended the year with $4.5 billion in revenue compared to $4.6 billion a year earlier. For the quarter, the company reported revenue of $1.1 billion compared to $1.2 billion.
If it wasn't for the "product supply interruption" at its Allston drug manufacturing plant, fourth quarter revenue would have increased by 24 percent, the company estimated. Production at the plant, which makes drugs that treat genetic diseases, was halted when a virus was detected there during an inspection.
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