April 23, 2008
Genzyme Earnings Dip As Revenue Grows
By Matthew L. Brown
Cambridge-based biotechnology company Genzyme Corp. reported first quarter income of $145 million compared to $158 million for the same period last year.
The company said the net income dip was primarily the result an after-tax charge of $56.5 million related to the company's $150 million investment in Isis Pharmaceuticals Inc.
Genzyme's first quarter revenue grew by 25 percent compared to the same period the prior year, from $883 million to $1.1 billion.
The company said it expects 20 percent growth in earnings per share by 2011.
Genzyme has operations in several locations in Westborough and Framingham, as well as in Waltham and Allston.
The company said the net income dip was primarily the result an after-tax charge of $56.5 million related to the company's $150 million investment in Isis Pharmaceuticals Inc.
Genzyme's first quarter revenue grew by 25 percent compared to the same period the prior year, from $883 million to $1.1 billion.
The company said it expects 20 percent growth in earnings per share by 2011.
Genzyme has operations in several locations in Westborough and Framingham, as well as in Waltham and Allston.
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