Genzyme Posts Q1 Revenue, Income Gains
Genzyme Corp., which has significant operations in Framingham and throughout Central Massachusetts, reported a 35 percent increase in first quarter net income on revenue that climbed by 4 percent.
The Cambridge-based biotech and pharmaceutical company said it finished the quarter with net income of $195.5 million compared to $145.3 million for the same period a year ago. Revenue increased from $1.1 billion a year ago to $1.15 billion in the first quarter of this year.
The company said it generated about $350 million in cash from operations in the first quarter and put $162 million of it into manufacturing infrastructure, $107 million to repurchase company stock in a buy-back program and $23 million to acquire intellectual property and stock from Exact Sciences Corp. of Marlborough.
The company spent $206.9 million on research and development during the quarter compared to $262.8 million a year ago.
The company expects 2009 revenue between $5.15 billion and $5.35 billion.
WBJ Web Partners
Most Recent
Most Recent
0 Comments