Genzyme Q3 Profit Down Nearly 90%
Costly acquisition efforts and the temporary shutdown of a key manufacturing facility brought Genzyme Corp.'s third quarter profit down to $16 million from $119.6 million a year ago.
The Cambridge-based biotechnology and pharmaceutical company has a significant presence in Framingham and other locations in MetroWest.
It said the cost of temporarily closing its Allston manufacturing plant was $23.7 million before taxes. The factory was closed after inspectors found a virus there. The facility made the company's Cerezyme and Fabrazyme drugs.
The company said its earnings also took a $7 million hit on the acquisition of technology from Targeted Genetics.
Genzyme reported revenue of $1.1 billion for the quarter compared to $1.2 billion a year ago. It also cut its research and development spending from $305.2 million a year ago to $219 million in the most recent quarter.
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