February 14, 2007
Genzyme swings to $268M loss in Q4
By Christina Davis
Genzyme Corp., which has more than 1,700 employees in the Worcester region, saw its profit disappear during the fourth quarter of 2006.
The biotech company reported a $268.2 million loss during the three month period, after reporting a $106.6 million profit during the same period of 2005.
The loss was driven by Genzyme's $584 million acquisition of AnorMed Inc. in November. Excluding one-time charges, the company's profit came in at 77 cents a share, compared with 60 cents a share in 2005.
Revenue for Genzyme remained strong, increasing 17 percent to a record $854.2 million.
The company's shares were down slightly (less than one percent) in early morning trading.
The biotech company reported a $268.2 million loss during the three month period, after reporting a $106.6 million profit during the same period of 2005.
The loss was driven by Genzyme's $584 million acquisition of AnorMed Inc. in November. Excluding one-time charges, the company's profit came in at 77 cents a share, compared with 60 cents a share in 2005.
Revenue for Genzyme remained strong, increasing 17 percent to a record $854.2 million.
The company's shares were down slightly (less than one percent) in early morning trading.
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