Genzyme's 2nd-qtr 2010 profits plunge on continuing Cerezyme and Fabrazyme supply problems

22 July 2010

Troubled US biotechnology firm Genzyme yesterday revealed that net profit for the second quarter of 2010 fell to $23,000, or nil per share, from $187.6 million, or $0.68 per share, a year before. Excluding one-time items, the company earned $0.18 a share. Analysts had on average expected earnings of $0.51 a share, according to Thomson Reuters. Revenue fell to $1.08 billion from $1.23 billion a year ago, compared with analysts' consensus forecasts of $1.16 billion.

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