Genzyme 4th qtr net income rises 38%

Genzyme Corp says that its fourth-quarter 2000 net income, beforespecial items and prior to purchase accounting, increased 38% to $56.3 million, or $0.60 per share. During the quarter, Genzyme says it recorded a number of special items unrelated to its acquisition of GelTex Pharmaceuticals (Marketletter September 18, 2000), which, in aggregate, increased earnings to $0.63 per share. For the full year, net income (before special items) rose 23% to $208.8 million, or $2.27 per share.

Revenues for the fourth quarter grew 13% to $203 million (including $23.9 million sales from Renagel [sevelamer HCL], a product acquired along with GelTex) and, for the full year, these rose 16% to $760.5 million (with Renagel turnover up 180% at $56 million). Fourth-quarter sales of Cerezyme (imiglucerase for injection), for the treatment of Type 1 Gaucher disease, rose 8% to 136.7 million and were up 12% to $536.9 million for the year.