Genzyme fails to meet expectations for 1st qtr
US biotechnology major Genzyme has failed to meet analysts' targets for its first-quarter profit, driving shares down 6% to $51.34 in afternoon trading on April 22.
Revenue increased 5% year-on-year to $1.15 billion, while R&D costs were cut by 21% to $206.9 million. The company's net income rose 35% to $195.5 million, or $0.72 per share, versus $145.3 million, or $0.52 per share.
Excluding exceptional costs, the firm's earnings per share would have reached $1.04, which was one cent off the consensus of analysts polled by Bloomberg - $1.05.
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