Genzyme's 1st-qtr net income soars 57%

Massachusetts, USA-based drugmaker Genzyme has raised its guidance for the full year 2007, on the back of first quarter net income of $158.2 million, an increase of 57%. The firm now expects earnings per share of between $3.20 and $3.30, above the $3.12 consensus forecast of a Thomson Financial analysts' survey.

Genzyme highlighted several of its products as being key to the first quarter performance, including: the Fabry disease treatment Fabrazyme (agalsidase beta), which achieved a sales increase of 25% to $100.7 million; Cerezyme (imiglucerase), indicated for type 1 Gaucher disease, revenue from which increased 10% to $263.8 million; and the mucopolysaccharidosis therapy Aldurazyme (laronidase), which contributed $26.8 million, up 25.8%.

In addition, Myozyme (alglucosidase alfa), used for the treatment of the muscle disorder Pompe disease, contributed $37.9 million in the quarter, a year after it was approved by US and European regulators (Marketletter May 8, 2006). As a result, the firm raised its full-year sales guidance for the product to between $170.0 million and $180.0 million, adding that it would continue with its strategy of introducing the drug on a county-by-country basis.