Genzyme's 1st-qtr revenues jump 25%

US biotechnology major Genzyme's first-quarter 2008 total revenues grew 25% year-on-year to $1.1 billion, driven by growth across all product lines, especially its treatments for lysosomal storage disorders and renal disease. GAAP net income in the first quarter was $145.3 million, or $0.52 per diluted share, versus $158.2 million, or $0.57 per diluted share, reflecting an after-tax charge of $56.5 million for the premium related to Genzyme's strategic investment in Isis Pharmaceuticals (Marketletter January 14). Non-GAAP net income increased 24% to $260.9 million, compared with $210.7 million in the first quarter a year earlier, earnings rose 22% to $0.95 per diluted share.

Henri Termeer, Genzyme's chief executive, said the firm continues to focus on its commitment to deliver 20% non-GAAP earnings growth through 2011. Genzyme expects 2008 non-GAAP profit of $3.90 per diluted share, lower than its previous guidance of $4 due to the delay in the US approval of 2000L production capacity for Myozyme (alglucosidase alfa). Sales of the Pompe disease drug soared 78% to $67.3 million. Turnover of Cerezyme (imiglucerase for injection), for Gaucher's disease, rose 15% to $304.3 million, while income from Fabrazyme (agalsidase beta) grew 16% to $116.5 million, and revenues from Aldurazyme (laronidase) increased 38% to $37.0 million.

Sales of Thyrogen (thyrotropin alfa for injection) grew 28% to $33.8 million. Within Genzyme's renal business, sales of sevelamer therapies Renagel (sevelamer HCl) and Renvela grew 23% to $168.7 million.