Genzyme's 1st-qtr sales less than expected

USA-based biotechnology major Genzyme has reported net income of $101.0 million, or $0.37 per share for the first three months of 2006, up a modest 5.3% on the same period last year. This was based on a 16% revenue increase to $730.8 million, falling short of the average analyst's forecast of $749.0 million and $0.63 per share, reported in a survey conducted by Thompson First Call.

Product sales not in line with predictions

Analysts at Piper Jaffray attributed the lower-than-expected sales figures to the weaker performance of the company's arthritis drug Synvisc (hylan G-F 20) which, despite yielding $53.3 million for the quarter, were still below forecasts. In addition, revenues from the firm's Hecterol line of vitamin D2 based products and its Fabry disease treatment Fabrazyme (agalsidase beta), fell short of predictions, according to Mark Karvosky of PJ.