Genzyme's 2008 profit down on costs
US biotechnology major Genzyme's profit for 2008 fell 12% year-on-year, due to rocketing expenses, particularly relating to R&D costs.
R&D expenses rose 78% to $1.31 billion. Net income fell to $421.1 million, or $1.57 per share, versus $480.2 million, or $1.82 per share. Revenue, however, increased 21% to $4.6 billion.
Revenue driven by genetic disease division
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