Genzyme's 2008 profit down on costs

23 February 2009

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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