Genzyme's 2nd-qtr 2006 revenue rises 19%
The USA's Genzyme Corp reported second-quarter 2006 revenue of $793.4 million, a 19% increase on the like, year-ago period, driven by growth across all major product areas.
Net income according to Generally Accepted Accounting Principles reached $134.5 million, or $0.49 per diluted share, from $123.6 million, or $0.46 per diluted share, in the second quarter of 2005.
The GAAP figure includes a $42.0 million net gain in equity securities, reflecting the tender of Genzyme's investment in UK-based Cambridge Antibody Technology, which is being acquired by Anglo-Swedish drug major AstraZeneca (Marketletter July 3). GAAP earnings also include stock compensation expenses, which amounted to $55.3 million after taxes, or $0.20 per diluted share, and were higher than in the first quarter because they reflect the impact of Genzyme's annual broad-based stock option grant in May.
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