Genzyme's 3rd-qtr 2008 profit down 25%

US biotechnology firm Genzyme's third-quarter 2008 revenue rose 21% year-on-year to $1.16 billion, thanks to double-digit growth in every one of its business units. However, profit fell 24.9% to $119.6 million, due to a $100.0 million fee for rights to a late-stage genetic disease drug candidate from PTC Therapeutics (Marketletter July 28).

During the period, non-GAAP net income rose 20% to $289.8 million, while non-GAAP earnings per share grew 16% to $1.04. Sales of Myozyme (alglucosidase alfa), for Pompe disease, increased 43% to $76.7 million, while Fabry disease drug Fabrazyme (agalsidase beta) rose 20% to $125.6 million, thanks to an increase in the number of patients starting therapy. Revenue from Cerezyme (imiglucerase), for Gaucher's disease, rose 8% to $309.3 million, while Aldurazyme (laronidase) earned $38.2 million, up 18%. Income from Thyrogen (thyrotropin alfa for injection) soared 42% to $38.2 million as renal drugs Renagel (sevelamer HCl) and Renvela grew 11% to $171.0 million.