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Genzyme Corp.

Plant shutdown takes a toll on revenues, demolishes earnings

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genzyme Corp. 2Q10

2Q Revenues: $1.1 billion (-12%)

2Q Earnings: $23,000 (-99.9%)

YTD Revenues: $2.2 billion (-9%)

YTD Loss: $115 million (income of $383 million in YTD09)

Comments: Cerezyme (-53%) and Fabrazyme (-71%) sales plummeted in 2Q10 as manufacturing woes at Genzyme’s Allston, MA facility restricted supply. Myozyme sales rose 16% to $92 million. Genzyme took a $22 million charge in the quarter primarily to write off unusable material. The company will transfer fill/finish of a number of products to Hospira’s One 2 One Contract Manufacturing group to satisfy some of the terms of its consent decree with the FDA.

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