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Financial Report: Genzyme 2Q

Myozyme revenue was $79.3 million, up from $67.4 million in 1Q09, reflecting the E.U. approval of production at the 4000 L scale.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genzyme 2Q

2Q Revenues: $1.2 billion (+5%)

2Q Earnings: $192.2 million (earnings were $69.6 million in 2Q08)

Comments: Myozyme revenue was $79.3 million, up from $67.4 million in 1Q09, reflecting the E.U. approval of production at the 4000 L scale. Cerezyme revenue was down 7% to $298.1 million, impacted by the temporary Allston shutdown and unfavorable currency exchange rates. Sales of Fabrazyme were $134.3 million (+6%). Sales of Thyrogen were $42.9 million (+9%). Hematologic oncology revenue doubled in the quarter to $55.9 million, driven by new revenue from Leukine and Fludara, acquired from Bayer at the end of May. Results include $13 million in lost revenue due to the interruption of Cerezyme shipments associated with the temporary shutdown of the Allston manufacturing facility in June. Earnings in 2Q08 reflect a $175 million licensing fee associated with mipomersen.

View Genzyme in Contract Pharma’s Top Companies Report:
http://contractpharma.com/articles/2009/07/images/2009top10biopharma07to10.pdf

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