Genzyme and Alza beat Street consensus

GENZ posted second quarter EPS of $0.56 per share (excluding one time charges), $0.03 above the Street's $0.53 consensus. Earnings were driven by a 26 percent increase in drug sales, which rose to $152.7 million from $121.3 million in the second quarter last year. Sales of Cerezyme imiglucerase for Type I Gaucher disease rose 15 percent to $134.9 million in the second quarter, while sales of Renagel, a non-absorbed phosphate binder developed by joint venture partner GelTex (GELX) to control elevated phosphate levels in chronic kidney failure patients, increased to $10.2 million from $4.1 million. The current quarter's revenue, however, reflects an amended revenue booking arrangement between GENZ and GELX, which now has GENZ booking all sales of Renagel. Previously, all Renagel sales were recorded by the companies' joint venture. GENZ's diagnostics revenues for the quarter grew 4 percent to $30.7 million from $29.5 million. ...