Genzyme, Idec beat; MEDI misses Street
GENZ and IDPH beat their respective EPS estimates on Thursday, while MedImmune (MEDI) reported a loss per share that was greated than the Street expected. GENZ reported third quarter EPS of $0.30, a penny better than the $0.29 Street estimate. Third quarter revenues came in at $255.1 million, a 33% increase compared to the $192.2 million for the same quarter last year. Third-quarter sales of Renagel sevelamer, a phosphate binder for patients with end-stage renal disease on hemodialysis, were $52.4 million - more than triple the $13.8 million in the same quarter last year. Based on Renagel sales, GENZ raised its 2001 guidance for the product to $177 million from its previous guidance of $150-$160 million. GENZ was up $0.84 to $45.01 on 8.2 million shares on Thursday.
As expected, IDPH beat its Street estimate by a penny, reporting third quarter EPS of $0.16 on revenues of $69.6 million. Revenues related to Rituxan, which is co-marketed by Genentech (DNA) for non-Hodgkin's lymphoma, were $68.5 million, up from $36.8 million in the third quarter of last year. IDPH preannounced its EPS and revenue figures on Oct. 10, when DNA announced its earnings. IDPH, which made its announcement after the market close, was up $1.48 to $53.39 on Thursday. IDPH had given back $0.68 and was changing hands at $52.71 in aftermarket trading as of 6:30. ...