Genzyme beats Street EPS

GENZ reported second quarter EPS of $0.30, beating the Street consensus by $0.02. The $0.30 figure excludes special items such as the impact of amortization and other purchase accounting for its acquisition of GelTex Pharmaceuticals last year. Second quarter revenues were $239 million, representing an increase of 28% compared to revenues of $186.7 million for the 2000 quarter. Net income before special items and amortization was $62 million, up 18% from $52.5 million for the same period last year.

The company also gave financial guidance, saying it expects revenues to increase 25% for the year to $940-$960 million, up from its prior guidance of 18%-20% growth to $885-$920 million. These expectations are based on the performance of Renagel non-absorbed phosphate binder for end-stage renal disease. GENZ raised its 2001 revenue guidance for Renagel to $150-$160 million from $130-$140 million. ...