ARTICLE | Financial News

Genzyme misses Street

October 21, 2010 12:20 AM UTC

Genzyme Corp. (NASDAQ:GENZ) reported 3Q10 non-GAAP EPS of $0.42, missing the Street's estimate of $0.53 but up from $0.28 in 3Q09. Revenues for the quarter were $1 billion, up from $923.8 million in the prior year's quarter but below the Street's estimate of $1.1 billion. Genzyme said the 3Q09 figures exclude the genetics and diagnostics businesses, which the company plans to divest by year end. Laboratory Corp. of America Holdings (NYSE:LH) is acquiring the genetics business. Genzyme also revised its 4Q10 non-GAAP EPS range to $0.90-$0.95 from $0.90-$1.

Revenue was boosted by sales of Cerezyme imiglucerase, which increased 92% to $179.8 million as Gaucher's disease patients in the U.S. were able to return to normal dosing in September. Cerezyme and fellow enzyme replacement therapy Fabrazyme agalsidase beta have faced supply shortages since June 2009 due to viral contamination and other problems at the company's Allston, Mass., facility. Sales of the Fabry's disease drug, which Genzyme said was still affected by constraints, were $33.9 million, down from $115.2 million in 3Q09. Genzyme expects Cerezyme and Fabrazyme sales in 4Q10 to be in the ranges of $235-$245 million and $70-$75 million, respectively. ...