Genzyme Corporation (GENZ) Reports Higher Third-Quarter Profit
10/20/2010 8:26:52 AM
BOSTON (MarketWatch) -- Genzyme Corp. /quotes/comstock/15*!genz/quotes/nls/genz (GENZ 72.31, +0.42, +0.58%) reported a higher third-quarter profit early Wednesday, due largely to the resumption of production of its top-selling drug Cerezyme. Genzyme said it earned $69 million, or 26 cents a share, compared with $16 million, or 6 cents a share, for the 2009 period. Due to a stock buyback, Genzyme's number of outstanding diluted shares was reduced to roughly 264 million from 274 million in the 2009 quarter. Excluding various items, Genzyme would have posted adjusted earnings of 42 cents a share versus 28 cents. Revenue rose to $1 billion from $924 million. According to a poll by FactSet, analysts estimated Genzyme would have earnings of 45 cents a share, on revenue of $1.11 billion. Genzyme said it expects fourth-quarter adjusted earnings to come in between 90 cents and 95 cents, on revenue of $235 million to $245 million.