Genzyme reports solid financial results for Q1

Genzyme says it is on track to meet its financial objectives for 2009, in spite of the weak economy and unfavourable exchange rates.

First-quarter revenue grew to $1.15bn, compared with $1.10bn in the same period a year ago, an increase of 4%. Net income rose 35% to $195.5m.

Genzyme's chairman and ceo Henri Termeer said: "Our broad geographic and product diversification, as well as the clinical value of our products, position us to manage through this period and continue to grow."

Growth is expected to come from sales of two oncology products being acquired from Bayer HealthCare and additional revenue from Campath (alemtuzumab). Genzyme expects to close the transaction with Bayer this quarter.

Sales in Europe of Myozyme (alglucosidase alfa) are also expected to accelerate. The US approval of alglucosidase alfa and ongoing launches of Mozobil (plerixafor injection), Synvisc-One (hylan G-F 20) and Renvela (sevelamer carbonate) will also make a contribution.

Genzyme continues to make a significant investment in r&d, and is currently conducting approximately 100 clinical trials. The company's pipeline includes a group of major late-stage programmes and a number of mid- and early stage programmes that may provide new treatment options for a range of unmet medical needs.

The company anticipates FDA action on Clolar as a first-line therapy for adult acute myeloid leukemia during the second half of this year and approval of alemtuzumab in 2012.