Genzyme revenues rise in Q3

Genzyme has posted a net income of $68.95m for the third quarter 2010, or $0.26 per diluted share, compared to $16m, or $0.06 per diluted share, for the comparable period in 2009.

Operating income was $89m, compared to $8.17m for the comparable period in 2009.

For the nine months ended 30 September 2010, Genzyme has posted a revenue of $2.9bn, compared to $ 3.04bn for the year ago period.

For the nine months ended 30 September 2010, Genzyme has posted a net income of $49.77m, or $0.19 loss per diluted share, compared to net loss of $399.1m, or $1.45 per diluted share, for the year ago period.

Operating income was $72.49m, compared to operating loss of $531.27m for the year ago period.

Genzyme chairman and CEO Henri Termeer said that in the third quarter they saw their financial recovery start to take effect, and they expect that this would accelerate during the fourth quarter as Cerezyme patients are able to return to normal dosing levels and they begin to increase shipments of Fabrazyme.

"We are also implementing measures to reduce our operating costs, while remaining focused on the priorities of transforming our manufacturing operations, strengthening our core genetic disease business, and advancing key pipeline programs to ensure sustainable long-term growth," Termeer said.