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news.Genzyme has reported total revenues of $1.07bn for the first quarter ended March 31, 2010, compared to $1.15bn, for the comparable period in 2009, reflecting expenses associated with the FDA's penalty on one of its plants.
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Genzyme posted a net loss of $114.95m for the first quarter 2010, or $0.43 per diluted share, compared to net income of $195.48m, or $0.70 per diluted share, for the prior year period.
Operating loss was $178.9m, compared to an operating income of $270.57m for the year ago period.
Genzyme said that GAAP results reflect the impact of the anticipated $175m expense associated with the consent decree for its Allston manufacturing facility.
Henri Termeer, chairman and CEO of Genzyme, said: “As we work to resume sustainable growth, we are focusing on transforming our manufacturing operations, maximizing the potential of our diverse product portfolio, and advancing key pipeline programs, while tightly managing expenses across the corporation.”