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news.Genzyme Corporation (Genzyme), a US-based medical devices company, has reported total revenues of $1.15 billion for the first quarter of 2009, up 4%, compared with the revenues of $1.10 billion in the year-ago quarter. It has also reported GAAP net income of $195.5 million, or $0.70 per diluted share, for the first quarter of 2009, up 35%, compared with the GAAP net income of $145.3 million, or $0.52 per diluted share, in the year-ago quarter.
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Non-GAAP net income grew 10% to $288.1 million, or $1.04 per diluted share, compared with $260.9 million, or $0.95 per diluted share, in the same period last year.
Genzyme generated approximately $350 million in cash predominantly from operations during the first quarter. The company used $162 million for continued investments in manufacturing infrastructure, $107 million to repurchase 2 million shares as part of a stock buyback program, and $23 million to acquire intellectual property and common stock from Exact Sciences Corp.
Based on the expected growth rates of the company’s businesses and the anticipated impact of several key growth drivers, Genzyme reaffirmed its revenue and earnings guidance for 2009. The company expects 2009 revenue of $5.15 – $5.35 billion and non-GAAP earnings per share of $4.58.
“We came through the first quarter well despite the weak economy and unfavorable exchange rates, and we are on track to meet our financial objectives this year,” said Henri A. Termeer, Genzyme’s chairman and chief executive officer. “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. We will see further progress and results over the coming months from our R&D investment in late-stage programs.”