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news.Massachusetts-based biotech firm Genzyme has reported a 19% increase in second quarter revenue, which the company attributed to encouraging growth across all major product areas.
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Revenue rose to $793.4 million, up from $668.1 million in the second quarter a year ago. A large contributor to this was the company’s end-stage renal disease drug Renagel, sales of which grew 26% to $126.6 million, up from $100.8 million in the same period last year.
Net earnings increased to $134.5 million, or $0.49 per diluted share, compared with $123.6 million, or $0.46 per diluted share, in the second quarter last year. This includes a $42 million net gain in equity securities, principally reflecting the tender of Genzyme’s investment in Cambridge Antibody Technology Group, which is being acquired by AstraZeneca.
“We had a strong quarter with excellent progress throughout the business, including solid results in the three product areas that were below expectations in the first quarter,” said Henri Termeer, Genzyme’s chairman and CEO. “We are on track to meet our financial goals for the year, while also meeting our commitment to the future by continuing to invest in late-stage clinical trials, manufacturing expansion, and product launches.”
Genzyme reiterated its full-year revenue guidance of $3.1 to $3.3 billion.