Non-GAAP EPS Increased 22 Percent
CAMBRIDGE, Mass., April 23 /PRNewswire-FirstCall/ -- Genzyme
Corporation (Nasdaq: GENZ) today reported results for the first quarter of
2008, which featured excellent revenue growth, continued operating
leverage, a significant increase in non-GAAP profit, and strong progress
across the company.
-- Total revenue for the quarter grew 25 percent to $1.1 billion from
$883.2 million in same period a year ago. This increase was driven by
growth across all product lines, led by strong growth in sales of
treatments for lysosomal storage disorders and renal disease.
Genzyme's top line now includes sales of Aldurazyme(R) (laronidase),
which previously were recorded as joint venture revenue.
-- GAAP net income in the first quarter was $145.3 million, or $0.52 per
diluted share, compared with $158.2 million, or $0.57 per diluted
share. GAAP net income in this year's first quarter reflects an after-
tax charge of $56.5 million for the premium related to Genzyme's
strategic investment in Isis Pharmaceuticals Inc.
-- Non-GAAP net income increased 24 percent to $260.9 million, compared
with $210.7 million in the first quarter a year earlier. Non-GAAP
earnings increased 22 percent to $0.95 per diluted share from $0.78 per
diluted share in the first quarter last year.
-- Non-GAAP operating expenses decreased as a percentage of revenue,
reflecting global operating leverage.
-- Genzyme continued to generate significant cash from operations and to
reinvest in the future of the company. In the first quar
|SOURCE Genzyme Corp.|
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