Genzyme Corp.'s fourth-quarter earnings barely fell short of analyst expectations, but the company posted revenue that jumped 25 percent on across-the-board growing product sales.

For the quarter that ended Dec. 31, the Cambridge, Mass.-based firm reported non-GAAP net income of $268.5 million, or 98 cents per share, compared to 88 cents in the same quarter last year, but 1 cent below expectations.

The 25 percent revenue increase pushed that total to approximately $1.171 billion from $933.4 million in last year's second quarter. GAAP net income was $69.6 million, or 25 cents per share, compared with $83.8 million, 31 cents, in the second quarter a year ago. GAAP net income reflects the fee for the license to mipomersen, a highly promising cholesterol-lowering drug in late-stage development.

The net results include a $175 million payment to Isis Pharmaceuticals Inc. for rights to mipomersen, its highly promising treatment for extremely high cholesterol.

On the sales side, myozyme showed a hefty increase of 65 percent to $77.2 million, even though, the company noted, U.S. sales of the Pompe disease treatment were limited due to a delay by the FDA in approving larger-scale production.

FDA approval is needed for greater access to the product for U.S. adult patients, Genzyme said.

Sales of Cerezyme in Gaucher disease jumped 13 percent to $319.4 million, while Fabrazyme for Fabry disease showed an increase of 21 percent to $126.6 million.

The market had a tepid reaction with shares of Genzyme (NASDAQ:GENZ) dropping 4.3 percent, or $3.38, to close at $75.92.

But analyst Christopher Raymond, of Robert W. Baird & Co., saw more good than bad in the report.

Reinterating an "outperform" rating, Raymond called the past quarter a "robust" one for Genzyme, and added, "We would be buyers of GENZ shares on today's weakness. We think the stock's sell-off is mainly attributable to management's failure to raise" the current fiscal year guidance.

While the company's guidance is $3.90 a share, he predicted $3.96.

Among the upsides for the future, he said, is that "we like the chances for a positive outcome from FDA's panel review of Myozyme's large-scale process."