Genzyme Corp. common stock closed up $2 a share on Wednesday at $35.38.
This followed remarks by Henri Termeer, president of the Cambridge, Mass.-based company, to the Merrill Lynch Drug and Biotechnology Industry conference. He said that Genzyme expects to earn profits of 75 cents a share in 1991, which is in line with analysts' estimates, while revenues should exceed $100 million. That would be nearly double 1990 revenues of $55 million. Termeer didn't specify Genzyme's anticipated 1990 loss. Its stock (NASDAQ:GENZ) has gained $6.50 a share since its close last Thursday.
Termeer reiterated that Genzyme expects imminent U.S. marketing approval of Ceradase, as recommended in October by a Food and Drug Administration advisory committee, for treating Gaucher's disease, an inherited metabolic disorder.
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