The same week Genzyme Corp. gained FDA approval of its next-generation phosphate binder, Renvela, and finally completed its acquisition of clofarabine partner New York-based Bioenvision Inc., the big biotech firm posted strong third-quarter sales growth.

The Cambridge, Mass.-based company said its total revenue grew 19 percent over last year to total $960.2 million. Non-GAAP net income was $241.3 million, or 90 cents per share, beating consensus estimates of 87 cents per share. GAAP net income, which includes pre-tax stock-compensation expenses and charges related to the Bioenvision acquisition, totaled $159.3 million, or 58 cents per share.

Genzyme attributed its growth during the three months ending Sept. 30 primarily to increasing product sales, the launch of new products on the market and continued operating leverage from the company's infrastructure, and it expects that non-GAAP earnings should grow at a compound average of 20 percent through 2011.

For the third quarter, sales of its Pompe disease drug Myozyme (alglucosidase alfa) rose to $53.6 million, sales of Fabry's disease drug Fabrazyme (agalsidase beta) increased 12 percent to $104.6 million; sales of Gaucher's disease drug Cerezyme (imiglucerase for injection) grew 13 percent to $286.1 million; and sales of Aldurazyme (laronidase), which is marketed for mucopolysaccharidosis in a joint venture with Novato, Calif.-based BioMarin Pharmaceuticals Inc., totaled $32.3 million. Thyrogen sales grew 20 percent over last year with sales of $26.8 million, and Genzyme expects FDA approval for that drug's use in thyroid cancer remnant ablation procedures later this year.

The star of its renal business, Renagel (sevelamer hydrochloride) posted sales of $154.2 million in the third quarter. Genzyme's second-generation phosphate binder, Renvela, which gained approval earlier this week for use in chronic kidney disease patients on dialysis, is expected to hit the market in the first quarter of 2008. Also included in the company's renal business is Hectorol (doxercalciferol), which posted sales of $30.3 million for the quarter. Other product sales included Thymoglobulin (anti-thymocyte globulin, rabbit), which totaled $41 million; Synvisc (hylan G-F20), which totaled $61.2 million; and Clolar (clofarabine) and Campath revenue, which comprised the company's $22.7 million in oncology revenue.

Of the approximately $280 million generated in cash during the quarter, the company is using a portion to repurchase shares under a three-year program to reduce the dilutive effect of equity compensation programs. Since the program began in the second quarter, Genzyme has spent $181.2 million to repurchase 2.8 million shares.

Genzyme's stock (NASDAQ:GENZ) gained $2.22 Wednesday to close at $75.73.