Genzyme Corp. said Tuesday that its revenues for the firstquarter ended March 28 were a record $42 million, a 122percent increase over first-quarter 1991 revenues of $18.9million.
Net income for the quarter was $7.7 million, or 32 cents pershare, compared with $3.8 million, or 20 cents, in the year-agoperiod.
The earnings per share number was in line with the Wall Streetconsensus, said Robert Kupor of Kidder, Peabody. Genzymestock (NASDAQ:GENZ) rose $2.13 to $39.13.
Sales of Ceredase, the Cambridge, Mass., company's orphandrug treatment for Gaucher's disease, were $20 million, upfrom $18 million in the fourth quarter of 1991, said DavidMcLachlan, senior vice president of finance.
Diagnostic sales were up 40 percent compared with the 1991quarter, at more than $8 million. Pharmaceuticals and finechemicals sales rose 36 percent, to $3 million-plus. Diagnosticservices sales of Genzyme subsidiary IG Laboratories Inc. rose97 percent, to more than $3 million. Other revenues were fromR&D contracts.
The analyst consensus projects 1992 earnings per share of$1.40 to $1.45. "I don't have a problem with that," saidMcLachlan.
Genzyme has $288 million in cash. -- KB
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