Genzyme Corp. on Wednesday reported record revenues, drivenby a near doubling of product sales, for its second quarterended June 30.
The company had net income of $3.2 million, or 14 cents ashare, on revenues of $28 million. For the same quarter of1990, Genzyme reported net income of $5.8 million, or 36cents a share on revenues of $12.3 million.
The second quarter of 1990 included an extraordinary gain of$7.2 million related to its spinoff of IG Laboratories Inc.Excluding special charges, the company had a pre-tax profit of$3.5 million in the second quarter of 1991 compared with $1.4million in the same quarter last year.
Product sales for the quarter were $16.8 million, comparedwith $8.7 million for the 1990 quarter.
Genzyme stock (NASDAQ:GENZ) closed at $34.50, up $1.25, onWednesday.
"This is the first time in our 10-year history that we canreport substantial operating profitability," said Henri A.Termeer, chairman and chief executive officer of theCambridge, Mass., company.
Termeer said Genyzme expects 1991 revenues of $100 millionfrom its Ceredase drug to treat Type 1 Gaucher disease.Ceredase received Food and Drug Administration marketingapproval in April. -- Karen Bernstein
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