Genzyme posts third quarter profit

Genzyme has posted a third-quarter profit compared to a loss last year, when it took a big charge associated with an acquisition.

Massachusetts-based Genzyme reported net earnings of US$97.8 million, or 42 cents a share, compared with a loss of US$95.7 million, or 43 cents a share, a year ago.

Excluding one-time charges the company earned $115.9 million, or 49 cents a share. On that basis analysts had expected the company to make 45 cents a share.

Revenue rose 30 per cent to US$569.2 million from US$437 million, helped by higher sales of its drugs for kidney disease, rare genetic disorders and from products acquired from SangStat Medical.

The results were slightly higher than analysts had anticipated because of strong sales and a delay in the completion of the company's planned acquisition of Ilex Oncology to the fourth quarter from the third quarter.