Genzyme revenues increase by 18%

BIOTECHNOLOGY company Genzyme, which employs more than 380 people at its Waterford facility, has reported an 18% increase in revenues in the three months to June 30.

During the second quarter of this year, Genzyme, which has invested more than €270 million at its Waterford site, generated about €211.5m in cash from operations and increased its cash position to about €1.1 billion.

Genzyme anticipates compound earnings growth averaging 20% annually to 2011.

“We are confident about the current strength of the company and have a bullish view of our future,” said Genzyme Corporation chairman and chief executive Henri A Termeer.

“We remain focused on our goal of sustaining a 20% earnings growth rate. We evaluate every decision we make about internal programmes and acquisitions in the context of this goal.”

Of particular relevance to the company’s Irish operations, sales of Renagel rose 14% to €105.8m in the second quarter, up from €92m in the same period a year ago.

Supplied from Waterford to global markets, Renagel continues to gain market share based on its demonstrated clinical and economic benefits.

Sales of Myozyme — scheduled for production in Waterford from later this year — rose to €34.1m, compared with €4.74m in the same period a year ago.

Sales of the Waterford-produced anti-organ rejection agent Thymoglobulin and Lymphoglobuline were worth €30.2m in the second quarter.