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.