Genzyme revenue up 21% in Q4

REVENUES at biotechnology firm Genzyme, which employs almost 400 people in Co Waterford, rose 21% in the fourth quarter of last year to $1.04 billion (€0.7bn), up from $854m (€577m) in the same period a year earlier.

For the full year just ended, revenue grew 20% to $3.8bn (€2.57bn) from $3.2bn (€2.16bn) in 2006.

Of the products with a Waterford input, Myozyme sales more than doubled in the fourth quarter, rising to $62m (€41.92m) from $30m (€20.28m) in the previous fourth quarter.

Myozyme sales in the 12 months to December 31 last year reached $201m (€135.9m) more than three times greater than sales of $59m (€39.89m) in 2006.

Also fourth-quarter sales of Cerezyme were $301m (€203.51m), 15% greater than sales of $262m (€177.14m) in the fourth quarter a year ago. For the year, sales were $1.1bn (€743.7m), up 13% from $1bn (€675.9m) the year before.

Sales of Renagel meanwhile rose 23% in the fourth quarter of 2007 to $167m (€112.85m), compared with $135m (€91.2m) in the previous fourth quarter.

For the year, Renagel sales increased 17% to $603m (€407.4m), compared with $515m (€348m) the year before.

Genzyme’s chairman and chief executive officer Henri A Termeer reiterated the firm’s outlook for strong growth yesterday.

Last September Genzyme said it was investing €20m in expanding its Irish operations in Waterford. It has invested more than €270m since setting up here six years ago.