Genzyme sees 21% increase in group revenue

GENZYME — the US biotechnology company that has invested more than €300 million (€227m) in its Irish operations in Co Waterford since establishing an Irish base in 2001 — has reported a 21% rise in group revenue, to $4.6 billion (€3.5bn) for 2008.

Fourth-quarter revenue for the year amounted to $1.17bn, which represented a year-on-year rise of 13%.

The company — which employs more than 450 people in its Irish manufacturing facility — said revenues for this year should come in between $5.2bn (€3.9bn) and $5.4bn (€4.1bn) and should reach $7bn (€5.3bn) by the end of 2011.