Genzyme quarterly report shows $17.2 million set aside to ensure continued supply of transgenic alpha glucosidase.
[NB- this is an extract from the full press release. the interesting thing to note is the $17.2 Million set aside to ensure continued production of the transgenic enzyme for those patients who need it.]
Raises Renagel Sales Guidance CAMBRIDGE, Mass.-Genzyme Corp. today announced third-quarter financial results for Genzyme General (Nasdaq: GENZ). Revenues for the quarter were $255.1 million, 33 percent greater than revenues of $192.2 million for the same quarter last year.
Profit before special items and amortization was $64.1 million, or $0.30 per diluted share, up 16 percent from $55.2 million, or $.30 per diluted share, in the third quarter of last year.
Profit before special items and amortization was calculated this quarter using approximately 217 million diluted shares, compared to 194 million diluted shares in the third quarter last year. This year-to-year increase reflects the issuance of new shares for the acquisition of GelTex Pharmaceuticals Inc. in December 2000 and additional shares from exercised options. Including the shares related to the acquisition of Novazyme Pharmaceuticals Inc., Genzyme expects to conclude the year with approximately 220 million shares outstanding.
Genzyme General recorded a number of special items in the quarter related to its ongoing commitment to develop a treatment for Pompe disease. First, it recorded a charge of $86.8 million for in-process research and development associated with the Novazyme acquisition. In addition-as a result of the decision by Pharming Group N.V. to file for receivership-Genzyme created a $17.2 million reserve to fund the continued production of transgenic enzyme for nine patients with Pompe disease participating in the extension of a clinical trial formerly sponsored by Genzyme and Pharming. Genzyme also wrote down $14.9 million in amounts owed by Pharming to Genzyme.