Increased Drug Production Brings Genzyme Q3 Profit To $69M
Cambridge-based Genzyme Corp., which has more than 2,000 employees at facilities in Central Massachusetts, made a $69 million profit on revenue of $1 billion in the third quarter.
In the same period a year ago, the biotechnology and pharmaceutical giant reported a profit of $16 million on revenue of $924 million.
During the quarter, the company agreed to sell its Genzyme Genetics unit to Lab Corp. for $925 million in cash and completed half of a planned $2 billion share buy-back.
The company said the quarter's results were driven primarily by increased shipments of its drug Cerezyme. The drug was made at an Allston plant that was shut down last year after federal inspectors found a virus there.
Patients dependent upon Cerezyme, which treats Gaucher Disease, are returning to normal dosing now that production of the drug is returning to normal.
The company's profit from the drug has jumped 92 percent to $179 million since the third quarter of 2009.
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