July 25, 2007
Company's growth not generally accepted
By Matthew L. Brown
If one disregards pre-tax compensation expenses of $71.8 million, debt payments of $49.5 million and a $25 million milestone payment to Ceregene Inc., Cambridge-based Genzyme Corp., which has operations in Framingham and Westborough, had a great second quarter.
Making those exceptions, the biotechnology company's net income for the quarter was $238.7 million, a 32 percent increase over the $181.2 it reported for the same quarter last year, according to non-generally accepted accounting principles.
Using generally accepted accounting principles, Genzyme's second-quarter net income was $139.9 million, compared to $134.5 million a year ago.
Making those exceptions, the biotechnology company's net income for the quarter was $238.7 million, a 32 percent increase over the $181.2 it reported for the same quarter last year, according to non-generally accepted accounting principles.
Using generally accepted accounting principles, Genzyme's second-quarter net income was $139.9 million, compared to $134.5 million a year ago.
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