February 11, 2009
Genzyme Profits Up In Q4
Genzyme Corp., the Cambridge-based biotech company with significant operations in Central Massachusetts, saw its profits rise in the fourth quarter of 2008 but decline for the year as a whole.
Net income for the company hit $86.7 million for Q4, up from $78 million during the same period in 2007. For the year, net income declined from $480.2 million to $421.1 million.
Revenue rose from $1 billion to $1.2 billion for the quarter and from $3.8 billion to $4.6 billion for the year.
Genzyme said it exceeded earnings expectations for the year in spite of the economic climate and has late-stage programs that should help sustain growth in the future.
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