Q2 Profit Gains For Genzyme
Genzyme Corp. reported a second quarter profit of $192 million on a 5 percent revenue increase and a considerable decline in research and development spending.
For the second quarter of 2008, the company reported a $70 million profit on revenue of $1.17 billion. Revenue for the most recent quarter was $1.23 billion and included $13 million in lost revenue due to the temporary shutdown of the company's manufacturing facility in Allston that produces the drug Cerezyme.
The facility was closed when a virus was detected in the building.
Genzyme is based in Cambridge and has significant operations in Framingham, as well as other operations around eastern and Central Massachusetts.
The company spent $210 million on research and development during the second quarter compared to $382 million during the same quarter a year ago and reported operating income of $248 million compared to $86 million the prior year.
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