Genzyme Reports Financial Results for the First Quarter of 2006

Genzyme Corp. announced the 19.04.06 financial results for the first quarter of 2006. Revenue increased 16 percent to $730.8 million, up from $629.9 million in the same quarter a year earlier.

GAAP net income rose to $101.0 million, or $0.37 per diluted share, compared with $95.6 million, or $0.36 per diluted share in the first quarter last year. GAAP earnings in the first quarter of 2006 reflect the implementation of FAS 123R related to expensing of stock options, which impacted results by $22.3 million net of tax, or $0.08 per diluted share.

Non-GAAP net income - which excludes amortization, contingent convert, and the impact of FAS 123R - increased to $156.5 million, or $0.59 per diluted share, up from $131.1 million, or $0.51 per diluted share, in the first quarter a year ago.

Source: Press release Genzyme the 19.04.2006

Read press release at the Genzyme homepage