Genzyme 2Q profit falls on drug licensing charge

Profit fell to $69.6 million, or 25 cents per share, from $83.8 million, or 31 cents per share, a year ago. Excluding stock compensation costs and other items, adjusted profit was 98 cents per share.

Analysts polled by Thomson Financial expected profit of 97 cents per share on revenue of $1.13 billion. Such estimates typically exclude one-time items.

The charges during the quarter included a $175 million payment to Isis Pharmaceuticals for rights to the developing cholesterol drug mipomersen.

Revenue, meanwhile, rose 25 percent to $1.17 billion from $933.4 million in the same period a year ago

"It was a strong and highly productive quarter," Chairman and Chief Executive Henri A. Termeer said in a statement. "We delivered solid financial results, set in place a number of catalysts that will drive near-term growth, and continued to build the company to grow beyond 2011."

Sales of Myozyme, which treats a genetic disorder known as Pompe disease that can impair muscle function, rose 65 percent to $77.2 million, the company said, despite a delay in regulatory approval for a higher scale of production.

The company said sales of its Fabrazyme enzyme replacement therapy increased 21 percent to $126.6 million, while sales of Cerezyme for Gaucher disease, another enzyme disorder that can result in liver and neurologic problems, grew 13 percent to $319.4 million. Sales of Aldurazyme, which treats the inherited disorder MPS I that can lead to organ damage, grew 33 percent to $38.8 million.

Shares fell 30 cents to $79 in premarket trading. The stock closed at $79.30 Tuesday.