Genzyme Corp. (NASDAQ: GENZ) said Tuesday its fourth-quarter revenue fell 7.7 percent due to lower sales of two key genetic disorder drugs, according to Associated Press.
The company said revenue fell to $1.08 billion during the quarter from $1.17 billion in 2008. Meanwhile, full-year sales fell 2 percent to $4.5 billion from $4.6 billion.
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Analysts polled by Thomson Reuters expected fourth-quarter revenue of about $1.08 billion and full-year revenue of about $4.51 billion.
Genzyme plans to release full quarterly results and issue guidance for 2010 on Feb. 17.
On Tuesday, Genzyme said sales of Cerezyme plunged 65 percent to $106 million from $306 million during the quarter, and dropped to $793 million from $1.2 billion for the year. Fabrazyme sales fell to $59 million from $126 million during the quarter and dropped to $431 million from $494 million during the year.
The company also said it is boosting its sales force and adding manufacturing capacity.
Shares of Genzyme fell 66 cents to $53.04 in afternoon trading.
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