Good news on the Waterford business front: Genzyme is going from strength to strength.
The company, whose biotechnology facility on the Old Kilmeaden Road employs 450, enjoyed a 13 per cent revenue increase in the final quarter of 2008 and a 21 per cent increase for the year in total.
Last year, the company announced a €130million investment programme at their Waterford plant, proof of their intent to sink deep business roots on Suirside.
In cash terms, revenues for the year just ended came to US$6.4billion, a $2.6billion increase on the 2007 figures.
“We made great progress during 2008 in a number of areas,” said Genzyme Chairman and CEO, Henri A Termeer.
“We delivered strong financial results, continued to grow our existing products, secured new product approvals, advanced pivotal clinical trials and significantly strengthened our late-stage pipeline.”
Genzyme revenues for 2009 are expected to come to between $5.2 and $5.4 billion and are projected to reach $7 billion by 2011.
And with 16 new regulatory approvals between now and 2012, the company is confident that these approvals will contribute to the company’s growth beyond 2011.
Genzyme products are available in approximately 100 countries, produced by 17 manufacturing sites based in nine different countries.
With over half its revenues coming from outside the United States, Genzyme is debt free, and annually generates more than $1 billion in cash.