Revenue from Rituxan, a treatment for non-Hodgkin's lymphoma and rheumatoid arthritis co-marketed with Genentech Inc. (NYSE:DNA) (DNA), grew 19% to $247 million.

Overall, Biogen reported net income of $163.1 million, or 54 cents a share, compared with $131.5 million, or 38 cents a share, a year earlier. Excluding items, the company's earnings were 83 cents a share, beating expectations of 79 cents a share, according to Thomson Reuters.

Revenue rose 32% to $942.2 million, beating Wall Street expectations of $890 million.

Crosstown Traffic

Genzyme (NASDAQ-NMS:GENZ) , which focuses on treating rare disorders, also beat Wall Street estimates for earnings and revenue on sales growth across all its product lines.

"The product and expense lines were generally in line with our expectations," said analyst Alex To with Natixis Bleichroeder, who called the results an " uneventful quarter."

The report comes after Monday's news that the Food and Drug Administration rejected a request from Genzyme (NASDAQ-NMS:GENZ) to produce its drug Myozyme at a larger-scale plant, cutting supply in the U.S. until it is approved and forcing the company to lower its earnings forecast for this year.

The company cut its 2008 non-GAAP earnings-per-share view by 10 cents to $ 3.90, but maintained its long-term view for 20% growth in non-GAAP earnings per share through 2011, hitting $7 a share by 2011.

The company also noted that it expect second-quarter earnings per share in the "mid-90s", compared with the current consensus estimate of 96 cents.

In the latest quarter, Genzyme (NASDAQ-NMS:GENZ) reported sales of kidney-failure products Renagel and Renvela, which launched in March, rose 23% to $168.7 million.

Sales of Cerezyme, a treatment for Gaucher disease, a disorder that swells internal organs and weakens bones, rose 15% to $304.3 million. Sales of Fabrazyme, a treatment for Fabry disease, a buildup of fats in blood vessels, grew 16% to $116.5 million.

For the quarter, Genzyme (NASDAQ-NMS:GENZ) reported net income dropped to $145.3 million, or 52 cents a share, compared with $158.2 million, or 57 cents a share, a year earlier. The latest quarter was weighed down by a $56.5 million charge related to its partnership with Isis Pharmaceuticals Inc. (NASDAQ-NMS:ISIS) (ISIS) in January.

Excluding items, the company's earnings were 95 cents a share, beating expectations of 93 cents a share, according to Thomson Reuters.

Revenue rose 25% to $1.1 billion, slightly beating Wall Street expectations of $1.09 billion.

- Thomas Gryta; Dow Jones Newswires; 201-938-2053; thomas.gryta@dowjones.com

    (END) Dow Jones Newswires   04-23-08 1313   Copyright (c) 2008 Dow Jones & Company, Inc.