Yesterday biopharma giant Genzyme (NASDAQ:GENZ) announced booming second-quarter financial results.

Revenue was up a healthy 18% and non-GAAP net income rose 32% year over year in the second quarter. All three of Genzyme's top products -- Cerezyme, Renagel, and Fabrazyme -- had double-digit percentage sales gains, and the company did a good job of controlling costs with operating margins up 5 percentage points to 19%.

On the R&D side, following last week's positive clinical trial results, Genzyme will likely be filing for U.S. and EU regulatory approval of its recently acquired stem cell transplant product, Mozobil, in the first half of 2008.

Based on the better-than-expected sales this quarter, Genzyme raised its non-GAAP earnings guidance for the year to $3.35-$3.40 a share and forecast an average of 20% compounded annual growth in its EPS numbers from 2006 until 2011. If it can hit this target, it will be earning approximately $6.90 per share in 2011.

Trading at $63 a share and change, Genzyme has a lot of growth built into its valuation. That said, shares of Genzyme don't necessarily look overvalued if the pharma can hit its growth targets. Investors tired of development-stage drugmakers and in search of one of the least risky (operationally at a least) biopharmas should take a closer look at Genzyme.

Looking for more Foolish drug stock coverage? Check out the Fool's market-beating Rule Breakers newsletter. You can check out all our recommendations, as well as get access to our message boards and exclusive content, with a 30-day free trial.

Fool contributor Brian Lawler does not own shares of any company mentioned in this article. The Fool has a disclosure policy.