Invitrogen Corporation (NASDAQ:IVGN) today announced that the company has completed a significant milestone in the integration planning for the Applied Biosystems combination. The company has finalized the synergy targets by identifying specific actions and timing to achieve the synergies for all functions within the new company.

“The synergy work we’ve had underway for the last three months has led to a very comprehensive and robust plan that is now locked in by each operational area,” said Greg Lucier, Chairman and Chief Executive Officer of Invitrogen. “I am extremely pleased with the progress we are making. To have a week-by-week integration plan a full month before the expected close date and implementation of the plan puts us in a strong position to deliver the financial benefits of this merger.”

The company provided an update on the amount of synergies it expects to achieve in the first year after close. The original expectation for year one synergies was $60 million. The company now expects this synergy realization to be at least $80 million, mostly attributable to cost savings.

The higher amount of synergies, as well as a lower than expected share count of 179 million shares, will lead to higher earnings per share growth than originally anticipated. These positive benefits will be partially offset by recent fluctuations in currency exchange rates and an increase in the expected interest rate on the new debt. Given these changing factors, the company provided updated earnings per share guidance for fiscal year 2009, assuming today’s exchange rates and LIBOR rates, of at least $2.65 as compared to the original expectation of at least $2.60.

In addition to an update on 2009 financial expectations, the company provided a preview into preliminary 2008 third quarter financial results. Third quarter total revenue growth was in the mid-teens including several points of growth attributable to foreign currency exchange. Non-GAAP earnings per share grew more than twenty percent as a result of increased volume and continued operating margin expansion.

The company will provide more detailed financials after markets close on its previously scheduled announcement date of October 21st. The company will host a call immediately following this announcement, which will include operational and financial highlights for the quarter.

“Invitrogen is in a unique position, largely insulated, although clearly not immune, from economic turbulence and our end markets remain stable,” said David Hoffmeister, Chief Financial Officer of Invitrogen. “As it relates to the financing of the Applied Biosystems transaction, we are well situated with our syndication complete amongst a strong group of lenders.”

“While we continue to invest significant time and resources in our integration efforts, we are not taking our eye off our day-to-day business,” Lucier said. “We remain very operationally focused so that we can deliver on the promise of our combination with Applied Biosystems, and we’re gratified by the positive sentiment our shareholders have expressed regarding the short-term and long-term value of the deal.”