Take the Money and Run Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Take the Money and Run

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: X Y Zebra who wrote (4465)	6/20/2002 12:34:43 PM
From: X Y Zebra	Read Replies (1) of 17639

Genzyme slashes profit targets Stock hits two-year low as slowing sales hurt earnings By Ted Griffith, CBS.MarketWatch.com Last Update: 12:28 PM ET Jun 20, 2002 CAMBRIDGE, Mass. (CBS.MW) -- Shares of Genzyme sank to a two-year low Thursday after the biotech firm slashed its profit expectations for the second quarter and the full year amid a slowdown in sales for a key drug. Shares of Genzyme (GENZ) were off $6.14, or 24 percent, to $19.73. The Cambridge, Mass.-based biotech firm said it now expects second-quarter earnings to be between 25 to 26 cents per share and for the full year to be between $1.18 to $1.23 per share. Genzyme had been expected to earn 33 cents per share in the second quarter and $1.36 per share for the full year, according to the average estimates of analysts polled by Thomson Financial/First Call. In a statement, Genzyme blamed the shortfall on slower-than-expected sales of its drug Renagel, which is used in the treatment of patients undergoing kidney dialysis. Genzyme said it now expects 2002 Renagel sales to be between $200 million and $210 million compared with a previous goal of between $260 million and $280 million. One bright spot for the company: Genzyme said sales of its Cerezyme drug, used in treating a rare genetic disorder, could be as much as 5 percent above earlier expectations.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next