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Biotech / Medical : GENZYME - THE KING OF THE BIOTECHS
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To: aliveinsf who wrote (312)7/28/1998 3:31:00 PM
From: Jeffrey Silver  Read Replies (1) of 410
 
I own Genzyme and think it is a good value.
I think that everybody should realize that some
of Genzyme's general's earnings come from the
fact that they get all of the tax loss credits
from the losses of its sister company's even
though it records only part of the losses if any.
I think about 30% of its EPS comes from this last year
even though General's share in the losses where much
less.General makes sure when they accumilate enough
GENZL stock that they distribute it to shareholders.
This keeps the game working.If GENZL ever has income
this game would stop.I think that it is in General's
interest to keep GENZL at a loss.This year the percent
of net income from this relationship will be less and
as net income grows maybe it won't matter any more.
Does anybody have an opinion on this?

Jeffrey
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