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Biotech / Medical : GENZYME - THE KING OF THE BIOTECHS
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To: Racso who wrote (366)4/29/1999 9:37:00 AM
From: Harold Engstrom  Read Replies (1) of 410
 
Rasco, FWIW, the comparative numbers you cite don't tell the whole story. For example, although Genzyme's price/book is lower than the other companies you cite, their book value is comprised of a much higher ratio of property, plant and equipment than the others. A price/cash ratio would yield a flatter comparison. PE can be explained by Genzyme's low growth rate relative to most of the others. And the price/sales ratio can also be explained by Genzyme's selling of medical products as well as biopharmaceuticals - the ratio should be lower for this reason. I don't think the numbers speak for themselves, but that doesn't mean Genzyme isn't a good investment.

Good luck,

Harold
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