(GENZ) Genzyme Corporation – Bear of the Day
Genzyme (GENZ) reported third quarter earnings of 31 cents per share, in-line with the Zacks Consensus Estimate but well below the year-ago earnings of 53 cents per share. Moreover, revenues declined 9% to $1.06 billion.
The company has been under significant pressure following the shutdown of its Allston manufacturing facility in June 2009. The shutdown is a major setback as three drugs — including key product Cerezyme — were being manufactured at the facility. Although Genzyme has resumed production, new lots will not be available until later this year.
The shutdown has affected the company s performance causing Genzyme to slash its outlook for 2009. Supply constraints, manufacturing issues and delays in new product launches will continue to weigh on the shares. We would avoid the name.
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