BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Going Strong: Genzyme Corporation


5/5/2008 2:46:34 PM

Going Strong: Genzyme Corporation

First quarter was a roller coaster ride for the market, driven by hope and fear. While just about every category of stocks has been hammered in recent months, biotech has edged up the past several weeks. Investors have been betting that the biotech business model, which relies on breakthrough technologies and long-term contracts, can weather the economic storm in the U.S.

On April 21, 2008, Genzyme/NASDAQ: GENZ said it will have to reapply with the FDA for the approval of Myozyme. Myozyme produced at the 160 liter bioreactor scale and Myozyme produced at the 2000 liter scale should be classified as two different products because of differences in the carbohydrate structures of the molecules. Currently, Myozyme is manufactured at the 160 liter bioreactor scale and treats Pompe disease, a genetic disorder that impairs muscle function and can be life-threatening if the disease affects the lungs or heart. The drug is approved in more than 40 nations, but not yet in the U.S. The FDA has agreed to give priority review to the new application using data from a prior study with the 2,000 liter process. That means the FDA will make a decision on the drug within six months.

The delay prompted the company to cut its Myozyme guidance for 2008 to between $275 million and $285 million from between $320 million and $330 million. Profit will now reach about $2.65 per share, compared with prior guidance of $2.75 per share. Genzyme anticipates that Myozyme will be available commercially in the U.S. in the first quarter of 2009. Myozyme is an important component of Genzyme’s growth story, with estimated peak sales of about $1 billion. Eventually, Myozyme will be approved, hence, we maintain Genzyme’s target price of $79.

DISCLAIMER

Information transmitted via BioSpace.com has been provided by publisher, Nadine Wong, of the "Biotech Sage Report" Investment Newsletter and all comments and opinions are solely those of Nadine Wong. Information provided is not guaranteed as to completeness or accuracy by Nadine Wong (the "Biotech Sage Report" publisher), BioSpace, Inc., or any person. Such Information is neither an offer to sell nor a solicitation to buy the securities of any company. The security portfolio of the editor of this newsletter, our employees, principals or affiliated companies may, in some instances, include securities and/or options on securities mentioned in each issue. Additional information is available upon request. Information in this publication has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation are not guaranteed. Opinions expressed are subject to change without notice. The Information and views provided by the "Biotech Sage Report" Newsletter are prepared by Nadine Wong, and in no way reflect the views or efforts of BioSpace, Inc., any of BioSpace's employees or officers. BioSpace, and BioSpace's employees and officers, as well as (www.biotechnav.com) Wong & Wong, Inc, and Wong & Wong Inc.'s employees and officers, in no way accept responsibility for any of the Newsletter's content.

While all reasonable care has been taken to ensure that the Information contained herein is presented in good faith, and is not untrue or misleading at the time of publication, BioSpace, Inc. and Nadine Wong make no representation as to its accuracy or completeness and it should not be relied upon as such. The Information is supplied on the condition that the reader or any other person receiving the Information will make his or her own determination as to its suitability for any purpose prior to any use of the Information. From time to time, BioSpace, Inc. and any officers or employees of BioSpace, Inc., as well as Nadine Wong and or (www.biotechnav.com) Wong & Wong, Inc., and any officers or employees of Wong & Wong, Inc., may, to the extent permitted by law, have a position or otherwise be interested in any transactions, in any investments (including derivatives) directly or indirectly in the subject of this report. Also BioSpace, Inc. and (www.biotechnav.com) Wong & Wong, Inc., may, from time to time solicit business from any company mentioned in this report. This report is provided solely for the information of viewers of BioSpace.com and/or viewers and subscribers of the Newsletters, who are expected to make their own investment decisions without reliance on this report. Neither BioSpace, Inc. nor any officer or employee of BioSpace, Inc., nor Nadine Wong or (www.biotechnav.com) Wong & Wong, Inc., or any officer or employee of Wong & Wong, Inc., accepts any liability whatsoever for any direct, indirect, special or consequential damages or loss arising from any use of this report or their contents. This report may not be reproduced, distributed or published by any recipient for any purpose without the prior express consent of the publishers. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, trademark or copyright of BioSpace.com, Nadine Wong or (www.biotechnav.com) Wong & Wong, Inc., or any third party.

The value of the investment(s) to which this report relates and their income yield(s) may go up or down. The investment(s) referred to in this report may not be suitable for private investors: if you are in any doubt you should seek advice from your investment advisor. Changes in rates of currency exchange may have an adverse effect on the value, price or income of investments. Statements as to past performance of any investment are not a guide to future performance. The levels and bases of taxation can change, and if you are in doubt you should seek independent professional advice. In some cases it may be difficult for you to sell or realize your investment or to obtain reliable information about its value or the extent of the risks to which you are exposed.

THIS INFORMATION IS PROVIDED "AS IS" AND NO REPRESENTATIONS OR WARRANTIES, EITHER EXPRESS OR IMPLIED OF ACCURACY, MERCHANTIBILITY FITNESSFOR A PARTICULAR PURPOSE OR OF ANY OTHER NATURE ARE MADE WITH RESPECT TO THIS INFORMATION OR TO ANY EXPRESSED VIEWS PRESENTED IN THIS INFORMATION.


Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->