GENZ lowers guidance again

Genzyme (GENZ) lowered its third quarter and 2002 full year EPS guidance to $0.26-$0.28 from $0.31-$0.33, and to $1.08-$1.11 from $1.18-$1.23, respectively. GENZ said the downward guidance reflects lower than expected end-user growth of Renagel sevelamer to treat end-stage renal disease, and continuation of reductions in wholesaler inventories. As a result, GENZ also lowered third quarter sales of the phosphate binder to $36-$40 million and full year sales estimates to $155-$165 million, down about 21%-23% from June's guidance of $200-$210 million.

GENZ said it expects wholesaler inventories to decline from July levels of about 8.5 weeks to 5-6 weeks at the end of the third quarter, and to 4-5 weeks by year end. In March, GENZ lowered its full year 2002 revenue guidance due to lower sales expectations for Renagel. ...