Genzyme hit on earnings surprise

GENZ was down $6.17 (24%) to $19.70 on 23.1 million shares on Thursday, following yesterday's post-market announcement that it reduced its 2002 revenue guidance to $1.1-$1.15 billion from $1.15-$1.2 billion, primarily due to lower sales expectations of Renagel sevelamer to treat end-stage renal disease (see BioCentury Extra, Wednesday June 19). The selloff erased $1.3 billion off the company's market cap, which now is valued at $4.2 billion. ...