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USB Piper Downgrades Genzyme

USB Piper Jaffray downgrades Genzyme (GENZ) shares to market perform from outperform.

Analyst Mark Augustine says after a strong stock performance in 2000-2001, he sees 2002 as a more challenging year. Although he continues to expect strong Renagel sales growth, he believes the peak sales potential lies closer to $500 million than the $1 billion forecast offered by the company.

He views Vevesca's U.S. approval prospects as a coin toss at best. An early take on the company's Fabrazyme competitive situation in Europe is that market share favors TBIO's Replagal, which could put assumptions in Genzyme's EPS at risk.

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