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Salomon Cuts Genzyme General to 'Outperform'

Salomon Smith Barney downgraded Genzyme General (GENZ) to outperform from buy.

Analyst Elise Wang says the company is continuing to struggle with managing U.S. wholesaler inventory levels. She notes Genzyme cut its 2002 guidance for sales of its Renagel drug to $200 million to $210 million from $260 million to $280 million. She also lowered her $250 million 2002 Renagel sales estimate to $200 million, and trimmed the $400 million 2003 estimate to $325 million. Wang cut her $1.38 2002 earnings per share estimate to $1.18, and cut the $1.82 2003 EPS estimate to $1.55. Finally, Wang slashed the $70 12-month target to $31.

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