![\"genzyme\"](\"http:\/\/s.wsj.net\/public\/resources\/images\/MK-AW702_GENZYM_D_20090616201451.jpg\")
Manufacturing setbacks put a big dent in Genzyme’s fourth-quarter profit and the company’s outlook for 2010 earnings was lower than analysts had expected. If that wasn’t enough to worry about, Carl Iachn has upped his stake in the biotech.<\/p>\nManufacturing setbacks put a big dent in Genzyme’s fourth-quarter profit and the company’s outlook for 2010 earnings was lower than analysts had expected. If that wasn’t enough to worry about, Carl Iachn has upped his stake in the biotech.<\/p>\n
Well-chronicled problems<\/a> with viral contamination shut down a Massachusetts manufacturing plant last year, causing shortages of Genzyme’s top products, including the Gaucher’s disease treatment Cerezyme and Fabrazyme, for Fabry disease. That prompted a 73% drop in fourth-quarter earnings and a 43% sales drop for its genetics disease business, the company said<\/a> this morning.<\/p>\n Officials said Genzyme expects to recover and post growth this year but the company forecast current-year earnings of $2.80 to $3.20 a share on revenue of $5.23 billion to $5.53 billion, short of the Street’s expected profit of $3.34 a share and $5.28 billion in revenue. See more from Dow Jones Newswires<\/a>.<\/p>\n On the Icahn front, the billionaire activist raised his stake in Genzyme to 4.8 million shares as of Dec. 31 from 1.5 million three month earlier, Reuters<\/a> said Friday. That gives him a little under a 2% stake in the company.<\/p>\n Icahn is a veteran at shaking up biotechs, including most recently landing director seats at Biogen Idec and seeking to add<\/a> more.<\/p>\n Photo: Associated Pres<\/em>s <\/p>\n Manufacturing setbacks put a big dent in Genzyme’s fourth-quarter profit and the company’s outlook for 2010 earnings was lower than analysts had expected. If that wasn’t enough to worry about, Carl Iachn has upped his stake in the biotech. Well-chronicled problems with viral contamination shut down a Massachusetts manufacturing plant last year, causing shortages of […]<\/p>\n","protected":false},"author":792,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-332279","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/332279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/792"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=332279"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/332279\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=332279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=332279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=332279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/img><\/a>
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