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Biotech's Stock Takes A Tumble After Warning.(A)

Investor's Business Daily

| February 04, 2003 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: FROM IBD NEWS SERVICES

Shares of Accredo Health Inc. (New America, Oct. 31) tumbled Monday after the biotechnology firm reported lower-than-expected quarterly sales and lowered its revenue forecast for the year.

The Memphis, Tenn.-based company, which distributes biotech products to patients with chronic illnesses, reported revenue of $364.4 million for the second fiscal quarter ended in December. That was more than double the prior year's total, but fell short of the $383.6 million expected by analysts.

Accredo said it expects revenue for all fiscal 2003 of between $1.4 billion and $1.45 billion, ...

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