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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, ...