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After advancing nearly threefold from late April to early December, Genzyme General has formed a twelve-week base. It stands 15% off its high.
On Monday the biotech firm revised its 2001 revenue projection for Renagel, raising it by almost 10%. The drug controls blood levels for dialysis patients.
Last quarter, earnings growth rose 18% to 58 cents a share. The firm is slated to announce fourth-quarter profits on March 8. Analysts expect earnin
gs will increase 10% to 57 cents a share, First Call says.
Recently, Genzyme said it expects higher revenue and will increase its researchand development spending for fiscal 2001. Sales growth has picked up in the past three quarters, from 11% to 13% to 21% to 22%.
Biomet is ...