Lumizyme/Myozyme Overseas Potential to Support GENZ Growth in 2010
Jim Birchenough of Barclays Capital maintains his "overweight" rating for Genzyme General (NASDAQ: GENZ). The target price for GENZ is set to $63.
GENZ indicated that it has received the complete FDA response for Lumizyme and it will file its response within the fortnight. GENZ remains on track to release Lumizyme by late November and may make additional shipments in December, according to Barclays Capital. According to GENZ, it might meet complete demand for Gaucher in 1Q10 with the help of the current fill/finish capacity in Allston and Waterford.
Although Genzyme General's strategy for Lumizyme/Myozyme in the US remains uncertain, there is substantial potential for these drugs overseas, Barclays Capital said. This overseas potential is expected to support GENZ growth in 2010, Barclays Capital added. While the supply of Cerezyme continues to be a significant variable, Barclays Capital expects GENZ's sales to recover in 2010 with the transfer of fill and finish to Waterford and positive FDA inspection.
