Genzyme Corp (GENZ.O), the target of an $18.5 billion hostile bid from Sanofi-Aventis (SASY.PA), posted preliminary fourth-quarter earnings that fell short of Wall Street forecasts and cut its profit forecast for 2011. U.S.-based biotech Genzyme has failed to meet a series of earnings forecasts in recent years. Its latest earnings miss and reduced expectations for 2011 could make it harder to persuade Sanofi that it is worth more than the $69 a share offered by the French drugmaker. "When they first announced their expectations in October for 2011, we thought that their guidance was pretty aggressive and assumed a best case scenario," said Morningstar analyst Karen Andersen, referring to a special investor meeting that Genzyme held in New York to argue for a higher value.
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