Genzyme Corp (GENZ.O), the subject of an $18.5 billion hostile takeover bid from Sanofi-Aventis SA (SASY.PA), posted preliminary fourth-quarter earnings that fell short of Wall Street estimates. The company fourth-quarter earnings excluding one-time items of 80 to 85 cents a share. Analysts on average expected 90 cents a share, according to Thomson Reuters I/B/E/S. The shortfall is the latest in a series of failures by Genzyme to meet its forecasts.
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