Since October, Genzyme
Genzyme didn't make any particularly groundbreaking announcements during its presentation, and reiterated its oft-repeated long-term financial forecast. Its guidance is for 20% average non-GAAP earnings-per-share growth through 2011. To help achieve this guidance Genzyme highlighted in-house pipeline drug alemtuzumab and a recently in-licensed Isis Pharmaceuticals
Genzyme made a splash earlier this month when it signed a collaboration deal with Isis at the same time as its fourth-quarter earnings announcement. The deal is worth nearly $2 billion in potential upfront cash and milestone payments for Isis' top pipeline drug candidate, mipomersen. Mipomersen is currently in phase 3 testing as a treatment for high cholesterol caused by a genetic disorder, and in phase 2 testing for routine high cholesterol.
A marketing application in the genetic indication is expected in 2009, and Genzyme at the conference also defended the Isis deal by saying that mipomersen wouldn't be competing with Merck's
Genzyme also talked extensively about its multiple sclerosis (MS) treatment alemtuzumab, which is a formulation of the already approved leukemia drug Campath. Last year the uniquely once-a-year dosed alemtuzumab produced positive efficacy data in a phase 2 study, although it did exhibit safety issues in an earlier clinical trial. Alemtuzumab is currently in phase 3 testing.
During the Wachovia presentation, Genzyme's executive vice president talked about how one financial analyst called alemtuzumab the "most important" compound in late-stage development for the disease, and how it could be more important than other MS drugs in development, like Genentech's
More Foolishness from Wachovia Healthcare conference:
