I'm beginning to think the forces of nature are against Genzyme (Nasdaq: GENZ). Last year, a viral contamination forced the company to shut down one of its manufacturing plants. As it was ramping production back up, Boston's water problem slowed production back down. And let's not forget about the FDA stepping in with a consent decree.

Genzyme is in a proxy fight with Carl Icahn, so its investor day yesterday was a pretty important chance for management to explain to investors how it plans to get back on track. But it didn't get analysts' full attention. Company officials were reportedly looking at the tops of analysts' heads as they looked down at their handheld devices, trying to figure out what the heck was going on with the market. Who knows how much retail investors were paying attention?

Well, in case you missed it, here you go.

Genzyme's new plan calls for divesting three noncore business -- genetic testing, diagnostic products, and pharmaceutical materials. While Pfizer (NYSE: PFE) and Merck (NYSE: MRK) are diversifying away from prescription drugs, Genzyme is headed in the other direction.

I'm not sure that's such a bad idea. One has to wonder whether being overextended caused management to be distracted. Fellow orphan-drug maker BioMarin Pharmaceutical (Nasdaq: BMRN) has tripled over the past five years compared with Genzyme's 16% decline. Genzyme could go on the same kind of run if it can get a couple of good hits from its pipeline; Pompe disease drug Lumizyme and cholesterol drug mipomersen, which is partnered with Isis Pharmaceuticals (Nasdaq: ISIS), in particular.

The part of Genzyme's plan that I'm not so sure about is the repurchase of $2 billion worth of its stock. Sure the stock is theoretically cheap based on its growth potential, but when it comes to cash, Genzyme is no Bristol-Myers Squibb (NYSE: BMY), which announced a multibillion stock repurchase of its own this week.

Unlike Bristol-Myers and its mountain of cash, Genzyme ended last quarter with less than $1 billion in cash and equivalents. It plans to finance the first $1 billion purchase within the next year and then purchase the second $1 billion the following year. Presumably, divesting the noncore assets will help pay for the repurchase, but I wonder whether management could find better use for the funds. Like, I don't know, new fill and finish equipment.

Until the stars align back in Genzyme's favor, investors should be very careful when considering an investment in its potential comeback.

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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. BioMarin Pharmaceutical is a Rule Breakers pick. The Fool has a disclosure policy.