Biotech Earnings Preview: A Place to Hide?

Within the quarter, Biogen reported the first two confirmed cases of brain infection progressive multifocal leukoencephalopathy - a known risk of the drug -- since its relaunch in 2005.

The FDA has since expanded the label to include the risk of progressive PML with Tysabri when it's used alone.

As of the end of June 2008, there were more than 31,800 patients on commercial and clinical Tysabri therapy worldwide -- the rate of new patient additions had increased to 438 per week in the second quarter. Wall Street will listen for an update on new-patient additions.

Biogen last guided for adjusted EPS to at or above $3.50, in line with its goal of 20% non-GAAP EPS growth through 2010.

Analysts surveyed by Thomson Reuters peg $3.55 a share on $3.98 billion in revenue.

Genzyme, Oct. 22

Genzyme (GENZ Quote) sales -- and thus its quarter -- are hard to predict, given a lack of comprehensive prescription and sales data. But, the consensus is for the company to report $1 a share on revenue of $1.18 billion for the third quarter, according to Thomson Reuters.

Foreign exchange added 6 percentage points of growth to Genzyme's revenue in the first half of the year, according to the Deutsche Bank biotech team. Thus the strengthening dollar stands to negatively affect the company's third quarter, although it may be partially offset by price increases.

Analysts expect $173 million from Renegel, Renvela in the recent quarter. The consensus view is for $317 million from Cerezyme, $126 million from Fabrazyme, and $78 million from Myozyme.