Shares of cancer drug developer Celgene ( CELG) sank after the company said it expects to miss earnings and sales estimates in 2007.

The company expects to earn $1 a share for the year on $1.3 billion in sales in 2007, compared with estimates of $1.09 a share on $1.38 billion in sales. The stock fell 4.4% to $54.77 Tuesday.

Biotechnology company Genzyme ( GENZ) sank despite posting solid results. The company said revenue grew 17% to $852 million in the fourth quarter. For 2007, revenue is expected to reach $3.6 billion to $3.8 billion, and earnings excluding certain items should be between $3.10 and $3.20 a share. Analysts were expecting Genzyme to earn $3.16 a share on sales of $3.62 billion. The stock fell 1.3% to $66.16.

Critical Therapeutics ( CRTX) shares gained 14.9% to $2.62 Tuesday after the company reported positive preliminary sales results for the fourth quarter thanks to higher sales of its asthma drug Zyflo as well as a recent price increase. The drugmaker expects to report $1.9 million to $2.1 million in sales of the drug.

Alnylam Pharmaceuticals ( ALNY) gained 7.7% to $21.98 after the company said it entered a licensing agreement with Inex Pharmaceuticals. Inex will receive an upfront payment of $8 million in cash or Alnylam stock, and $4 million in research and development funding over the next two years to help develop Alnylam drug-delivery systems.

Shares of specialty pharmaceutical company Labopharm ( DDSS) rose 4.2% to $6.16 after the company said it launched its painkiller Tramadol in Italy and Spain and plans to market the drug in the U.K., France and Belgium early this year.

Among other health stocks rising Tuesday were Schering-Plough ( SGP), up 2.4% to $23.98; Wyeth ( WYE), 1.4% higher to $52.09; Vertex Pharmaceuticals ( VRTX), rising 2.6% to $34.41; Myriad Genetics ( MYGN), up 3.6% to $32.55; Integrated Biopharma ( INB), lifting 1.5% to $6.89; and Catalyst Pharmaceutical Partners ( CPRX), gaining 5.5% to $4.25.

Among the losers were Novartis ( NVS), down 1.1% to $57.57; Rigel Pharmaceuticals ( RIGL), off 1.2% to $11.54; Allergan ( AGN), falling 1.2% to $116.31; and Sanofi-Aventis ( SNY), down 1.2% to $44.59.

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