Deutsche Bank Comments on Genzyme (GENZ) Related to FX Exposure
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Deutsche Bank comments on Genzyme Corp. (Nasdaq: GENZ) related to FX exposure. The firm said, "Given investor "confusion" today around GENZ's foreign exchange exposure we conducted an analysis to calculate the impact of FX on GENZ EPS. For YTD Jun'08 we calculate FX has a $0.09 EPS impact to Adjusted EPS of $1.93 (2007 was $1.66) i.e. excluding FX, EPS would be is $1.84. Growth for YTD Jun '08 EPS incl. and excl. FX would be 16% and 11% respectively."
Deutsche Bank said Genzyme confirmed that it does not hedge against top-line fluctuations, but does hedge against FX impact to Cap-Ex.
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