Despite reporting a narrower quarterly loss than analysts had estimated, shares in ZymoGenetics rose just 3% yesterday to $3.85, a mini-recovery from a record low of $2.69 last week, but still representing a 72% slump in value over the past 12 months.Pivotal to the underwhelming response is likely to be a third consecutive quarter of disappointing sales for new thrombin product Recothrom; already significantly downgraded consensus had expected third-quarter sales of $4.4m but the company recorded sales of just $1.8m. With the company now guiding analysts to full-year sales of $7m, compared to prior consensus for $160m this year the drug is set to be one of the most disappointing new product launches in 2008.
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