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Genzyme Reports Strong Second-Quarter Growth
Date:7/23/2008

3,927

Gain on investments in equity

securities, net(5,6) 9,153 143 9,928 12,931

Other 19 (278) (141) (803)

Investment income 13,352 17,246 28,222 33,465

Interest expense (1,149) (3,621) (2,804) (7,809)

Total other income (expenses) 21,938 19,450 36,419 53,268

Income before income taxes(1) 107,971 147,884 313,359 377,264

Provision for income taxes(1) (38,407) (64,090) (98,524) (135,283)

Net income(1) $69,564 $83,794 $214,835 $241,981

Net income per share:

Basic $0.26 $0.32 $0.80 $0.92

Diluted(1,7) $0.25 $0.31 $0.77 $0.88

Weighted average shares

outstanding:

Basic 266,904 263,911 267,127 263,693

Diluted(1,7) 284,262 280,564 285,028 280,244

(1) In accordance with the provisions of Financial Accounting Standards

Board, or FASB, Statement of Financial Accounting Standards No., or

FAS, 123R, "Share-Based Payment, an amendment of FASB Statement Nos.

123 and 95," we recorded pre-tax charges for stock-based compensation

expense and related tax benefits of:

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Cost of products and

services sold $(6,311) $(6,865) $(12,825) $(12,761)

Selling, general and

administrative expense (31,904) (35,248) (54,793) (57,747)

Research and development

expense (16,092) (19,143
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SOURCE Genzyme Corporation
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