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Total assets $9,182,852 $8,301,741
Current liabilities $1,492,143 $1,502,406
Noncurrent liabilities (1) 649,305 186,398
Stockholders' equity 7,041,404 6,612,937
Total liabilities and stockholders' equity $9,182,852 $8,301,741
(1) Effective January 1, 2008, in connection with the restructuring of
BioMarin/Genzyme LLC, our joint venture with BioMarin Pharmaceutical
Inc., we licensed certain rights to commercialize Aldurazyme from the
joint venture and, in accordance with the provisions of FASB
Interpretation No. 46R, "Consolidation of Variable Interest Entities,"
began consolidating the results of the joint venture at fair value.
As of June 30, 2008, intangibles, net, includes $480,500K for the fair
value of the joint venture's manufacturing and commercialization
rights to Aldurazyme, offset by $(12,012)K of related accumulated
amortization. Our noncurrent liabilities includes $468,488K of
additional net liabilities related to the fair value of these rights.
Excluding these rights, the fair values of the assets and liabilities
of the joint venture as of June 30, 2008 were not significant.
(2) As of June 30, 2008, other noncurrent assets includes $80,100K for the
fair value of the five million shares of Isis common stock that we
purchased in February 2008.
GENZYME CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS
For the Three Months Ended June 30, 2008
(Amounts in thousands, except per share data)
Dilution Gain on
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