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Genzyme Delivers Strong Fourth Quarter to Conclude Outstanding Year
Date:2/13/2008

Reaffirms Outlook for Continued Growth

CAMBRIDGE, Mass., Feb. 13 /PRNewswire-FirstCall/ -- Genzyme Corporation (Nasdaq: GENZ) today reported financial results for the full year and fourth quarter of 2007 and provided an outlook for continued strong growth in 2008 and beyond.

Full-Year 2007

-- Total revenue in 2007 increased 20 percent to $3.8 billion from $3.2

billion in 2006. The increase was broadly driven by growth across all

segments of the company.

-- GAAP net income was $480.2 million, or $1.74 per diluted share,

compared with a net loss of $16.8 million, or $0.06 per diluted share,

for the previous year.

-- Non-GAAP net income increased 27 percent to $939.9 million, compared

with $742.7 million in 2006.

-- Non-GAAP earnings increased 25 percent to $3.47 per diluted share from

$2.77, exceeding the increased guidance of $3.35-$3.40 that Genzyme

provided in July.

-- The company generated approximately $1 billion in cash from operations

and increased its ending cash position to $1.5 billion while completing

two acquisitions, expanding its manufacturing infrastructure, and

repurchasing approximately 3.5 million shares under a three-year

program to reduce the dilutive effect of equity compensation.

-- Genzyme also continued to make excellent progress in building its

business to drive future growth. The company:

-- Expanded its emerging oncology franchise by securing worldwide

rights to its leukemia drug Clolar(R) (clofarabine) through the

acquisition of Bioenvision Inc.

-- Obtained marketing approval for four
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SOURCE Genzyme Corporation
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