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.
-- 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
|SOURCE Genzyme Corporation|
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