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Genzyme Delivers Strong Fourth Quarter to Conclude Outstanding Year

new products-Renvela(R)

(sevelamer carbonate) in the United States, Synvisc-ONE(TM) (hylan

G-F 20) and Cholestagel(R) (colesevelam hydrochloride) in the

European Union, and Elaprase(R) (idursulfase) in Japan-and secured

expanded U.S. labeling for Campath(R) (alemtuzumab) and Thyrogen(R)

(thyrotropin alfa for injection).

-- Reported highly encouraging clinical trial results for two key late

stage product candidates: Mozobil(TM) (plerixafor) for stem-cell

transplantation and alemtuzumab for multiple sclerosis.

Fourth-Quarter 2007 Highlights

-- Revenue increased 21 percent in the fourth quarter to $1.04 billion, up

from $854.2 million in the prior fourth quarter.

-- GAAP net income increased to $78.9 million, or $0.29 per diluted share,

compared with an acquisition-related net loss of $268.2 million, or

$1.02 per diluted share, in the prior fourth quarter.

-- Non-GAAP net income increased 19 percent to $249.2 million, compared

with $209.0 million in the previous fourth quarter.

-- Non-GAAP earnings rose 18 percent to $0.91 per diluted share from

$0.77. The increased operating expenses and decreased interest income

associated with Genzyme's fourth-quarter acquisition of Bioenvision

reduced earnings by $0.01 per diluted share. The company had noted

previously that the impact of this transaction would be reflected in

its fourth-quarter results.

-- Individual product sales for the fourth quarter and the year, along

with expectations for the longer-term growth of Genzyme's business

segments, were detailed in a January 8, 2008, press release coinciding

with the company's presentation at the JPMorgan Healthcare Conference.

"We delivered outstanding financial results last year while continuing to build the company to meet our goa

SOURCE Genzyme Corporation
Copyright©2008 PR Newswire.
All rights reserved

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