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

l of 20 percent compound non-GAAP earnings growth through 2011," said Henri A. Termeer, chairman and chief executive officer. "In the year ahead, we expect to continue this strong performance while investing in our future to ensure that we sustain our growth beyond 2011."

Financial Guidance for 2008

Revenue

-- Genzyme expects revenue to reach $4.5-$4.7 billion in 2008. This

estimate includes sales of Aldurazyme(R) (laronidase), which now will

be reflected in Genzyme's top line under a restructured agreement with

BioMarin Pharmaceutical Inc. Genzyme's goal is to increase its top

line at a compound average rate of 16-17 percent over the five-year

period from 2006-2011. Annual revenue is expected to reach

approximately $7 billion by 2012.

Earnings

-- Genzyme is committed to increasing non-GAAP earnings over this five

year period at a compound average rate of 20 percent. Non-GAAP

earnings are projected to increase to approximately $4.00 per diluted

share in 2008 and to rise to approximately $7.00 per diluted share by

2011.

-- GAAP earnings in 2008 are expected to increase to approximately $2.75

per share. GAAP figures include anticipated amortization and stock-

compensation expenses and the effect of contingent convertible debt.

-- Genzyme expects non-GAAP earnings per share in the first quarter of

this year in the low $0.90s. This estimate reflects several factors:

(1) the continued integration of Bioenvision and the expanded

introduction of Clolar in Europe; (2) investments in late-stage

clinical trials-particularly the phase 3 study of alemtuzumab for

multiple sclerosis; and (3) product launches, including the U.S. launch

of Renvela and associated sales force expansion. This estimate also

reflects the U.S. introduction of Myozyme(R) (alg
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SOURCE Genzyme Corporation
Copyright©2008 PR Newswire.
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