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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