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

pany is confident that it is making

progress toward fully resolving the production issues that emerged in

mid-2007. In addition, the FDA has accepted the company's responses

to the warning letter issued last year.

-- Total revenue for the Diagnostics/Genetics business is expected to

reach $475-$485 million this year, compared with $411 million in 2007.

The Genetics business has been experiencing particularly strong growth,

driven by an increasing demand for diagnostic testing services. Genzyme

is investing in additional information technology and infrastructure to

continue to strengthen the competitive advantages the Genetics unit has

created.

-- Sales of Aldurazyme are expected to increase to $135-$145 million this

year, compared with $123 million in 2007. Genzyme will record sales of

Aldurazyme and make tiered payments to BioMarin on worldwide product

sales. These payments will be recorded as a cost of goods sold.

Gross Margin

-- Genzyme's recognition of Aldurazyme revenue and the associated payments

to BioMarin will reduce the gross margin by approximately 1 percentage

point without any net impact on the bottom line. The non-GAAP gross

margin for 2008 is expected to be approximately 77 percent of revenue.

Expenses

-- Non-GAAP selling, general and administrative expenses are expected to

represent approximately 27 percent of revenue in 2008, consistent with

SG&A expenses in 2007. SG&A spending reflects the integration of

Bioenvision and the European rollout of Clolar, the ongoing

introduction of Myozyme, the sales force expansion associated with the

launch of Renvela, and the expanded U.S. sales effort for Sepra(R)

products.

-- Non-GAAP research and development spending is expected to represent

approximately 17 perce
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SOURCE Genzyme Corporation
Copyright©2008 PR Newswire.
All rights reserved

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