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

nt of revenue in 2008, consistent with R&D

spending in 2007. Genzyme's pipeline is concentrated on programs in

mid- to late-stage development and includes more than 25 phase 2

studies and several major pivotal studies. The company is re-

prioritizing its R&D programs to make space for mipomersen, a lipid-

lowering product currently in phase 3 clinical trials for high-risk

cardiovascular disease patients. Mipomersen, which Genzyme is in the

process of licensing from Isis Pharmaceuticals Inc., will strengthen an

already substantial pipeline. The product will join Mozobil and

alemtuzumab at the forefront of a development portfolio with

significant potential to drive Genzyme's growth beyond 2011.

Tax Rate

-- Genzyme's non-GAAP net tax rate this year is expected to be

approximately 31 percent. The GAAP tax rate is expected to be 30

percent.

Capital Expenditures

-- Capital expenditures are expected to total approximately $500 million

this year. Genzyme continues to make a significant investment in

manufacturing capacity to support the growth of existing products and

to prepare for the launch of products in late-stage development.

-- Genzyme is making steady progress toward beginning commercial

production of Myozyme at its Geel, Belgium, manufacturing plant.

Process validation runs for Myozyme production at the site are expected

to occur this year, with approval of commercial production anticipated

next year. Genzyme is beginning the construction of a new

manufacturing facility in Lyon for Thymoglobulin production.

Development Programs

Mozobil for stem-cell transplantation

-- Mozobil is an innovative product intended to facilitate and improve the

outcome of stem-cell transplantation procedures. In two pivotal

clinic
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SOURCE Genzyme Corporation
Copyright©2008 PR Newswire.
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