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Financial Report: Genzyme

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genzyme

4Q Revenues: $1.0 billion (+21%)

4Q Earnings: $78.9 million (loss of $268.2 million 4Q06)

FY Revenues: $3.8 billion (+20%)

FY Earnings: $480.2 million (loss of $16.8 million FY06)

Comments: Revenue growth was driven by strong sales of its newest drug, Myozyme, with sales up 107% in the quarter to $62 million. For the year sales reached $201 million compared to the first-year sales of $59 million. 4Q Fabrazyme sales were $114 million (+18%) and FY sales were up 18% to $424 million. Cerezyme sales were $301 million (+15%) in the quarter and $1.1 billion for the year (+13%). Sales of Renagel in the quarter were $167 million (+23%) and for the year were to $603 million (+17%). Results include charges for the purchase of in-process R&D of $106,350 related to the acquisition of Bioenvision, Inc. in October 2007 and $552,900 related to the AnorMED, Inc. acquisition in November 2006. R&D expense was $191.6 million in the quarter (+15%) and $732.0 million for the year (+13%). Renvela was approved by the FDA in October for the treatment of hemodialysis patients, and the company expects to launch the product this quarter.

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