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Financial Report: Genzyme 2Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genzyme

2Q Revenues: $1.2 billion (+25%)

2Q Earnings: $69.6 million (-17%)

YTD Revenues: $2.3 billion (+25%)

YTD Earnings: $214.8 million (-11%)

Comments: Myozyme sales were up 65% in the quarter to $77.2 million. The company is still awaiting approval of its Myozyme 2000L-scale facility in the U.S.; the FDA is expected to discuss the BLA in October. Cerezyme sales were up 13% to $319.4 million. Sales of Fabrazyme were up 21% to $126.6 million. Sales of Aldurazyme were up 33% to $38.8 million. Thyrogen sales were $39.4 million (+34%). Renagel and Renvela sales were $168.6 million (+16%). Sales of Thymoglobulin and Lymphoglobuline were up 10% to $45.6 million. R&D expenses were up 92% in the quarter to $381 million and $644.7 million YTD (+77%). Earnings reflect a license fee of $175 million paid in the quarter for mipomersen, a cholesterol-lowering drug in late-stage development, and $70 million in 1Q08 for the purchase of Isis shares.

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