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Genzyme Reports Strong First-Quarter Growth

Non-GAAP EPS Increased 22 Percent

CAMBRIDGE, Mass., April 23 /PRNewswire-FirstCall/ -- Genzyme Corporation (Nasdaq: GENZ) today reported results for the first quarter of 2008, which featured excellent revenue growth, continued operating leverage, a significant increase in non-GAAP profit, and strong progress across the company.

First-Quarter Highlights

-- Total revenue for the quarter grew 25 percent to $1.1 billion from

$883.2 million in same period a year ago. This increase was driven by

growth across all product lines, led by strong growth in sales of

treatments for lysosomal storage disorders and renal disease.

Genzyme's top line now includes sales of Aldurazyme(R) (laronidase),

which previously were recorded as joint venture revenue.

-- GAAP net income in the first quarter was $145.3 million, or $0.52 per

diluted share, compared with $158.2 million, or $0.57 per diluted

share. GAAP net income in this year's first quarter reflects an after-

tax charge of $56.5 million for the premium related to Genzyme's

strategic investment in Isis Pharmaceuticals Inc.

-- Non-GAAP net income increased 24 percent to $260.9 million, compared

with $210.7 million in the first quarter a year earlier. Non-GAAP

earnings increased 22 percent to $0.95 per diluted share from $0.78 per

diluted share in the first quarter last year.

-- Non-GAAP operating expenses decreased as a percentage of revenue,

reflecting global operating leverage.

-- Genzyme continued to generate significant cash from operations and to

reinvest in the future of the company. In the first quar

SOURCE Genzyme Corp.
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