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Genzyme Reports Strong First-Quarter Growth

ter, Genzyme

generated approximately $373 million in cash from net income prior to

one-time events and proceeds from the issuance of common stock. The

company invested approximately $122 million in capital projects to

expand manufacturing capacity to meet current and anticipated product

demand. The company also made a $150 million investment in Isis

Pharmaceuticals associated with the license of mipomersen, a highly

promising product candidate in late-stage development.

-- Genzyme is also using a portion of its operating cash flow to

repurchase shares under a three-year program to reduce the dilutive

effect of equity compensation. The company repurchased 1 million

shares in the first quarter and has repurchased approximately 4.5

million shares since this program began one year ago.

"We had a very strong first quarter to start the year," said Henri A. Termeer, Genzyme's chairman and chief executive officer. "We continue to focus on our commitment to deliver 20 percent non-GAAP earnings growth through 2011, while building the company to ensure that we sustain our growth over the longer term."

Financial Guidance

-- Genzyme expects 2008 non-GAAP earnings of approximately $3.90 per

diluted share, compared with prior guidance of $4.00 per diluted share.

This previously announced adjustment reflects the delay in FDA approval

of 2000L production capacity for Myozyme.

-- GAAP earnings in 2008 are expected to be approximately $2.65 per

diluted share, compared with prior guidance of approximately $2.75 per

diluted share. GAAP figures include anticipated amortization and

stock-compensation expenses and the effect of contingent convertible


-- Genzyme reaffirmed its commitment to 20 percent growth in compound non-

GAAP earnings per share through 2011. No

SOURCE Genzyme Corp.
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