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."
-- 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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