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Genzyme Reports Strong First-Quarter Growth
Date:4/23/2008

n-GAAP earnings are projected

to rise to approximately $7.00 per diluted share by 2011.

-- Myozyme sales are expected to be approximately $275-$285 million this

year, compared to prior guidance of $320-$330 million.

-- Non-GAAP earnings per share for the second quarter are expected to be

in the mid $0.90s, reflecting ongoing investments to drive future

growth. These include investments in the U.S. launch of Renvela(R)

(sevelamer carbonate) and the expanded European introduction of

Clolar(R) (clofarabine), as well as investments in late-stage clinical

trials-particularly the phase 3 study of alemtuzumab for multiple

sclerosis. This estimate also reflects the constraints on U.S. Myozyme

sales.

First-Quarter Product Sales

-- Within the Therapeutics business, worldwide demand for Myozyme remains

robust two years into the product's launch. First-quarter sales rose

78 percent despite the delay in U.S. approval for 2000L production

capacity. Sales increased to $67.3 million from $37.9 million in the

period a year ago, driven by the number of new patients starting

therapy. As announced, the FDA will require Genzyme to submit a BLA to

obtain U.S. commercial approval for Myozyme produced at the 2000L

scale. The agency is expected to act on the application by the end of

this year.

-- First-quarter sales of Cerezyme(R) (imiglucerase for injection) rose 15

percent to $304.3 million, compared with $263.8 million in the previous

first quarter.

-- Sales of Fabrazyme(R) (agalsidase beta) grew 16 percent in the quarter,

rising to $116.5 million from $100.7 million in the first quarter last

year. Fabrazyme has captured more than a two thirds share of the

international market for Fabry disease treatment based on compelling

clinical dat
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SOURCE Genzyme Corp.
Copyright©2008 PR Newswire.
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