CAMBRIDGE, Mass., April 23 /PRNewswire-FirstCall/ -- Genzyme Corporation 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.
“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.”
Late-State Development Programs
Genzyme continues to make strong progress in advancing programs within its late-stage development pipeline. These programs have significant potential to drive the company’s growth beyond 2011.
This press release contains forward-looking statements regarding Genzyme’s financial outlook and business plans and strategies, including without limitation: its Q2 2008, YE 2008 and YE 20011 earnings guidance; its anticipated CAGR through 2011; its expectations for approval of Myozyme produced at the 2000L capacity and the timing thereof; its plans to seek regulatory approvals of existing products for use in new indications, including Renvela for CKD, the timetables therefore and the impact of such approvals on the company; its plans and estimated timetables for new and next- generation product filings, regulatory actions and launches, including for Mozobil, Clolar, alemtuzumab-MS, mipomersen, Genz-112638 and Synvisc-ONE and the assessment of the market potential of such products; its projected Myozyme revenues for 2008; and its anticipated growth drivers for certain products and businesses, including Genetics and Thymoglobulin. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those forecasted. These risks and uncertainties include, among others: Genzyme’s ability to successfully complete preclinical and clinical development of its products and product candidates, including Mozobil, Clolar, alemtuzumab-MS, mipomersen, and Genz-112638; Genzyme’s ability to expand the use of current and next-generation products in existing and new indications, including Renvela and Synvisc-ONE; Genzyme’s ability to obtain and maintain regulatory approvals for products and manufacturing facilities, including Myozyme produced at the 2000L scale in the US and at the 4000L scale in Europe and the timing of receipt of such approvals; Genzyme’s ability to manufacture its products, including Thymoglobulin and its LSD therapies in a timely and cost effective manner and in sufficient quantities to meet demand; and the risks and uncertainties described in Genzyme’s SEC reports filed under the Securities Exchange Act of 1934, including the factors discussed under the caption “Risk Factors” in Genzyme’s 2007 Annual Report on Form 10-K. Genzyme cautions investors not to place substantial reliance on the forward-looking statements contained in this press release. These statements speak only as of today’s date and Genzyme undertakes no obligation to update or revise the statements.
Genzyme(R), Myozyme(R), Fabrazyme(R), Cerezyme(R), Thyrogen(R), Renagel(R), Renvela(R), Thymoglobulin(R), Synvisc(R), Campath(R) and Clolar(R) are registered trademarks of and Mozobil(TM) and Synvisc-ONE(TM) are unregistered trademarks of Genzyme or its subsidiaries. Aldurazyme(R) is a registered trademark of BioMarin/Genzyme LLC. All rights reserved.
About Genzyme
One of the world’s leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 10,000 employees in locations spanning the globe and 2007 revenues of $3.8 billion. In 2007, Genzyme was chosen to receive the National Medal of Technology, the highest honor awarded by the President of the United States for technological innovation.
With many established products and services helping patients in nearly 90 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company’s products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant, and diagnostic testing. Genzyme’s commitment to innovation continues today with a substantial development program focused on these fields, as well as immune disease, cardiovascular disease, and other areas of unmet medical need.
Conference Call Information
Genzyme will host a conference call today at 11:00 a.m. Eastern to discuss results for the first quarter of 2008. To participate in the call, please dial 773-799-3828 and refer to pass code “Genzyme.” A replay of this call will be available by dialing 402-998-1342. This call will also be Webcast live on the investor events section of www.genzyme.com. Replays of the call and the Webcast will be available until midnight April 30, 2008.
Upcoming Events
Genzyme will host a conference call on July 23, 2008 at 11:00 a.m. Eastern to discuss financial results for the second quarter of 2008. To participate in the call, please dial 773-799-3828 and refer to pass code “Genzyme.” A replay of this call will be available by dialing 402-998-1342. This call will also be Webcast live on the investor events section of www.genzyme.com. Replays of the call and the Webcast will be available until midnight on July 30, 2008.
Genzyme’s press releases and other company information are available at www.genzyme.com and by calling Genzyme’s investor information line at 1-800-905-4369 within the United States or 1-678-999-4572 outside the United States.
CONTACT: Media, Bo Piela, +1-617-768-6579, or Investors, Patrick Flanigan,
+1-617-768-6563, both of Genzyme Corporation
Web site: http://www.genzyme.com/
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