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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 quarter, 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
debt.

-- Genzyme reaffirmed its commitment to 20 percent growth in compound non-
GAAP earnings per share through 2011. Non-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 data and an established global regulatory and commercial
organization.

-- Sales of Aldurazyme(R) (laronidase) increased 38 percent to $37.0
million in the first quarter, compared with $26.8 million in the same
quarter a year ago. Genzyme now records sales of Aldurazyme on its top
line and makes tiered payments to BioMarin Pharmaceutical Inc. on
worldwide product sales under a restructured agreement between the
companies.

-- Sales of Thyrogen(R) (thyrotropin alfa for injection) grew 28 percent
in the first quarter to $33.8 million from $26.3 million, reflecting
ongoing improvement in thyroid cancer detection and well-established
treatment guidelines. The use of Thyrogen in ablation procedures is
also contributing to the product's growth, following the December 2007
U.S. approval for this indication.

-- Within the Renal business, sales of sevelamer therapies Renagel(R)
(sevelamer hydrochloride) and Renvela grew 23 percent to $168.7 million
from $137.4 million in the first quarter last year. In March, Genzyme
launched Renvela in the United States, where the company is engaged in
active discussions with the FDA to expand the product's labeling to
include chronic kidney disease patients with hyperphosphatemia who are
not on dialysis. The three companies that currently market phosphate
binders are working collaboratively to provide the FDA with information
that will help the agency determine the appropriate treatment paradigm
for these patients. Genzyme anticipates that the Renvela label
expansion will take place at the latest by the middle of 2009. Genzyme
has also filed for European approval for Renvela in both the dialysis
and chronic kidney disease indications.

-- Within the Transplant business, first-quarter sales of Thymoglobulin(R)
(Anti-thymocyte Globulin [Rabbit]) and Lymphoglobuline(R) (Anti-
thymocyte Globulin [Equine]) rose 11 percent to $43.7 million from
$39.4 million. Worldwide demand for Thymoglobulin remains strong. The
product's growth over the past several quarters has been hindered by
supply constraints caused by a manufacturing issue during 2007 that
affected product appearance in some lots. Genzyme instituted a
procedure at its French manufacturing plant at the end of last year
that resolved this manufacturing issue. The company continues to
monitor Thymoglobulin lots produced last year and, if necessary, will
recall any lots that are expected to go out of specification prior to
the originally established expiry period. Genzyme expects
Thymoglobulin sales to accelerate in the second-half of this year as
supply levels increase to meet full demand for the product.

-- Within the Biosurgery business, sales of Synvisc(R) (hylan G-F 20) and
Synvisc-ONE(TM) (hylan G-F 20) rose to $56.1 million from $53.6
million, an increase of 5 percent. Synvisc-One received CE Mark
approval in the European Union in December, and Genzyme is preparing to
introduce the product into the marketplace, where it will be the only
treatment of its kind to provide six months of pain relief with a
single injection. The company has already launched the product in the
United Kingdom, Germany and Italy. Genzyme will pursue marketing
approvals for Synvisc-One in Canada, Asia and Latin America based on
the European CE mark approval, and FDA action on a marketing
application in the United States is expected later this year. By
simplifying osteoarthritis pain management and thereby reaching a
broader set of patients, Synvisc-ONE is expected to drive the
significant growth of this product franchise.

-- Sales of Sepra(R) products continued to be strong, rising 32 percent to
$30.6 million in the first quarter from $23.1 million in the same
quarter a year ago. The expanded U.S. sales force for Seprafilm(R)
adhesion barrier is reaching a broader range of physicians and helping
drive the product's growth in gynecologic and colorectal surgery.
Future growth of the product in C-section procedures and trauma
surgeries is expected.

-- First-quarter revenue for the Genetics business increased 12 percent to
$74.3 million from $66.2 million, fueled substantially by a higher
volume of reproductive diagnostic testing. The profitability of the
Genetics business is also increasing through improvements in operating
efficiencies, while Genzyme continues to invest in additional
information technology and infrastructure to strengthen the competitive
advantages the business has created. Genzyme Genetics recently
launched carrier and prenatal diagnostic testing for spinal muscular
atrophy, the most common inherited cause of infant mortality. These
tests are expected to support continued profitable growth in subsequent
quarters.

-- Oncology revenue increased 29 percent in the first quarter to $29.0
million from $22.4 million. This growth primarily reflects the
addition of European sales of Clolar, which Genzyme began recording
following its acquisition of Bioenvision Inc. late last year. Genzyme
is working to introduce Clolar worldwide through its global commercial
and regulatory organization. Oncology revenue also reflects growing
first-line use of Campath(R) (alemtuzumab) in the treatment of patients
with B-cell chronic lymphocytic leukemia.

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.

Mozobil(TM) (plerixafor) for stem-cell transplantation

-- Genzyme plans to file mid year for U.S. and European approval for
Mozobil's use in treating patients with multiple myeloma and patients
with lymphoma. The company expects to launch the product in the United
States early next year upon approval and to rapidly expand the
product's availability around the world. The company anticipates peak
annual sales of the product in the transplant setting of $400 million.
Mozobil is an innovative product intended to enhance the mobilization
of stem cells for transplantation in patients with lymphoma and
multiple myeloma. In two pivotal clinical studies, Mozobil showed the
ability to quickly and predictably prepare cancer patients for a
transplant to treat their disease. Genzyme is also exploring
additional indications for Mozobil, including its potential use in
chemosensitization procedures.

Clolar for adult AML

-- Clolar is approved in the United States and Europe for the treatment of
acute lymphoblastic leukemia in relapsed and refractory pediatric
patients. Genzyme is developing the product for use globally as a
first-line therapy for the treatment of adult acute myeloid leukemia
(AML) and myelodysplastic syndromes, significantly larger indications
that the company estimates will drive peak annual sales of the product
to approximately $600 million. The company intends to submit a
supplemental new drug application in the United States later this year
to include an adult AML indication. This application will be based on
results from the CLASSIC II clinical trial involving older adult AML
patients. Preliminary data from this trial will be presented at the
American Society of Clinical Oncology meeting in June.

Genzyme is developing a new filing for the adult AML indication in
Europe. This follows its withdrawal of Bioenvision's marketing
application, which, as expected, an advisory committee deemed
insufficient to support approval. Genzyme expects to make a new
submission as early as the fourth quarter of this year that will
include a more robust data package from Genzyme sponsored studies.

Alemtuzumab for multiple sclerosis

-- Final, three-year efficacy and safety data from the Phase 2 trial
comparing alemtuzumab with Rebif (interferon beta-1a) for the treatment
of relapsing-remitting multiple sclerosis were presented last week
during a scientific platform session at the American Academy of
Neurology meeting by Dr. Alasdair Coles. These results confirm all
trends observed in the one- and two-year interim analyses. The two
ongoing Phase 3 trials further examining the efficacy and safety of
alemtuzumab for the treatment of MS are progressing. These two studies
are currently enrolling patients at sites in the United States, Europe,
Latin America and Australia. Genzyme believes that alemtuzumab has the
potential to be the best therapy in a market for MS drugs that is
projected to reach $8-9 billion annually when the treatment is expected
to be ready for launch in 2011-2012. Alemtuzumab is being developed in
collaboration with Bayer Schering Pharma AG, Germany.

Genz-112638 for Gaucher disease

-- Genzyme is making excellent progress in developing the small molecule
Genz-112638, a novel oral therapy intended for the treatment of Gaucher
disease. Initial results released one year ago for the first group of
study participants were encouraging. Genzyme expects to release
results by mid year for a larger number of patients, including results
for those patients who have completed the one year trial. Final
results for all trial participants will be available in the first
quarter of 2009. Genzyme is currently developing clinical trial
protocols for two Phase 3 studies of Genz-112638, and the company
anticipates initiating these studies early next year. Genzyme believes
that this oral product may offer a more convenient treatment option for
some patients.

Mipomersen for high-risk cardiovascular disease
Genzyme expects to finalize its license of mipomersen from Isis
Pharmaceuticals in the second quarter and subsequently communicate a
development plan for the product. Mipomersen is a lipid-lowering agent
being developed primarily for patients at significant cardiovascular
risk who are unable to achieve target cholesterol levels with statins
alone or who are intolerant of statins. The product offers an
innovative approach to addressing a serious unmet medical need, and
Genzyme believes it could prove to be the most effective lipid-lowering
agent for high risk cardiovascular disease patients for whom
conventional therapies are not sufficient. The product may provide
significant benefit over the standard of care and targets a well-defined
and severely ill patient population. Mipomersen is currently being
studied in a Phase 3 clinical trial involving patients with homozygous
familial hypercholesterolemia.

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.

Media Contact: Investor Contact:
Bo Piela Patrick Flanigan
(617) 768-6579 (617) 768-6563

GENZYME CORPORATION (GENZ)
Consolidated Statements of Operations
(Unaudited, amounts in thousands, Three Months Ended
except per share amounts) March 31,
2008 2007

Total revenues $1,100,061 $883,183

Operating costs and expenses:
Cost of products and services sold (1) 272,313 202,463
Selling, general and administrative (1) 318,386 269,021
Research and development (1,2) 262,797 166,120
Amortization of intangibles 55,658 50,017
Total operating costs and expenses 909,154 687,621
Operating income (loss) 190,907 195,562

Other income (expenses):
Equity in income of equity method
investments 188 5,612
Minority interest 463 3,912
Gain (loss) on investments in
equity securities (3) 775 12,788
Other (160) (525)
Investment income 14,870 16,219
Interest expense (1,655) (4,188)
Total other income (expenses) 14,481 33,818
Income (loss) before income taxes (1) 205,388 229,380
(Provision for) benefit from income
taxes (1) (60,117) (71,193)
Net income (loss) (1) $145,271 $158,187

Net income (loss) per share:
Basic $0.54 $0.60

Diluted (1,4) $0.52 $0.57

Weighted average shares outstanding:
Basic 267,276 263,476

Diluted (1,4) 285,208 279,924

(1) In accordance with the provisions of Financial Accounting Standards
Board, or FASB, Statement of Financial Accounting Standards No., or
FAS, 123R, "Share-Based Payment, an amendment of FASB Statement Nos.
123 and 95," we recorded pre-tax charges for stock-based compensation
expense and related tax benefits of:
Three Months Ended
March 31,
2008 2007
Cost of products and services sold $(6,514) $(5,896)
Selling, general and administrative
expense (22,889) (22,499)
Research and development expense (12,585) (12,312)
Total pre-tax charges for stock-
based compensation expense (41,988) (40,707)
Tax benefit 12,537 12,432
Stock-based compensation expense,
net of tax $(29,451) $(28,275)

Diluted earnings per share and diluted weighted average shares outstanding
for the three months ended March 31, 2008 and 2007 were computed according
to the provisions of FAS 123R.

(2) Includes a charge of $(69,900)K recorded in February 2008 representing
the premium paid to purchase five million shares of Isis
Pharmaceuticals, Inc. common stock.

(3) For the three months ended March 31, 2007, includes a pre-tax gain of
$10,848K related to the sale of our entire investment in the common
stock of Therapeutic Human Polyclonals, Inc. in March 2007, which had
a zero cost basis.

(4) All periods reflect the adoption of Emerging Issues Task Force Issue
No. 04-8, "The Effect of Contingently Convertible Debt on Diluted
Earnings Per Share," or EITF 04-8. As a result of the adoption of EITF
04-8, the 9,686K shares issuable upon conversion of our $690.0 million
in principal of 1.25% convertible senior notes, which were issued in
December 2003, are now included in diluted weighted average shares
outstanding for purposes of computing diluted earnings per share,
unless the effect would be anti-dilutive. In accordance with EITF 04-
8, interest and debt fees related to these notes of $1.9 million, net
of tax, for both the three months ended March 31, 2008 and 2007, have
been added back to net income and 9,686K shares have been added to
diluted weighted average shares outstanding for both of these periods
for purposes of computing diluted earnings per share.

GENZYME CORPORATION (GENZ)
Condensed Consolidated Balance Sheets March 31, December 31,
(Unaudited, amounts in thousands) 2008 2007

Cash and all marketable securities $1,447,983 $1,460,394
Other current assets 1,818,541 1,661,740
Property, plant and equipment, net 2,118,960 1,968,402
Intangibles, net (1) 3,386,451 2,959,480
Other assets (2) 311,581 251,725
Total assets $9,083,516 $8,301,741

Current liabilities $1,475,663 $1,502,406
Noncurrent liabilities (1) 658,936 186,398
Stockholders' equity 6,948,917 6,612,937
Total liabilities and stockholders'
equity $9,083,516 $8,301,741

(1) Effective January 1, 2008, in connection with the restructuring of
BioMarin/Genzyme LLC, our joint venture with BioMarin Pharmaceutical
Inc., we licensed certain rights to commercialize Aldurazyme from the
joint venture and, in accordance with the provisions of FASB
Interpretation No. 46R, "Consolidation of Variable Interest Entities,"
began consolidating the results of the joint venture at fair value. As
of March 31, 2008, intangibles, net, includes $480,500K for the fair
value of the joint venture's manufacturing and commercialization
rights to Aldurazyme, offset by $(6,006)K of related accumulated
amortization. Noncurrent liabilities includes $474,494K of additional
net liabilities related to the fair value of these rights. Excluding
these rights, the fair values of the assets and liabilities of the
joint venture as of March 31, 2008 were not significant.

(2) As of March 31, 2008, Other assets includes $80,100K for the fair
value of the five million shares of Isis Pharmaceuticals, Inc. common
stock that we purchased in February 2008.

GENZYME CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS
For the Three Months Ended March 31, 2008
(Amounts in thousands, except per share data)

Dilution
Due to Premium on
Common Stock Strategic Equity
NON-GAAP Equivalents Investment

Income Statement
Classification:

Total revenues $1,100,061

Cost of products
and services sold $(265,799)

Selling, general and
administrative $(295,497)

Research and development $(180,312) $(69,900)

Amortization of
intangibles $-

Equity in income (loss)
of equity method
investments $188

Minority interest $463

Gains (losses) on
investments in equity
securities $775

Other $(160)

Investment income $14,870

Interest expense $(1,655)

Summary:

Income (loss) before
income taxes $372,934 $- $(69,900)

(Provision for) benefit
from income taxes $(112,039) $- $13,428

Net income (loss) $260,895 $- $(56,472)

Net income (loss)
per share:
Basic $0.98 $- $(0.21)

Diluted (1) $0.95 $(0.03) $(0.20)

Weighted average
shares outstanding:
Basic 267,276

Diluted (1) 275,522 9,686

FAS 123R GAAP As
Amortization Expense Reported

Income Statement
Classification:

Total revenues $1,100,061

Cost of products
and services sold $(6,514) $(272,313)

Selling, general
and administrative $(22,889) $(318,386)

Research and development $(12,585) $(262,797)

Amortization of
intangibles $(55,658) $(55,658)

Equity in income (loss)
of equity method investments $188

Minority interest $463

Gains (losses) on investments
in equity securities $775

Other $(160)

Investment income $14,870

Interest expense $(1,655)

Summary:

Income (loss) before income
taxes $(55,658) $(41,988) $205,388

(Provision for) benefit
from income taxes $25,957 $12,537 $(60,117)

Net income (loss) $(29,701) $(29,451) $145,271

Net income (loss) per share:
Basic $(0.11) $(0.12) $0.54

Diluted (1) $(0.10) $(0.10) $0.52

Weighted average shares
outstanding:
Basic 267,276

Diluted (1) 285,208

(1) GAAP As-Reported diluted earnings per share and diluted weighted
average shares outstanding reflect the adoption of EITF 04-8. In
accordance with the provisions of EITF 04-8, interest and debt fees
related to our 1.25% convertible senior notes of $1,886K, net of tax,
have been added back to net income and approximately 9,686K shares
have been added to diluted weighted average shares for purposes of
computing GAAP As-Reported diluted earnings per share.

GENZYME 2008 GUIDANCE

April 21, 2008 Guidance
DESCRIPTION Ranges
Renagel / Renvela $690 $700
Total Renal 800 815

Cerezyme 1,215 1,240
Fabrazyme 495 505
Myozyme 275 285
Aldurazyme 135 145
Total Therapeutics 2,325 2,385

Total Transplant 210 220

Synvisc 270 280
Total Biosurgery 490 505

Total Diag/Genetics 475 485

Total Other 260 270
TOTAL REVENUE $4,450 $4,650

**GROSS MARGIN approx. 77%

**SG&A approx. 27%
**R&D approx. 17%
Net Interest / Other approx. 60

TAX RATE - GAAP approx. 30%
*TAX RATE - NON-GAAP approx. 31%

GENZ GAAP EPS approx. $2.65
AMORTIZATION approx. $0.55
FAS123 EXPENSE approx. $0.60
CONTINGENT CONVERTIBLE DEBT approx. $0.10
**GENZ NON-GAAP EPS $3.90

***WTD AVERAGE SHARES O/S approx. 274

CAPITAL EXPENDITURES approx. $500

This financial guidance, which is provided as part of a press release
dated April 21, 2008, is subject to all of the qualifications and
limitations described therein. Actual results may differ from these
forward-looking statements due to the numerous factors described in the
press release.

* Non-GAAP tax rate excludes the impact of amortization, one-time events,
FAS123R expense and EITF 04-8.
**Non-GAAP excludes the impact of amortization, one-time events, FAS123R
expense and EITF 04-8.
***WTD Average Shares Outstanding excludes the impact of EITF 04-8.

First Call Analyst:
FCMN Contact:

Source: Genzyme Corp.

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/

Company News On-Call:

http://www.prnewswire.com/comp/113803.html

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