CAMBRIDGE, Mass., Jan. 8 /PRNewswire/ -- Genzyme General (Nasdaq: GENZ), a
division of Genzyme Corp., posted solid revenue increases for the fourth
quarter and the year, Chairman and Chief Executive Officer Henri A. Termeer
announced today at the JP Morgan Chase H&Q 20th Annual Healthcare Conference
in San Francisco. Mr. Termeer released the unaudited figures while outlining
a strategy for driving Genzyme General's growth over the next five years,
during which the division expects revenues to increase more than 20 percent
annually and reach an estimated $2.5 billion by 2006.
On January 24, Genzyme General will release detailed financial guidance
for 2002. On March 7, it will report audited financial results for the fourth
quarter of 2001 and for the year.
Revenues for the fourth quarter grew 30 percent to $264 million compared
to revenues of $203 million for the fourth quarter the year before. For the
year, revenues increased 29 percent to $981 million compared to revenues of
$760 million for the previous year, including Renagel (R)(sevelamer
hydrochloride) revenues in the first quarter. All businesses contributed to
Genzyme General's fourth-quarter and year-end performance. In 2002, revenues
are expected to increase to between $1.15-$1.20 billion, and earnings per
share are expected to increase by approximately 25 percent.
Genzyme General's revenue growth is being led by Renagel, a product that
reduces serum phosphorus levels in patients with end-stage renal disease on
hemodialysis. Renagel sales in the fourth quarter more than doubled compared
to the fourth quarter a year ago, rising to $56 million from $24 million. For
the year, Renagel sales more than tripled, increasing to $177 million from $56
million in 2000. Renagel sales are expected to increase to between $260-$280
million in 2002.
Sales of Cerezyme(R) (imiglucerase for injection), an enzyme replacement
therapy for patients with Type 1 Gaucher disease, were $146 million in the
fourth quarter compared with sales of $137 million for the fourth quarter the
year before, an increase of 7 percent. For the year, Cerezyme sales were $570
million compared with $537 million for the year earlier, an increase of 6
percent. Cerezyme sales in 2002 are expected to increase to between $580-$600
million.
Revenues from the sale of diagnostic products and services were $41
million for the fourth quarter, up 32 percent compared to revenues of $31
million for the fourth quarter a year earlier. For the year, diagnostics
revenues were $150 million, a 22 percent increase from revenues of $123
million in 2000.
Revenues from other products, including Thyrogen(R) (thyrotropin alfa for
injection), WelChol(TM) (colesevelam hydrochloride), Fabrazyme(TM) (agalsidase
beta), and pharmaceutical intermediates, were $21 million in the fourth
quarter and $84 million for the year.
Genzyme General is expected to end 2001 with approximately $1 billion in
cash and equivalents.
Near-Term Goals
In his presentation today in San Francisco, Mr. Termeer outlined Genzyme
General's key goals for 2002, which include increasing revenues more than 20
percent, delivering earnings growth of approximately 25 percent, and
increasing Renagel sales by greater than 50 percent. Genzyme General also
expects to expand the global introduction of Fabrazyme, submit regulatory
filings globally for Aldurazyme(TM) (laronidase), and complete Phase 2
clinical studies of several promising product candidates.
Mr. Termeer also noted several highlights of Genzyme General's financial
performance over the past five years, in which the division has delivered
consistent growth in operating income and increased its revenues from $400
million to nearly $1 billion.
Genzyme General develops and markets therapeutic products and diagnostic
products and services. Genzyme General has five therapeutic products on the
market and a strong pipeline of therapeutic products in development focused on
the treatment of genetic disorders and other chronic debilitating diseases
with well-defined patient populations. Genzyme General is a division of the
biotechnology company Genzyme Corporation.
This press release contains forward-looking statements, including without
limitation statements about: Genzyme General's anticipated revenues and growth
rates over the next five years, including 2006 revenues; Genzyme General's
unaudited 2001 financial results; Genzyme General's anticipated 2002 financial
results, including revenues, earnings per share, Renagel and Cerezyme
revenues, and growth rates; the potential global introduction of Fabrazyme and
the timing thereof; plans to submit regulatory filings for Aldurazyme; and the
anticipated timing of clinical trials. Actual results may materially differ
due to numerous factors, including: the ability to increase market acceptance
of Renagel; the ability to improve patient compliance and optimize dosing of
Renagel; the accuracy of Genzyme General's information about the markets for
Renagel and its other products and services, including growth projections; the
actual timing and content of submissions to and decisions made by regulatory
authorities; the FDA's response to the clarification and additional data
provided by Genzyme related to the BLA for Fabrazyme; Genzyme's ability to
adequately respond to additional requests for data or clarification that may
be made by the FDA, if any, related to the BLA for Fabrazyme; enrollment rates
for clinical trials; the actual efficacy and safety of Genzyme General's
products and services; the availability and extent of reimbursement from
third-party payers for Genzyme General's products and services; the ability to
manufacture sufficient quantities of products for development and
commercialization activities and to do so in a timely manner; the ability of
Genzyme General to successfully commercialize its products and services and
maintain adequate distribution channels; the ability of Genzyme General to
identify additional patients for its products and services; the competitive
environment for Genzyme General's products and services; the actual results of
Genzyme General's operations in 2001 and over the next five years; and the
risks and uncertainties described in reports filed by Genzyme with the
Securities and Exchange Commission under the Securities Exchange Act of 1934,
as amended, including without limitation Exhibit 99.2 to Genzyme's 2000 Annual
Report on Form 10-K, as amended. Genzyme General Division common stock is a
series of common stock of Genzyme Corporation. Therefore, holders of Genzyme
General Division common stock are subject to all of the risks and
uncertainties described in the aforementioned reports.
Genzyme(R) and Cerezyme(R) are registered trademarks of Genzyme
Corporation. Renagel(R) is a registered trademark of GelTex Pharmaceuticals,
Inc. Fabrazyme(TM) is a trademark of Genzyme Corporation. Welchol(TM) is a
trademark of Sankyo Pharma Inc. Aldurazyme(TM) is a trademark of
BioMarin/Genzyme LLC. All rights reserved.
Mr. Termeer's presentation at the JP Morgan Chase H&Q Healthcare
Conference will be broadcast live over the Internet at 12:30 p.m. Eastern.
Please go to http://www.genzyme.com/ir/events.htm.
Upcoming Events
There will be a conference call on January 24 at 11:00 a.m. ET to discuss
Genzyme General's 2002 financial guidance. If you would like to participate
in the call, please dial 913-981-4902. A replay of this call will be
available from 2:30 p.m. ET on January 24 through midnight on January 31 by
dialing 719-457-0820. Please reference reservation number 753614. This call
will also be Webcast live at http://www.genzyme.com/ir/events.htm.
Additionally, there will be a conference call on January 24 at 1:00
p.m. ET to discuss Genzyme Molecular Oncology's 2002 Financial guidance. If
you would like to participate in the call, please dial 913-981-4902. A
replay of this call will be available from 4:00 p.m. ET on January 24
through midnight on January 31 by dialing 719-457-0820. Please reference
reservation number 466978. This call will also be webcast live over the
Internet at http://www.genzyme.com/ir/events.htm.
Genzyme Corporation will report fourth-quarter and year-end financial
results for all divisions on March 7, 2002, and will host a conference call to
discuss the results for Genzyme General at 11:00 a.m., for Genzyme Molecular
Oncology at 1:00 p.m., and for Genzyme Biosurgery at 3:00 p.m.. If you would
like to participate in any of these calls, please dial 913-981-5517. No
passcode is necessary. Please refer to http://www.genzyme.com one week prior to the
financial reporting date for any updates to this information.
Genzyme's press releases and other company information are available at
http://www.genzyme.com and by calling Genzyme's investor information line at 1-800-
905-4369 within the United States or 703-797-1866 outside the United States.
Media Contact: Investor Contact:
Bo Piela Sally Curley
617-252-7785 617-591-7140
SOURCE Genzyme General
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http://www.genzyme.com
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CONTACT:
Media Contact: Bo Piela, +1-617-252-7785, or
Investor Contact: Sally Curley, +1-617-591-7140, both of Genzyme
General
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