Non-GAAP EPS Grew 23 Percent
CAMBRIDGE, Mass., Oct. 24 /PRNewswire-FirstCall/ -- Genzyme Corporation
(Nasdaq: GENZ) today reported a significant increase in third-quarter
non-GAAP profit. The increase was driven once again by strong sales and
continued operating leverage. Revenue grew 19 percent to $960.2 million
from $808.6 million in the same period a year ago, reflecting continued
momentum across most product areas.
GAAP net income rose to $159.3 million, or $0.58 per diluted share,
compared with $16.0 million, or $0.06 per diluted share, in the quarter a
year ago.
Non-GAAP net income grew 23 percent to $241.3 million, or $0.90 per
diluted share, from $195.9 million, or $0.73 per diluted share, in the same
period last year. Non-GAAP figures for this year's third quarter exclude
pre-tax stock-compensation expenses of $44.4 million, amortization of $49.8
million, a charge of $19.2 million related to the acquisition of
Bioenvision Inc., a manufacturing-related charge of $11.8 million, and the
effect of contingent convertible debt.
Genzyme said in July that it expects non-GAAP earnings to grow at a
compound average of 20 percent during the five-year period from 2006
through 2011. The company added today that it expects non-GAAP earnings to
increase to approximately $4.00 per diluted share next year and that
earnings are projected to rise to approximately $7.00 per diluted share by
2011. Genzyme's growth over this period is being led by three key drivers:
increasing sales of existing products, the launch of new products now
approaching the market, and continued operating leverage from the company's
global infrastructure.
"We grew earnings at a compound average of more than 20 percent over
the past decade, and we are committed to delivering a similarly strong rate
of growth over the next five-year period," said Chairman and Chief
Executive Officer Henri A. Termeer.
During the third quarter, Genzyme generated approximately $280 million
in cash from operations. The company is using a portion of its cash from
operations to repurchase shares under a three-year program intended to
reduce the dilutive effect of equity compensation programs. Since the
program began in the second quarter, the company has spent $181.2 million
to repurchase 2.8 million shares.
Genzyme continues to make excellent progress in building its businesses
to drive future growth, and the past three months have been particularly
productive. The company obtained marketing approvals for three new
products; expanded its oncology franchise by securing worldwide rights to
its leukemia drug clofarabine; and reported highly encouraging results for
the two most prominent product candidates in its pipeline- Mozobil(TM)
(plerixafor) and alemtuzumab for multiple sclerosis. Highlights for the
period include the following:
-- The FDA approved Renvela(R) (sevelamer carbonate) for chronic kidney
disease patients on dialysis, marking the first step in Genzyme's program
to expand the use of sevelamer to a broader set of patients and drive the
product's long-term growth. The company expects to launch Renvela for
dialysis patients during the first quarter of next year. It also plans to
seek FDA approval in the first half of next year for Renvela's use by
patients with earlier stages of chronic kidney disease. An FDA advisory
committee voted this week to recommend that the agency extend the
indications for phosphate binders to include pre-dialysis patients with
hyperphosphatemia.
-- Genzyme is preparing to launch two products that will add
incrementally to the top line while primarily utilizing existing sales and
marketing resources. Specifically, the company won approval in Japan to
market Elaprase(TM) (idursulfase) for the treatment of Hunter syndrome.
Elaprase is being commercialized by Genzyme in Asia under an agreement with
Shire Human Genetic Therapies Inc. In addition, Genzyme obtained European
Union clearance to market Cholestagel(R) (colesevelam hydrochloride), a
cholesterol-lowering agent for the treatment of primary
hypercholesterolemia.
-- Genzyme completed its acquisition of Bioenvision following a
favorable merger vote by Bioenvision shareholders earlier this week. The
transaction provides Genzyme with worldwide rights for clofarabine, which
is currently approved in the United States for the treatment of acute
lymphoblastic leukemia in relapsed and refractory pediatric patients.
Genzyme is developing clofarabine for significantly larger indications,
including use as a first- line therapy for the treatment of adult acute
myeloid leukemia. The company expects to file for such an indication in the
United States next year.
-- The FDA approved expanded labeling for Campath(R) (alemtuzumab) to
include first-line treatment of B-cell chronic lymphocytic leukemia,
significantly increasing the number of patients eligible to receive the
product. European approval of an expanded indication is expected this year,
following the positive opinion issued this month by the Committee for
Medicinal Products for Human Use.
-- Genzyme reported top-line three-year results from a completed Phase
2 clinical trial comparing alemtuzumab with Rebif(R) (interferon beta-1a)
for the treatment of multiple sclerosis. The study showed that patients
taking alemtuzumab experienced at least a 73 percent reduction in the risk
for relapse and at least a 70 percent reduction in the risk for progression
of clinically significant disability after three years of follow up, when
compared to patients treated with interferon beta-1a. The data also showed
that mean disability scores improved from baseline in the alemtuzumab
patients and declined in the Rebif patients. Genzyme and Bayer Schering
Pharma AG, Germany, have begun enrolling patients in two Phase 3 trials
examining the safety and efficacy of alemtuzumab for the treatment of
multiple sclerosis.
-- Genzyme also reported that both of its pivotal trials of Mozobil met
their primary endpoints and that the company would file in the first half
of 2008 for U.S. and European approval for the product's use in treating
patients with multiple myeloma and patients with lymphoma. Genzyme plans to
launch the product early in 2009. Mozobil is an innovative product intended
to facilitate and improve the outcome of stem-cell transplantation
procedures. Genzyme expects peak sales of Mozobil in the transplant setting
of $400 million, and the company is exploring additional indications for
the product, including chemosensitization procedures. Results from the
pivotal studies of Mozobil will be presented at the American Society of
Hematology annual meeting in December.
Therapeutics
Sales of Myozyme(R) (alglucosidase alfa) rose to $53.6 million,
compared with $20.4 million in the same period a year ago. Genzyme expects
to submit an application to the FDA by the end of this month for approval
of a larger scale manufacturing process to supply Myozyme for the U.S.
market. An agency decision is expected in the first quarter of next year.
Production at this larger scale is already approved by more than 30
countries. To ensure that treatment is available to all U.S. patients who
need it, Genzyme is managing a temporary clinical access program through
which patients may receive Myozyme produced at the larger scale. The study
of Myozyme involving patients with late-onset Pompe disease will conclude
this year, and results will be submitted to regulatory authorities by the
middle of next year.
Sales of Fabrazyme(R) (agalsidase beta) increased 12 percent to $104.6
million, compared with $93.2 million in the same quarter last year. Sales
of Cerezyme(R) (imiglucerase for injection) grew 13 percent to $286.1
million, compared with $252.2 million in the third quarter a year ago.
Sales of Aldurazyme(R) (laronidase) grew 29 percent to $32.3 million,
compared with $25.0 million in last year's third quarter. Aldurazyme is
marketed through a joint venture with BioMarin Pharmaceutical Inc.
Genzyme has completed enrollment in the Phase 2 trial of the small
molecule Genz-112638, a novel oral therapy being developed for the
treatment of Gaucher disease. Initial observations from the first group of
patients enrolled in this open-label study were highly encouraging, and
Genzyme has requested a meeting with the FDA to discuss an expedited
development strategy. The company believes this product could reach the
market within 3-4 years and provide an additional treatment option for
physicians and Gaucher patients.
Sales of Thyrogen(R) (thyrotropin alfa for injection) grew 20 percent
in the third quarter to $26.8 million, compared with $22.4 million in the
period a year ago. Genzyme expects U.S. approval for Thyrogen's use in
thyroid cancer remnant ablation procedures this year.
Renal
Within the Renal business, sales of Renagel(R) (sevelamer
hydrochloride) rose 14 percent to $154.2 million, up from $134.7 million in
the third quarter a year ago. The clinical evidence supporting Renagel is
allowing the product to retain pricing power and increase market share in
the competitive and growing market for phosphate binders. Results from the
Dialysis Clinical Outcomes Revisited (D-COR) study of Renagel were
published online in Kidney International in August and in the journal
itself this month. The study compared mortality and morbidity outcomes for
patients on Renagel and patients receiving calcium-based phosphate binders.
Sales of Hectorol(R) (doxercalciferol) rose 19 percent to $30.3 million
from $25.5 million a year ago. The most significant growth was in the 0.5
microgram capsule, the dose indicated for chronic kidney disease patients
who are not on dialysis. Hectorol is enabling Genzyme to establish itself
in this market prior to the introduction of Renvela for a pre-dialysis
indication.
Transplant
Sales of Thymoglobulin(R) (anti-thymocyte globulin, rabbit) and
Lymphoglobuline(R) (anti-thymocyte globulin, equine) rose 9 percent in the
third quarter to $41.0 million, compared with $37.6 million in the same
period last year.
Biosurgery
Within the Biosurgery unit, third-quarter sales of Synvisc(TM) (hylan
G-F 20) grew 9 percent to $61.2 million, compared with sales of $55.9
million in last year's third quarter. Genzyme anticipates U.S. and European
regulatory action this year on its marketing applications for the
single-injection regimen Synvisc-One(TM). The company is confident that
this product-delivered through a single knee injection-will simplify
osteoarthritis pain management, reduce the overall cost of therapy and
offer a treatment option that may dynamically expand the benefits of
viscosupplementation to a broader number of patients.
Additionally, Genzyme plans to pursue CE Mark approval for hylastan in
the European Union. Hylastan is an alternatively formulated
viscosupplementation product that, like Synvisc-One, was designed to
simplify osteoarthritis pain management by reducing the number of required
knee injections. Genzyme expects to submit an application to European
regulatory authorities in the first half of next year.
Sales of Sepra(R) products rose 25 percent to $26.4 million in the
third quarter, up from $21.1 million in last year's third quarter. This
increase is somewhat greater than in previous quarters and reflects the
growing use of Seprafilm(R) adhesion barrier in larger markets such as
gynecologic surgery. Genzyme's expanded U.S. Sepra sales force is helping
to broaden use of the product
Genetic Diagnostics
Genetics revenue grew 19 percent in the third quarter to $73.1 million,
up from $61.4 million in the same quarter last year. The Genetics business
has been experiencing strong growth, driven by an increasing demand for
diagnostic testing services. Genzyme is investing in additional information
technology and infrastructure to continue to strengthen the competitive
advantages the Genetics unit has created.
Other
Other revenue increased 25 percent in the third quarter to $82.3
million, compared with $66.1 million in the same quarter last year. Other
revenue includes sales of diagnostic products and pharmaceutical
intermediates, royalties from the sale of WelChol(R) (colesevelem
hydrochloride), and oncology revenue.
Oncology revenue increased 38 percent to $22.7 million from $16.5
million in the third quarter a year ago. Oncology revenue includes sales of
Clolar(R) (clofarabine for injection) and profits and royalties for
Campath.
Expenses
Third-quarter non-GAAP operating expenses increased 14 percent compared
with the same quarter last year, while revenue grew 19 percent,
underscoring the leverage Genzyme is gaining from its global commercial
infrastructure. Non-GAAP selling, general and administrative expenses were
$245.2 million compared to $214.9 million in the third quarter last year.
Non-GAAP SG&A spending represented 26 percent of revenue in the quarter,
down from 27 percent in the third quarter last year.
Non-GAAP research and development spending rose to $162.3 million in
the third quarter, up from $143.0 million in last year's third quarter,
reflecting increased spending on late-stage programs. Non-GAAP R&D spending
represented 17 percent of revenue, consistent with recent quarters.
As noted, Genzyme recorded an $11.8 million manufacturing-related
charge during the quarter, which reflects the write off of four finished
lots of Thymoglobulin that did not meet the company's specifications.
Several additional finished lots of the product are currently under review
to determine whether they meet quality specifications.
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 2006 revenues of $3.2 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.
In 2006 and 2007, Genzyme was selected by FORTUNE as one of the "100 Best
Companies to Work for" in the United States.
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, infectious
disease and other areas of unmet medical need.
This press release contains forward-looking statements regarding
Genzyme's financial outlook and business plans and strategies, including:
its non-GAAP earnings estimate for 2008 and 2011; its expectation of a 20%
compound average non-GAAP earnings growth rate through 2011; and its
product development plans and timelines and regulatory filing and action
estimates, including the timing of the launch of Renvela for dialysis
patients, the timing of the US filing for the use of Renvela by patients
with earlier stages of CKD, the timing of the US filing for use of Clolar
as a first-line treatment in adult AML, the receipt of European approval of
Campath as a first-line treatment in B-CLL, the timing of the launch of
Mozobil in multiple myeloma and non-Hodgkin's lymphoma and the expected
peak product revenues in the transplant setting, the timing of GENZ-112638
product launch, the timing of the receipt of FDA approval for Thyrogen in
thyroid cancer ablation, and the timing of the receipt of FDA approval for
a larger-scale Myozyme manufacturing process. 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; Genzyme's ability to expand the use
of current products in existing and new indications; Genzyme's ability to
obtain and maintain regulatory approvals for products and manufacturing
facilities, including the larger-scale production of Myozyme and the timing
of receipt of such approvals; Genzyme's ability to manufacture products and
product candidates in a timely and cost effective manner and in sufficient
quantities to meet demand; Genzyme's ability to maintain and enforce
intellectual property rights; Genzyme's ability to successfully identify
and market to new patients; the scope of third-party reimbursement coverage
for Genzyme's products and services; 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 Quarterly Report on Form 10-Q for the period ended June 30,
2007. 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), Hectorol(R), Thymoglobulin(R), Lymphoglobuline(R), Synvisc(R),
Sepra(R), Seprafilm(R), Campath(R) and Clolar(R) are registered trademarks
and Mozobil(TM), Renvela(TM), Hylastan(TM) are trademarks of Genzyme
Corporation or its subsidiaries. Aldurazyme(R) is a registered trademark of
BioMarin/Genzyme LLC. Elaprase(TM) is a trademark of Shire Human Genetic
Therapies Inc. WelChol(R) is a trademark of Sankyo Pharma. All rights
reserved.
Conference Call Information
Genzyme Corporation will host a conference call today at 11:00 a.m.
Eastern Time to discuss third-quarter financial results. 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
http://www.genzyme.com. Replays of the call and the Webcast will be available
until midnight on October 31, 2007.
Upcoming Events
Genzyme Corporation will host a conference call February 13, 2008, at
11:00 a.m. Eastern Time to discuss four-quarter financial results. 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 203-369-1503.
This call will also be Webcast live on the investor events section of
http://www.genzyme.com. Replays of the call and the Webcast will be available
until midnight February 20, 2008.
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 1-678-999-4572 outside the
United States.
Media Contact: Investor Contact:
Bo Piela Sally Curley
(617) 768-6579 (617) 768-6140
GENZYME CORPORATION (GENZ)
Consolidated Statements of Operations
(Unaudited, amounts in thousands,
except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Total revenues $960,159 $808,574 $2,776,761 $2,332,772
Operating costs and expenses:
Cost of products and
services sold (1,2) 244,612 184,676 664,673 536,959
Selling, general and
administrative (1,3) 270,306 239,700 878,807 743,849
Research and development
(1,4) 175,800 162,293 540,362 483,557
Amortization of intangibles 49,819 50,542 149,301 156,117
Charge for impaired
goodwill (5) - 219,245 - 219,245
Total operating costs and
expenses 740,537 856,456 2,233,143 2,139,727
Operating income (loss) 219,622 (47,882) 543,618 193,045
Other income (expenses):
Equity in income (loss)
of equity method
investments (6) (12,648) 4,530 (1,091) 10,630
Minority interest 5 2,545 3,932 7,741
Gain on investments in
equity securities (7) 1,105 128 14,036 75,037
Other 913 (873) 110 (1,331)
Investment income 18,222 16,760 51,687 39,401
Interest expense (1,474) (3,772) (9,283) (12,245)
Total other income
(expenses) 6,123 19,318 59,391 119,233
Income (loss) before
income taxes (1) 225,745 (28,564) 603,009 312,278
(Provision for) benefit
from income taxes (1) (66,432) 44,530 (201,715) (60,841)
Net income (1) $159,313 $15,966 $401,294 $251,437
Net income per share:
Basic $0.61 $0.06 $1.52 $0.96
Diluted (1,8) $0.58 $0.06 $1.45 $0.93
Weighted average shares
outstanding:
Basic 262,775 261,541 263,387 260,565
Diluted (1,8) 279,206 278,271 279,898 277,130
(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 Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Cost of products and
services sold $(5,779) $(5,663) $(18,540) $(12,893)
Selling, general and
administrative expense (25,091) (24,421) (82,838) (96,560)
Research and development
expense (13,518) (14,556) (44,973) (50,682)
Total pre-tax charges
for stock-based
compensation expense (44,388) (44,640) (146,351) (160,135)
Tax benefit 14,093 14,312 45,228 52,237
Stock-based compensation
expense, net of tax $(30,295) $(30,328) $(101,123) $(107,898)
Diluted earnings per share and diluted weighted average shares
outstanding for the three and nine months ended September 30, 2007 and
2006 were computed according to the provisions of FAS 123R.
(2) Includes a charge of $(11,773)K recorded in September 2007 to write
off four finished lots of our Thymoglobulin inventory, which did
not meet our specifications.
(3) Includes a charge of $(64,000)K recorded in June 2007 to settle the
litigation related to the consolidation of our former tracking
stocks.
(4) Includes a charge of $(25,000)K for an upfront milestone payment
paid to Ceregene Inc. in June 2007 for the development and
commercialization of certain gene therapy products.
(5) Represents the write off of the goodwill related to our Genetics
reporting unit in September 2006 in accordance with FAS 142,
"Goodwill and Other Intangible Assets."
(6) Includes a charge of $(19,150)K related to completion of the first
step of the two step acquisition process under which we acquired
Bioenvision, Inc. In July 2007, we acquired approximately 22% of
the outstanding shares of Bioenvision common stock on an
as-converted basis, including all outstanding shares of Bioenvision
preferred stock, for approximately $72,229K of cash. Subsequently,
in October 2007, following a favorable merger vote by Bioenvision's
shareholders, we completed the second step of the acquisition and,
effective October 23, 2007, acquired the remaining outstanding
shares of Bioenvision's common stock. The full purchase accounting
for the acquisition of Bioenvision, including the impact of the
second step, will be recorded in our consolidated financial
statements for October 2007.
(7) For the nine months ended September 30, 2007, includes a pre-tax
gain of $10,848K recorded on the sale of our entire investment in
the common stock of Therapeutic Human Polyclonals Inc. in March
2007, which had a zero cost basis. For the nine months ended
September 30, 2006, includes pre-tax gains of $69,359K related to
the liquidation of our investment in the common stock of Cambridge
Antibody Technology Group plc in May and June 2006.
(8) Reflects the retroactive application of 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 $690,000K 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 the
three months ended September 30, 2007 and 2006, and $5.7 million,
net of tax, for the nine months ended September 30, 2007 and 2006,
have been added back to net income and 9,686K shares have been
added to diluted weighted average shares outstanding for each of
those periods for purposes of computing diluted earnings per share.
GENZYME CORPORATION (GENZ)
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands)
September 30, December 31,
2007 2006
Cash and all marketable securities $1,449,548 $1,285,604
Other current assets 1,587,600 1,377,437
Property, plant and equipment, net 1,850,754 1,610,593
Intangibles, net 2,689,126 2,790,819
Other assets (1,2) 265,273 126,735
Total assets $7,842,301 $7,191,188
Current liabilities $693,208 $651,439
Noncurrent liabilities (1) 865,322 879,038
Stockholders' equity 6,283,771 5,660,711
Total liabilities and stockholders' equity $7,842,301 $7,191,188
(1) Other assets as of September 30, 2007 includes $78,243K of net
deferred tax assets, as compared to net deferred tax liabilities of
$10,909K as of December 31, 2006, which were included as a
component of noncurrent liabilities.
(2) Includes $72,229K related to the completion of the first step of
our two step acquisition of Bioenvision, including $25,200K for the
acquisition of all of the outstanding Bioenvision preferred stock
and $47,029K for the acquisition of a portion of the outstanding
shares of Bioenvision common stock. Effective October 23, 2007,
following a favorable merger vote by Bioenvision's shareholders, we
completed the second step of the acquisition and acquired the
remaining outstanding shares of Bioenvision common stock. The full
purchase accounting for our acquisition of Bioenvision, including
the impact of the second step, will be recorded in our
consolidated financial statements for October 2007.
GENZYME CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS
For the Quarter Ended September 30, 2007
(Amounts in thousands, except per share data)
Dilution to
Common
Stock Manufacturing Acquisition
NON-GAAP Equivalents Related Related
Income Statement
Classification:
Total revenues $960,159
Cost of products
and services sold $(227,060) $(11,773)
Selling, general and
administrative $(245,215)
Research and development $(162,282)
Amortization of
intangibles $-
Equity in income (loss)
of equity method
investments $6,502 $(19,150)
Minority interest $5
Gains (losses) on
investments in equity
securities $1,105
Other $913
Investment income $18,222
Interest expense $(1,474)
Summary:
Income (loss) before
income taxes $350,875 $- $(11,773) $(19,150)
(Provision for)
benefit from
income taxes $(109,558) $- $4,274 $6,962
Net income (loss) $241,317 $- $(7,499) $(12,188)
Net income (loss) per share:
Basic $0.92 $- $(0.029) $(0.046)
Diluted (1) $0.90 $(0.024) $(0.027) $(0.044)
Weighted average shares
outstanding:
Basic 262,775
Diluted (1) 269,520 9,686
FAS 123R GAAP
Amortization Expense As Reported
Income Statement
Classification:
Total revenues $960,159
Cost of products and
services sold $(5,779) $(244,612)
Selling, general and
administrative $(25,091) $(270,306)
Research and development $(13,518) $(175,800)
Amortization of
intangibles $(49,819) $(49,819)
Equity in income
(loss) of equity
method investments $(12,648)
Minority interest $5
Gains (losses) on
investments in
equity securities $1,105
Other $913
Investment income $18,222
Interest expense $(1,474)
Summary:
Income (loss) before
income taxes $(49,819) $(44,388) $225,745
(Provision for)
benefit from
income taxes $17,797 $14,093 $(66,432)
Net income (loss) $(32,022) $(30,295) $159,313
Net income (loss) per share:
Basic $(0.122) $(0.115) $0.61
Diluted (1) $(0.115) $(0.109) $0.58
Weighted average shares outstanding:
Basic 262,775
Diluted (1) 279,206
(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.
SOURCE Genzyme Corporation
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CONTACT:
Media, Bo Piela, +1-617-768-6579, or
Investor, Sally Curley, +1-617-768-6140, both of Genzyme
Corporation
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