CMS Reverses Earlier Decision
CAMBRIDGE, Mass., Dec. 15 /PRNewswire-FirstCall/ -- Genzyme Corp.
(Nasdaq: GENZ) today announced that Synvisc(R) (hylan G-F 20), a market-
leading viscosupplement used to treat pain due to osteoarthritis of the
knee, will maintain a separate reimbursement code and rate for 2007. The
Centers for Medicare and Medicaid Services (CMS) reversed a decision made
earlier this fall that would have placed all viscosupplement products in
the same reimbursement code for billing next year. As a result of the CMS
decision, effective January 1, 2007, the Medicare payment rate will
continue to be 106 percent of Synvisc's Average Selling Price (ASP)
calculated from data submitted to CMS.
"This is the right decision that's in the best interest of patients,"
stated Henri A. Termeer, chairman and chief executive officer of Genzyme
Corp. "It is significant because it continues to encourage innovation in
the field with next-generation products that are intended to reduce the
burden of treatment and overall cost of therapy."
In addition, J-codes have been replaced with Q-codes for
viscosupplementation products. Like J-codes, Q-codes are unique identifiers
for drugs and biologics.
Synvisc is registered in more than 70 countries and has been used to
treat more than 3 million people.
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. Founded in 1981, Genzyme has grown from a small start-up
to a diversified enterprise with annual revenues exceeding $2.7 billion and
more than 8,500 employees in locations spanning the globe. With many
established products and services helping patients in more than 80
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 immune diseases, and diagnostic
testing. Genzyme's commitment to innovation continues today with a
substantial development program focused on these fields as well as heart
disease and other areas of unmet medical need.
This press release contains forward-looking statements, including the
statements regarding the Medicare reimbursement rate for Synvisc that will
become effective on January 1, 2007. This statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those projected in these forward-looking statements. These risks and
uncertainties include, among others, the extent to which CMS subsequently
determines to make changes to the reimbursement rate for Synvisc, 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. Please see the discussion under the heading "Factors
Affecting Future Operating Results" in the Management's Discussion and
Analysis of Financial Condition and Results of Operations section of the
Genzyme Quarterly Report on Form 10-Q for the quarter ending September 30,
2006 for a more complete discussion of these and other risks. Genzyme
cautions investors not to place substantial reliance on the forward-looking
statements contained in this press release. These statements speak only as
of the date of this press release, and Genzyme undertakes no obligation to
update or revise the statements.
Genzyme(R) and Synvisc(R) are registered trademarks of Genzyme
Corporation. All rights reserved.
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 1-703-797-1866 outside the
United States.
Media Contact: Investor Contact:
Maria Cantor Kristen Galfetti
(617) 768-6690 (617) 768-6563
SOURCE Genzyme Corp.
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Related links:
http://www.genzyme.com/
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CONTACT:
Maria Cantor, +1-617-768-6690, or Investor
Contact: Kristen Galfetti, +1-617-768-6563
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