Total revenue in 2008 increased 21 percent to $4.6 billion from $3.8 billion in 2007. GAAP net income was $421.1 million, or $1.50 per diluted share, compared with $480.2 million, or $1.74 per diluted share, in 2007. Non-GAAP net income increased 18 percent to $1.1 billion, compared with $939.9 million in 2007. Non-GAAP earnings increased 15 percent to $4.00 per diluted share from $3.47 in 2007. Genzyme generated approximately $1.5 billion in cash predominantly from operations in 2008 and utilized this cash flow to substantially eliminate all debt, invest in its global infrastructure, repurchase shares, and complete strategic transactions that significantly strengthened its late-stage pipeline. 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 11,000 employees in locations spanning the globe and 2008 revenues of $4.6 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 approximately 100 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 disease, and diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as cardiovascular disease, neurodegenerative diseases, and other areas of unmet medical need. Genzyme®, Myozyme®, Fabrazyme®, Cerezyme®, Renagel®, Renvela®, Synvisc®, and Clolar® are registered trademarks and Mozobil™, Synvisc-One™ and Lumizyme™ are trademarks of Genzyme Corporation or its subsidiaries. Prochymal™ is a trademark of Osiris Therapeutics Inc. All rights reserved. Genzyme's press releases and other company information are available at www.genzyme.com.