Genzyme's revenue reached $3.2 billion in 2006, a 17 percent increase over 2005. This strong financial performance extends a continuing period of sustained growth for the company. Over the last six years, sales have increased at a compound annual growth rate of approximately 27 percent.
We generated over $1 billion in cash in 2006 while expanding our global infrastructure and continuing our investment in both internal R&D and acquisitions.
We are well-positioned for future growth, with one major new product launched in 2006, a number of significant products early in their lifecycle, and approximately 20 pivotal clinical studies for new products and indications underway or about to begin.
GAAP Non-GAAP
Non-GAAP operating income (loss) excludes the following charges ($ in millions):
in 2002 - $39 of amortization of intangibles and $34 of other one-time charges;
in 2003 - $65 of amortization of intangibles, $158 of IPR&D and $33 of other one-time charges;
in 2004 - $109 of amortization of intangibles, $255 of IPR&D and $30 of other one-time charges;
in 2005 - $182 of amortization of intangibles, $29 of IPR&D and $57 of other one-time charges; and
in 2006 - $209 of amortization of intangibles, $553 of IPR&D, $219 charge for impaired goodwill, $209 of FAS 123R expense and $29 of other one-time charges.
* Represents the operations and financial position of Genzyme General Division from January 1, 2000 through June 30, 2003 and the operations of Genzyme Corporation from July 1, 2003 through December 31, 2006.
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