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2007 Highlights
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REVENUE GROWTH
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CASH FLOW GENERATION1
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OPERATING LEVERAGE1
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PIPELINE
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| Genzyme's 2007 revenue reached $3.8 billion, a 20 percent increase over 2006. All six business units posted double-digit year-over-year revenue growth in 2007.
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Genzyme generated more than $1.3 billion in cash in 2007, a 30% increase over the $1.0 billion achieved in 2006.
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Genzyme used its operating leverage to deliver steadily improving earnings, exceeding a 20% compound average annual growth rate in non-GAAP EPS performance over the past decade.
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In early 2008, we moved the alemtuzumab MS program into phase 3 clinical studies and added mipomersen, a potential lipid-lowering therapy in late-stage development.
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1 Non-GAAP net income (loss) excludes the following charges, net of tax ($ in millions):
- in 2002: $24.7 of amortization of intangibles and $28.4 million of other one-time charges.
- in 2003: $40.9 of amortization of intangibles, $158.0 of IPR&D and $21.2 of other one-time charges.
- in 2004: $69.2 of amortization of intangibles, $254.5 of IPR&D and $17.8 of other one-time charges.
- in 2005: $114.8 of amortization of intangibles, $22.2 of IPR&D and $24.7 of other one-time charges.
- in 2006: $132.3 of amortization of intangibles, $149.4 charge for impaired goodwill, $404.3 of IPR&D, $142.2 of FAS 123R expense, offset by $68.7 of other one-time gains.
- in 2007: $129.5 of amortization of intangibles, $109.7 of IPR&D, $131.8 of FAS 123R expense and $88.7 of other one-time charges.
Cash flow generated includes non-GAAP net income less depreciation, net of tax, plus proceeds from issuance of common stock.
2 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, 2007.
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