Genzyme's $2.2 billion revenue for 2004 represents a 40 percent increase over 2003 and broad-based growth across our range of businesses, while confirming the benefits of diversification.

Two major growth drivers led our performance. Renagel revenue rose 29 percent to $364 million, and Fabrazyme revenue more than doubled to $209 million as access to this life-saving therapy became available in more than 30 new markets.

Our global presence expanded, and about half of our sales revenue came from outside the United States.

We generated approximately $100 million of cash each quarter, demonstrating strong financial performance.

Tight fiscal controls have allowed us to absorb three major acquisitions while growing non-GAAP earnings per share.