Renagel is growing significantly around the world foundation in the United States, Europe, and Japan. With more than 1.2 million people around the globe undergoing need and the prospects are both substantial.

Our therapy for controlling phosphorus levels in kidney dialysis patients without the use of calcium or metal, Renagel commands about half the U.S. market in the treatment of end-stage renal disease. Opportunities for continued growth are increasing as more physicians recognize its unique combination of benefits and more countries approve it. In 2004, Renagel revenue increased 29 percent, and approximately 300,000 patients in 45 countries now benefit from this product. Outside the United States, it performed particularly well in Europe and Canada. Renagel is established in Brazil, and with its anticipated 2005 launch in Colombia and filings in Peru, Argentina, and Mexico, we look forward to significant growth in Latin America. Renagel's contribution to Genzyme's gross margin has increased as a result of our investments in new facilities in Europe.