ANNUAL REPORT HOME ABOUT GENZYME SITEMAP LEGAL DISCLAIMER 
2005 Annual Report
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TABLE OF CONTENTS
25 Years of Inspiration
Financial Highlights
Letter to Shareholders
Commitment Drives Growth
Bringing Myozyme to Market
Expanding Our Renal Franchise
Future Growth Drivers
A Strong Global Infrastructure
2005: The Year in Review
Genetic Diseases
Renal Disease
Orthopaedics
Oncology
Transplant and Immune Diseases
Genetics and Diagnostics
A Portfolio for the Future
Product Development Pipeline
Our Social Responsibility
Preparing for the Future
Expanding Our Renal Franchise

Genzyme is rapidly expanding its renal portfolio - already the broadest in the industry - across the full spectrum of renal disease.

Our patient focus drives us to seek solutions across the entire spectrum of each of our medical areas. In 2005, we expanded our renal franchise so that we offer the most comprehensive span of therapeutic products now available to patients in this area, many of whom are underserved. At the same time, we clearly demonstrated landmark patient benefits and made significant investments to bring new products to market.

Renagel shows unique benefits
Results of our post-marketing Dialysis Clinical Outcomes Revisited (DCOR) trial showed that Renagel offers unique benefits in terms of both mortality and morbidity. Renagel is our therapy for controlling phosphorus levels in kidney dialysis patients without the use of calcium or metal. Study results were well received at the 2005 meeting of the American Society of Nephrology, and we plan to publish them in a peer-reviewed journal while continuing to present follow-up economic data, helping to further drive clinical adoption.

Entering the CKD market
In 2005, Genzyme acquired Bone Care International, Inc. whose complementary products and profitable commercial organization have both strengthened and diversified our renal business. Hectorol is a vitamin D2 analog that treats secondary hyperparathyroidism in patients with stages 3 and 4 chronic kidney disease (CKD) and complements Renagel in hemodialysis patients. This first-class product is currently sold in North America, and we have made regulatory filings in Europe, Asia, and Latin America a high priority, with multiple launches anticipated beginning in 2008. Through clinical studies, we are exploring the potential of a next-generation Renagel in the CKD market.

Completing the spectrum
Our renal portfolio also comprises products for those at either end of the spectrum of kidney disease. Fabrazyme treats Fabry disease, which can lead to kidney failure, and Thymoglobulin is used to address rejection of a kidney transplant. We are also collaborating with RenaMed Biologics, Inc. to jointly develop and commercialize its Bio-Replacement Therapy for the treatment of acute renal failure, a major unmet need.

Supporting additional research
Over the last four years, Genzyme has supported nephrology research through the Genzyme Renal Innovations Program (GRIP), with awards made by an independent review board of leaders in the field. In 2005, we made 10 GRIP grants to researchers in North America and Europe with the aim of helping make possible groundbreaking research that will ultimately improve the care of people with kidney disease.