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2005 Annual Report

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 2005 Annual Report Sitemap 25 Years of Inspiration    Timeline Financial Highlights         Summary of Operations         Financial Position Letter to Shareholders         Solidifying our position         The potential to transform lives         Consistent patient focus         Applying our unique attributes         Worldwide reach and responsibilities         Approaching our 25th anniversary Commitment Drives Growth Bringing Myozyme to Market         The challenge of Pompe disease         Ongoing commitment Expanding Our Renal Franchise         Renagel shows unique benefits         Entering the CKD market         Completing the spectrum         Supporting additional research Future Growth Drivers         Tolevamer: a novel approach         Campath: potential in MS         Synvisc: room to grow A Strong Global Infrastructure         New facilities on line         Next projects headed for completion 2005: The Year in Review    Products Genetic Diseases         Growth and investment in LSD therapies         Commitment to access Renal Disease         Growth of Renagel         The impact of Hectorol         Broad commitment to renal disease Orthopaedics         Unleashing Synvisc's potential         Progress on next-generation Carticel Oncology         Delivering personalized cancer treatments         Expanding Clolar         Thyroid cancer Transplant and Immune Diseases         Expanding uses         Beyond transplant therapies Genetics and Diagnostics         Leadership in oncology and reproductive testing         Diagnostic tests and products A Portfolio for the Future    Oncology & Endocrinology    Orthopaedics & Genetic Diseases    Renal Diseases, Immune-mediated Diseases & Gene Therapy Advances Product Development Pipeline Our Social Responsibility         Humanitarian initiatives         Improving global health Preparing for the Future         Wide public recognition