<PAGE>
Filed by GelTex Pharmaceuticals, Inc. (Commission File No. 000-26872)
pursuant to Rule 425 under the Securities Act of 1933
Subject Company: GelTex Pharmaceuticals, Inc. (Commission File No. 000-26872)
This material is not a substitute for the prospectus/proxy statement
Genzyme and GelTex will file with the Securities and Exchange Commission.
Investors are urged to read that document because it will contain important
information, including detailed risk factors. The proxy statement/prospectus and
other documents filed by Genzyme and GelTex with the SEC will be available free
of charge at the SEC's website (www.sec.gov) and from Genzyme or GelTex.
GelTex, its directors, and certain of its executive officers may be
considered participants in the solicitation of proxies in connection with the
merger. Information concerning GelTex's directors and executive officers can be
found in the documents filed by GelTex with the SEC. Certain directors and
executive officers of GelTex may have direct or indirect interests in the merger
due to securities holdings, vesting of options, and rights to severance payments
if their employment is terminated following the merger. In addition, directors
and officers, after the merger, will be indemnified by Genzyme, and benefit from
insurance coverage, for liabilities that may arise from their service as
directors and officers of GelTex prior to the merger. Additional information
regarding the participants in the solicitation will be contained in the proxy
statement/prospectus.
This material contains forward-looking statements, including
statements about the consummation and anticipated timing of the merger, the
potential market opportunity for Renagel, the expected drivers of growth for
the market opportunity, the anticipated impact of Renagel on Genzyme's future
growth, the potential short and long-term revenues from Renagel, the expected
benefits of the merger, the value of the merger consideration, the tax-free
treatment of the receipt of Genzyme General common stock, the anticipated
impact of the acquisition on Genzyme's earnings, cash-earnings-per-share, and
development programs, Genzyme's plans concerning the operation of GelTex's
business after the merger, estimates concerning the current and future
dialysis patient population, the anticipated impact of Renagel on patient
morbidity and mortality, the cost of care for patients, the anticipated
benefits of the tablet formulation of Renagel, plans to announce trial data,
plans to initiate clinical trials of Renagel, GT 160-246, and other product
candidates, estimates concerning the C. DIFFICILE COLITIS patient population,
and expectations concerning GelTex's product candidates and polymer
technology platform. Actual results may materially differ due to numerous
factors, including without limitation conditions in the financial markets
relevant to the proposed merger, the receipt of regulatory and other
approvals of the transaction, the operational integration associated with the
transaction and other risks generally associated with such transactions,
increasing market acceptance of Renagel, optimal dosing and patient
compliance with respect to Renagel, market acceptance of Renagel tablets, the
competitive environment for the dialysis market, the results of clinical
trials, the efficacy and safety of products, enrollment rates for clinical
trials, the content and timing of submissions to and decisions by regulatory
authorities, the availability of reimbursement from third-party payers, the
ability to manufacture sufficient quantities of product for development and
commercialization activities, the accuracy of the companies' information
about the dialysis and the C. DIFFICILE COLITIS patient populations and the
market for Renagel, the accuracy of the companies' expectations about growth
in the dialysis patient population, the ability of Genzyme to successfully
commercialize products and the risks and uncertainties described in Genzyme
and GelTex's reports filed with the Securities and Exchange Commission under
the Securities Exchange Act of 1934, as amended, including without limitation
Exhibit 99.2 to Genzyme's Annual Report on Form 10-K for the year ended
December 31, 1999, as amended. GENZ stock is a series of common stock of
Genzyme Corporation. Therefore, holders of GENZ stock are subject to the
risks and uncertainties described in the aforementioned reports.
[The following is the text of slides from a slide show being presented in
meetings with analysts, potential investors and others.]
<PAGE>
[PHOTO]
GENZYME
GENERAL
ACCELERATING MOMENTUM...
<PAGE>
FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements, including those
regarding our:
- consummation and anticipated timing of the merger with GelTex
Pharmaceuticals, the merger consideration and the tax-free
treatment for the receipt of Genzyme General common stock by
GelTex shareholders;
- expectations concerning the benefits of the merger and the impact
on Genzyme's earnings and development programs;
- beliefs concerning the impact of Renagel-Registered Trademark- on
cardiac and aortic calcification, patient morbidity and mortality,
calcium toxicity, and the cost of care for patients;
- launch of a tablet formulation of Renagel-Registered Trademark-;
- projected timetables for the pre-clinical and clinical development
of, initiation and completion of clinical trials for, regulatory
submissions and approvals for, and market introduction of our
products and services;
- estimates of the potential markets and revenues for our products
and services, including Renagel;
- sales and marketing plans;
- assessments of competitors and potential competitors;
- expected ability to obtain reimbursement of our products and
services from third party payers;
- planned presentations;
- expected future revenues, earnings per share, revenue and earnings
per share growth rates, and cash flows; and
- belief in the safety and efficacy of our products and services.
These statements are based upon the current assumptions of our management and
are only expectations of future results.
These statements are subject to numerous risks and uncertainties, and our
actual results may differ significantly from those that are described in this
presentation. These risks and uncertainties include:
- conditions in the financial markets relevant to the proposed
merger;
- the receipt of regulatory and other approvals of the transaction;
- the operational integration associated with the transaction and
other risks generally associated with such transactions;
- increasing market acceptance and dosing of Renagel-Registered
Trademark- Capsules and market acceptance of Renagel-Registered
Trademark- tablets;
- changes in the size of the dialysis patient population;
- improvements in patient compliance levels;
- our ability to successfully complete pre-clinical and clinical
development of our products and services;
- our ability to manufacture sufficient amounts of our products for
development and commercialization activities;
- our ability to obtain timely regulatory approval for products and
services;
- our ability to obtain and maintain adequate patent and other
proprietary rights protection of our products and services;
- the content and timing of decisions made by the FDA and other
regulatory agencies regarding our products and services;
- the enrollment rates for our clinical trials;
- the accuracy of our estimates of the size and characteristics of
the markets to be addressed by our products and services;
- our ability to successfully commercialize products and services;
- market acceptance of our products and services;
- our ability to obtain reimbursement for our products and services
from third party payers;
- our ability to establish and maintain licenses, strategic
collaborations and distribution arrangements; and
- the accuracy of our information regarding the products and
resources of our competitors and potential competitors.
genzyme
general
<PAGE>
FORWARD-LOOKING STATEMENTS
We encourage you to review the more detailed descriptions of these and other
risks and uncertainties that we have filed with the SEC as Exhibit 99.2 to
our annual report on Form 10-K for the year ended December 31, 1999, as
amended. Genzyme General Division Common Stock is a series of common stock of
Genzyme Corporation. Therefore, holders of Genzyme General Division Common
Stock are subject to all of the risks and uncertainties described in Exhibit
99.2. Please note that year-to-date results included in this presentation are
not necessarily indicative of the actual results that will be achieved for
the full year.
This material is not a substitute for the prospectus/proxy statement Genzyme
and GelTex will file with the Securities and Exchange Commission. Investors
are urged to read that document because it will contain important
information, including detailed risk factors. The proxy statement/prospectus
and other documents filed by Genzyme and GelTex with the SEC will be
available free of charge at the SEC's website (www.sec.gov) and from Genzyme
or GelTex.
GelTex, its directors, and certain of its executive officers may be
considered participants in the solicitation of proxies in connection with the
merger. Information concerning GelTex's directors and executive officers can
be found in the documents filed by GelTex with the SEC. Certain directors and
executive officers of GelTex may have direct or indirect interests in the
merger due to securities holdings, vesting of options, and rights to
severance payments if their employment is terminated following the merger. In
addition, directors and officers, after the merger, will be indemnified by
Genzyme, and benefit from insurance coverage, for liabilities that may arise
from their service as directors and officers of GelTex prior to the merger.
Additional information regarding the participants in the solicitation will be
contained in the proxy statement/prospectus.
genzyme
general
<PAGE>
OUR STRATEGIC VISION
- Focus on chronic debilitating diseases with well-defined patient
populations
- Develop and expand robust pipeline
- Extend and leverage unique worldwide infrastructure
- Manage the business
genzyme
general
<PAGE>
GELTEX PHARMACEUTICALS
- Two patent-protected, marketed products
- Renagel-Registered Trademark- Capsules
- WelChol-TM-
- Exciting product pipeline
- GT160-246 for CLOSTRIDIUM DIFFICILE infections
- Fat absorption inhibitors for obesity
- A number of early stage programs
- Unique platform technology
- Productive research/development team
- Facilities, cash, NOLs
genzyme
general
<PAGE>
GELTEX PRODUCT PIPELINE
--------------------------------------------------------------------------------
GelTex Product Pipeline
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Research & Regulatory
Development Phase 1 Phase 2 Phase 3 Review Marketed
---------------------------------------------------------------------------------
<S> <C>
Renagel(R)
- U.S. /
- Japan -------------------------------------------------------------------------------->
Europe ------------------------------------------------>
Renagel(R) Tablets -------------------------------------------------------------------------------->
WelChol(TM) -------------------------------------------------------------------------------->
2nd Generation WelChol(TM) ---------------------------------->
C. Difficile Toxin
Binder -------------------->
Anti-Obesity ----->
Oral Iron ----->
Psoriasis ----->
Mucin ----->
</TABLE>
genzyme
general
<PAGE>
MERGER WITH GELTEX
- 50/50% cash/stock, tax-free transaction
- GelTex shareholders have option of:
- $47.50 in cash OR
- 0.7272 of share of GENZ
- Targeted for completion in Q4 2000
- One-time IP R&D charge to GENZ expected in Q4 2000
- Accounted for as purchase accounting
- Dilutive to GENZ near-term earnings
- Accretive to earnings in 2002 (before D&A)
- Requires GelTex shareholder vote
genzyme
general
<PAGE>
THE EVOLUTION OF PHOSPHORUS BINDERS
- First generation binder - Aluminum in 1980's
- Second generation binder - Calcium in 1990's
- Calcium binders seen as being problematic for some patients
- Third generation binder - Renagel-Registered Trademark- launched
in 1998
- Renagel-Registered Trademark-'s role seen initially as:
- Helping hypercalcemic patients
- Providing lipid benefits
- Today
- Calcium binders seen by thought leaders as having an
unacceptable safety profile
- Renagel-Registered Trademark- shows real promise in
reducing cardiac morbidity and mortality
genzyme
general
<PAGE>
WHAT HAVE WE DONE FOR ESRD PATIENTS?
[CHART]
genzyme
general
<PAGE>
Cardiac Death is 30X Greater in Dialysis Patients(1)
[The following table was depicted as a bar chart in the printed material.]
--------------------------------------------------------------------------------
General Hemodialysis
Population Patients
---------- --------
Annual Risk of CV Death 0.3% 9.2%
--------------------------------------------------------------------------------
o Risk factors include:
o Hypertension
o Lipid abnormalities
o Smoking
o Glucose intolerance
o Now - Calcium Load
1. Foley RN, et al. Am J Kidney Dis. 1998;32:S112-S119.
genzyme
general
<PAGE>
CLEAR EVIDENCE DEMONSTRATED ELEVATED PHOSPHORUS LEVELS INCREASE
MORTALITY RISK(1)
IDENTIFIED NEED TO MANAGE MORE AGGRESSIVELY
After launch - USRDS showed elevated phosphorus increases mortality risk(1)
[The following table was depicted as a bar chart in the printed material.]
--------------------------------------------------------------------------------
Relative Mortality Risk (RR) 1.00 1.00 1.02 1.18* 1.39**
--------------------------------------------------------------------------------
Serum Phosphorus Quintile (mg/dL) 1.1-4.5 4.6-5.5 5.6-6.5 6.6-7.8 7.9-16.9
--------------------------------------------------------------------------------
*P=0.03 **P less than 0.0001 (N = 6407)
1. Adapted from Block GA, et al. Am J Kidney Dis. 1998;31:607-617.
genzyme
general
<PAGE>
ECHOCARDIOGRAPHY SHOWED HIGH LEVELS OF VALVULAR CALCIFICATION IN
DIALYSIS PATIENTS(1)
[The following table was depicted as a bar chart in the printed material.]
--------------------------------------------------------------------------------
Mitral Annulus Aortic Annulus
-------------- --------------
Percentage of Patients
Dialysis 45% 52%
Normal 10% 4%
--------------------------------------------------------------------------------
1. Ribeiro S, et al. Nephrol Dial Transplant. 1998;13:2037-2040.
genzyme
general
-----------------
(1) Ribeiro S et al. NEPHROL DIAL TRANSPLANT. 1998;13:2037-2040
<PAGE>
A NEW WAY TO SEE: ELECTRON BEAM COMPUTED
TOMOGRAPHY (EBCT)
[GRAPHIC OF PATIENT IN CT-SCAN TUBE AND EBCT OMITTED]
genzyme
general
<PAGE>
CORONARY-ARTERY CALCIFICATION IN YOUNG ADULTS WITH END-STAGE RENAL
DISEASE WHO ARE UNDERGOING DIALYSIS
NEW ENGLAND JOURNAL OF MEDICINE, MAY 18, 2000
Source: Goodman, et al
- Cardiac calcification is a serious problem
- 90% of young adult dialysis patients showed signs of coronary
artery calcification
- Calcification scores doubled over 17-23 months in 10 patients who
showed signs of coronary artery disease doubled
genzyme
general
<PAGE>
CORONARY ARTERY CALCIFICATION IN YOUNG
DIALYSIS PATIENTS USING EBCT
[GRAPHIC SHOWING INCREASE, WITH AGE, IN CORONARY ARTERY
CALCIFICATION IN YOUNG DIALYSIS PATIENTS OMITTED]
genzyme
general
<PAGE>
EXTENSIVE TRIPLE VESSEL (CORONARY ARTERIES) CALCIFICATION
IN A DIALYSIS PATIENT
[EBCT IMAGES SHOWING CALCIFICATION IN A DIALYSIS PATIENT OMITTED]
Slide courtesy of P. Raggi
genzyme
general
<PAGE>
RETROSPECTIVE STUDY: SUGGESTS MORTALITY AND MORBIDITY DIFFERENCES IN MATCHED
GROUPS OF RENAGEL-Registered Trademark- AND CONTROL PATIENTS
- Groups matched for age, gender, race, diabetic status, hematocrit
time on dialysis and hospital stay
- Relative risk of hospitalization reduced by approximately 50% (by
Cox regression)
- Relative risk of death reduced by approximately 33% (by Cox
regression)
genzyme
general
<PAGE>
RETROSPECTIVE STUDY: DEATH RATES BY CAUSE
(PER 1,000 PATIENT YEARS)
<TABLE>
<CAPTION>
CATEGORY CONTROL RENAGEL-Registered Trademark-
<S> <C> <C>
All Cause 100.9 66.7
CARDIAC 27.1 14.1
Infectious 12.1 14.8
Unknown 16.2 18.1
</TABLE>
SOURCE: A. COLLINS, USRDS
genzyme
general
<PAGE>
SAVINGS TO MEDICARE: $17,000 OR 24% ANNUALLY
[The following table was depicted as a bar chart in the printed material.]
--------------------------------------------------------------------------------
Control Renagel
------- -------
Inpatient $23,904 $13,788
Outpatient $29,772 $29,076
Other $3,264 $1,152
Physician $13,452 $9,048
Total $70,392 $53,064
Renagel Saving/Yr $17,000
--------------------------------------------------------------------------------
Source: A. Collins, USRDS
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- CLINICAL PROGRAM: CURRENT TREAT TO GOAL STUDY
- Vascular calcification is common and progressive in the ESRD
population
- We are employing a method new to the renal community to
detect cardiac and aortic calcification - EBCT
- Demonstrate Renagel-Registered Trademark- has expected
impact
- Prospective randomized study
- Renagel-Registered Trademark- vs calcium binders
- Multicenter, 225 patients
- Timeline
- 3 years, 12 month data H1 2001
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- CLINICAL PROGRAM: NEW MORBIDITY & MORTALITY
STUDY
- Prospective randomized study
- 2000 patients
- Reduction in hospitalization - 18 months (2003)
- Reduction in cardiac mortality - 2.5 years (2004)
- Start H1 2001 SUMMARY
genzyme
general
<PAGE>
SUMMARY
- Calcium toxicity is seen as a real issue
- Renagel-Registered Trademark- may have a significant impact
- Not absorbed, well-tolerated
- Non-calcium, non-metal
- Lipid profile improvements
- Reduction in calcification
- Possible reduction in morbidity and mortality
- Cost savings to the system
genzyme
general
<PAGE>
KEY DRIVERS OF REVENUE GROWTH
- Dialysis patient population growing 6 - 8% annually
- 1 million now to 1.7 million in 10 years
- US population 280,000, Europe 170,000
- Increasing revenue/patient/year
- Approximately $1,000 increasing to $2,000 as a result of
optimizing dosage levels and compliance improvements
- Expanding market share
- Strong clinical benefits
- Reduction in hospitalization costs
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- NRx's
[The following table was depicted as a line chart in the printed material.]
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Renagel 5535 5643 5326 6391 6347 6456 6311 6764 7441 7419 8419 8610 9815
-------------------------------------------------------------------------------------------------------
1999 2000
</TABLE>
Source: IMS NPA
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- TRx's
[The following table was depicted as a line chart in the printed material.]
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RENAGEL 12047 12731 12504 14112 14888 15627 15394 15626 17288 17361 19571 20075 22050
--------------------------------------------------------------------------------------------------------------------
1999 2000
</TABLE>
Source: IMS NPA
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- REVENUES
[The following table was depicted as a bar chart in the printed material.]
--------------------------
In millions
Q4'98 $0.3
1H 1999 $7.6
2H 1999 $11.9
1H 2000 $18.2
2H 2000E $27
--------------------------
RAISING GUIDANCE TO $45M IN 2000; DOUBLING IN 2001
genzyme
general
<PAGE>
RENAGEL-Registered Trademark- MARKETING PROGRAMS
- European rollout began early 2000
- Physician-sponsored education symposiums ongoing
- Tablet launch this month in U.S.
- In next several months in Europe, Canada
- Increase sales force by 50%
- Significant presence at American Society of Nephrologists meeting
Toronto, October 2000
genzyme
general
<PAGE>
GENZYME GENERAL UPDATE
- Financial update
- Marketed products
- Pipeline
- Infrastructure
genzyme
general
<PAGE>
GENZ TOTAL REVENUES
[The following table was depicted as a bar chart in the printed material.]
---------------------------------
In millions
1990 $ 61
1991 $120
1992 $216
1993 $268
1994 $311
1995 $379
1996 $461
1997 $496
1998 $570
1999 $635 $655*
YTD 6/30/00 $357 $357**
10-year CAGR: 30.2%
---------------------------------
* Includes $20M in Renagel(R) revenues
** Beginning Q2-00 forward, total revenues include Renagel(R) revenues
genzyme
general
<PAGE>
GENZ FREE CASH FLOW
[The following table was depicted as a bar chart in the printed material.]
---------------------------------
(in millions)
1996 ($33.2)
1997 $79.2
1998 $109.9
1999 $131.3
YTD 6/30/00 $89.0
---------------------------------
Free Cash Flow = net income plus depreciation less net cash used for capital
expenditures and dividend payments
genzyme
general
<PAGE>
THERAPEUTICS PIPELINE EXPANSION
[The following table was depicted as a line chart in the printed material.]
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Number of Products Products in Market New Products Expected in Market
------------------ ------------------ -------------------------------
<S> <C> <C> <C>
1997 1 Cerezyme(R)
---------------------------------------------------------------------------------------------------------
1998 3
---------------------------------------------------------------------------------------------------------
1999 3 Cerezyme(R)
Renagel(R)
Thyrogen(R)
---------------------------------------------------------------------------------------------------------
2000 4 Fabrazyme(TM)
---------------------------------------------------------------------------------------------------------
2001 6-7 ATIII
AVONEX(R)/Japan
2002 8-10 Aldurazyme(TM)
Pompase(TM)
DX88 (HAE)
Niemann-Pick B
---------------------------------------------------------------------------------------------------------
Beyond 16+ Lumarel(TM)
NeuroCell-PD(TM)
PV
LSD-GT
MS
Scleroderma
---------------------------------------------------------------------------------------------------------
</TABLE>
genzyme
general
<PAGE>
NEAR-TERM PIPELINE:
FABRAZYME-TM- FOR FABRY DISEASE
- Alpha-galactosidase enzyme deficiency
- Kidney failure, cardiac disease, pain/numbness
- 2,000-4,000 patients worldwide
- Pivotal trial completed ON TIME
- Achieved primary endpoint
- Target filing
- BLA accepted (U.S.); MAA validated (Europe)
- Present data at American Society of Human Genetics Conference,
Philadelphia, October 5
genzyme
general
<PAGE>
NEAR-TERM PIPELINE:
ALDURAZYME-TM- FOR MPS-I DISEASE
- Alpha-L-iduronidase enzyme deficiency
- 2,000 - 3,000 patients worldwide
[PHOTO]
- Joint venture with BioMarin
- Begin confirmatory trial: H2 2000
genzyme
general
<PAGE>
NEAR-TERM PIPELINE:
TRANSGENIC ANTITHROMBIN III (ATIII)
- Joint venture with genzyme Transgenics
- Control blood clotting during CABG surgery
[PHOTO]
- Two Phase III trials completed
- Positive results from both trials
- Target BLA filing early 2001
genzyme
general
<PAGE>
MEDIUM-TERM PIPELINE:
POMPASE-TM- FOR POMPE DISEASE
- Worldwide license from Synpac/collaboration with Pharming
- Estimated 5,000 patients worldwide
- Pivotal trial to begin: H2 2000
NIEMANN-PICK B DISEASE
- Collaboration with Mt. Sinai School of Medicine
- Estimated 1,000 patients worldwide
- File IND: H1 2001
AVONEX-Registered Trademark- IN JAPAN
- Collaboration with Biogen
- Genzyme Japan to manage clinical/regulatory/reimbursement
marketing & sales
- Target launch: H2 2001
genzyme
general
<PAGE>
MEDIUM-TERM PIPELINE
LUMAREL-TM- FOR CYSTIC FIBROSIS
- Collaboration with Beth Israel, CF Foundation
- Compound corrects lipid imbalance
- Estimated 30,000 U.S. patients
- File IND by early 2001
DX-88 FOR HEREDITARY ANGIOEDEMA
- Collaboration with Dyax
- Repeated attacks of swelling, often fatal with no effective
therapy
- Estimated 5-10,000 patients worldwide
- Initiate phase II clinical trial: H2 2000
genzyme
general
<PAGE>
LONGER-TERM PIPELINE
NEUROCELL-TM-: PARKINSON'S DISEASE
- JV PARTNER DIACRIN
- PHASE II TRIALS ONGOING
- INITIATE PHASE III CLINICAL TRIAL H2 2000
PEMPHIGUS VULGARIS
- AUTOIMMUNE DISORDER
- SEVERE SKIN BLISTERING, 10,000-15,000 PATIENTS
- IND FILING, INITIATE CLINICAL TRIALS IN 2001
GENE THERAPY: LYSOSOMAL STORAGE DISORDERS
- GAUCHER DISEASE - CLINICAL TRIAL ONGOING
- OTHER GENETIC DISEASES - PRECLINICAL
genzyme
general
<PAGE>
NEW LONGER-TERM CANDIDATES
MULTIPLE SCLEROSIS
- GENZ-29155 SMALL MOLECULE CANDIDATE
- PROGRESSIVE LOSS OF MOBILITY, VISION, AND NEUROLOGIC FUNCTIONS
- APPROXIMATELY 350,000 U.S. PATIENTS
- LATE PRECLINICAL STAGE
SYSTEMIC SCLERODERMA
- TGF-BETA ANTAGONIST CANDIDATE
- FIBROTIC TISSUE HARDENING OF MAJOR INTERNAL ORGANS, OFTEN FATAL
- APPROXIMATELY 70,000 U.S. PATIENTS
- LATE PRECLINICAL STAGE
genzyme
general
<PAGE>
OUR EMPLOYEES ARE CREATING
VALUE WORLDWIDE
[The following table was depicted as a graphic in the printed material.]
--------------------------------------------------------------------------------
Represents percentage of Number of
employees outside United States employees
------------------------------- ---------
Research & Development 5% >500
Manufacturing/Operations 20% >1200
Medical/Clinical/Regulatory 35% >250
Marketing/Sales/Reimbursement 50% >500
--------------------------------------------------------------------------------
REPRESENTS PERCENTAGE OF EMPLOYEES OUTSIDE UNITED STATES
genzyme
general
<PAGE>
ACCELERATING MOMENTUM 2000
- Increased clarity around key products
- Broad pipeline moving to market
- Data from six clinical trials available
- File several INDs and BLAs
- Continue to add new products
- Strong financial performance continues
- Consensus EPS of approximately $2.20
- Strong positive cash flow
genzyme
general
<PAGE>
[PHOTO]
GENZYME
GENERAL
ACCELERATING MOMENTUM...