Exhibit 99

BioMarin/Genzyme LLC  Index to Consolidated Financial Statements

|                                                                                                                      |  | Page(s)
|--------------------------------------------------------------------------------------------------------------------- |  | -------
|Report of Independent Registered Public Accounting Firm                                                               |  | 1      
|Consolidated Balance Sheets as of December 31, 2007 and 2006                                                          |  | 2      
|Consolidated Statements of Operations for the Years Ended December 31, 2007, 2006 and 2005                            |  | 3      
|Consolidated Statements of Cash Flows for the Years Ended December 31, 2007, 2006 and 2005                            |  | 4      
|Consolidated Statements of Changes in Venturers' Capital for each of the Years Ended December 31, 2005, 2006 and 2007 |  | 5      
|Notes to Consolidated Financial Statements                                                                            |  | 6-15   

---





Report of Independent Registered Public Accounting Firm

To
the Steering Committee of BioMarin/Genzyme LLC:

In
our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, of cash flows and of changes in Venturers' capital present fairly, in
all material respects, the financial position of BioMarin/Genzyme LLC and its subsidiaries (the "Joint Venture") at December 31, 2007 and 2006, and the results of their operations and
their cash flows for each of the three years in the period ended December 31, 2007 in conformity with accounting principles generally accepted in the United States of America. These financial
statements are the responsibility of the Joint Venture's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these
statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

|/s/ PricewaterhouseCoopers LLP          |  | 
|--------------------------------------- |  | 
|Boston, Massachusetts
February 25, 2008 |  | 

1

---





BioMarin/Genzyme LLC        Consolidated Balance Sheets        (Amounts in thousands)

|                                       |                                           | December 31,
|-------------------------------------- | ----------------------------------------- | ------------
|
|ASSETS                                 |                                           |             
|Current assets:                        |                                           |             
|                                       | Cash and cash equivalents                 |             
|                                       | Restricted cash                           |             
|                                       | Accounts receivable                       |             
|                                       | Due from Genzyme Corporation              |             
|                                       | Inventories                               |             
|                                       | Prepaid expenses and other current assets |             
|                                       |                                           |             
|                                       | Total current assets                      |             
|Technology license fees, net           |                                           |             
|                                       |                                           |             
|Total assets                           |                                           | $           
|                                       |                                           |             
|LIABILITIES AND VENTURERS' CAPITAL     |                                           |             
|Current liabilities:                   |                                           |             
|                                       | Due to BioMarin Companies                 |             
|                                       | Accrued expenses                          |             
|                                       | Deferred revenue                          |             
|                                       |                                           |             
|                                       | Total liabilities                         |             
|                                       |                                           |             
|Commitments and contingencies (Note J) |                                           |             
|Venturers' capital:                    |                                           |             
|                                       | Venturers' capitalBioMarin Companies     |             
|                                       | Venturers' capitalGenzyme Corporation    |             
|                                       |                                           |             
|                                       | Total Venturers' capital                  |             
|                                       |                                           |             
|                                       | Total liabilities and Venturers' capital  |             
|                                       |                                           |             

The
accompanying notes are an integral part of these consolidated financial statements.

2

---





BioMarin/Genzyme LLC        Consolidated Statements of Operations        (Amounts in thousands)

|                                          |                                     | For the Years Ended December 31,
|----------------------------------------- | ----------------------------------- | --------------------------------
|
|Revenues:                                 |                                     |                                 
|Net product sales                         |                                     | $                               
|                                          |                                     |                                 
|Operating costs and expenses:             |                                     |                                 
|                                          | Cost of products sold               |                                 
|                                          | Selling, general and administrative |                                 
|                                          | Research and development            |                                 
|                                          |                                     |                                 
|                                          | Total operating costs and expenses  |                                 
|                                          |                                     |                                 
|Income from operations                    |                                     |                                 
|Interest income                           |                                     |                                 
|                                          |                                     |                                 
|Net income                                |                                     | $                               
|                                          |                                     |                                 
|Net income attributable to each Venturer: |                                     |                                 
|                                          | BioMarin Companies                  |                                 
|                                          |                                     |                                 
|                                          | Genzyme Corporation                 |                                 
|                                          |                                     |                                 

The
accompanying notes are an integral part of these consolidated financial statements.

3

---





BioMarin/Genzyme LLC        Consolidated Statements of Cash Flows        (Amounts in thousands)

|                                                 |                                                                       | For the Years Ended December 31,          |       
|------------------------------------------------ | --------------------------------------------------------------------- | ----------------------------------------- | ------
|
|Cash Flows from Operating Activities:            |                                                                       |                                           |       
|                                                 | Net income                                                            |                                           | $     
|                                                 | Reconciliation of net income to cash flows from operating activities: |                                           |       
|                                                 | Amortization expense                                                  |                                           |       
|                                                 | Noncash charge for inventory write down                               |                                           |       
|                                                 | Increase (decrease) in cash from working capital changes:             |                                           |       
|                                                 |                                                                       | Accounts receivable                       |       
|                                                 |                                                                       | Inventories                               |       
|                                                 |                                                                       | Prepaid expenses and other current assets |       
|                                                 |                                                                       | Due from (to) BioMarin Companies          |       
|                                                 |                                                                       | Due from (to) Genzyme Corporation         |       
|                                                 |                                                                       | Accrued expenses                          |       
|                                                 |                                                                       | Deferred revenue                          |       
|                                                 |                                                                       |                                           |       
|                                                 |                                                                       | Cash flows from operating activities      |       
|Cash Flows from Investing Activities:            |                                                                       |                                           |       
|                                                 | Change in restricted cash                                             |                                           |       
|                                                 | Purchase of technology licenses                                       |                                           |       
|                                                 |                                                                       |                                           |       
|                                                 |                                                                       | Cash flows from investing activities      |       
|                                                 |                                                                       |                                           |       
|Cash Flows from Financing Activities:            |                                                                       |                                           |       
|                                                 | Capital distribution to BioMarin Companies                            |                                           |       
|                                                 | Capital distribution to Genzyme Corporation                           |                                           |       
|                                                 |                                                                       |                                           |       
|                                                 |                                                                       | Cash flows from financing activities      |       
|                                                 |                                                                       |                                           |       
|Increase (decrease) in cash and cash equivalents |                                                                       |                                           | 15,087
|Cash and cash equivalents at beginning of period |                                                                       |                                           | 12,778
|                                                 |                                                                       |                                           |       
|Cash and cash equivalents at end of period       |                                                                       | $                                         | 27,865
|                                                 |                                                                       |                                           |       

The
accompanying notes are an integral part of these consolidated financial statements.

4

---





BioMarin/Genzyme LLC        Consolidated Statements of Changes in Venturers' Capital        (Amounts in thousands)

|                                         |  | Venturers' Capital |         |   |  
|---------------------------------------- |  | ------------------ | ------- | - | -
|
|Balance at December 31, 2004 (unaudited) |  | $                  | 28,968  |   | $
|2005 capital distributions               |  |                    | (3,000  | ) |  
|2005 net income                          |  |                    | 6,992   |   |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2005             |  |                    | 32,960  |   |  
|2006 capital distributions               |  |                    | (19,800 | ) |  
|2006 net income                          |  |                    | 18,535  |   |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2006             |  |                    | 31,695  |   |  
|2007 capital distributions               |  |                    | (17,100 | ) |  
|2007 net income                          |  |                    | 30,410  |   |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2007             |  | $                  | 45,005  |   | $
|                                         |  |                    |         |   |  

The
accompanying notes are an integral part of these consolidated financial statements.

5

---





BioMarin/Genzyme LLC        Notes to Consolidated Financial Statements

A. Nature of Business and Organization

BioMarin/Genzyme LLC, or the Joint Venture, is a limited liability company organized under the laws of the State of Delaware. The Joint Venture is owned:



The
BioMarin Companies and Genzyme are collectively referred to as the Venturers and individually as a Venturer. The Joint Venture was organized in September 1998 to develop and
commercialize Aldurazyme®, a recombinant form of the human enzyme alpha-L-iduronidase, used to treat a lysosomal storage disorder known as mucopolysaccharidosis I,
or MPS I. The Joint Venture commenced operations as of September 4, 1998.

The
Joint Venture, BioMarin Companies and Genzyme entered into a Collaboration Agreement dated as of September 4, 1998. Under the terms of the Collaboration Agreement, Genzyme and
the BioMarin Companies granted to the Joint Venture a world-wide, exclusive, irrevocable, royalty-free right and license or sublicense to develop, manufacture and market
Aldurazyme for the treatment of MPS I and other alpha-L-iduronidase deficiencies. All program-related costs are equally funded by BioMarin, on behalf of the BioMarin Companies,
and Genzyme. BioMarin and Genzyme are required to make monthly capital contributions to the Joint Venture to fund budgeted operating costs, as necessary. If either BioMarin or Genzyme fails to make
two or more of the monthly capital contributions, and the other party does not exercise its right to terminate the Collaboration Agreement or compel performance of the funding obligation, the
defaulting party's (or, in the case of default by BioMarin, the BioMarin Companies') percentage interest in the Joint Venture and future funding responsibility will be adjusted proportionately. No
contributions were made in 2007, 2006 and 2005 because the Joint Venture was profitable in all periods presented.

The
Steering Committee of the Joint Venture serves as the governing body of the Joint Venture and is responsible for determining the overall strategy for the program, coordinating
activities of the Venturers as well as performing other such functions as appropriate. The Steering Committee is comprised of an equal number of representatives of each Venturer.

On
April 30, 2003, the United States Food and Drug Administration, commonly referred to as the FDA, granted marketing approval for Aldurazyme as an enzyme replacement therapy for
patients with the Hurler and Hurler-Scheie forms of MPS I, and Scheie patients with moderate to severe symptoms. Aldurazyme has been granted orphan drug status in the United States, which generally
provides seven years of market exclusivity. On June 11, 2003, the European Commission granted marketing approval for Aldurazyme to treat the non-neurological manifestations of MPS I
in patients with a confirmed diagnosis of the disease. Aldurazyme has been granted orphan drug status in the European Union, which generally provides ten years of market exclusivity. In October 2006,
Japan's Health, Labor and Welfare Ministry granted marketing approval for Aldurazyme, the first specific treatment
approved in Japan for patients with MPS I. Aldurazyme has been granted orphan drug status in Japan, which generally provides ten years of market exclusivity.

Aldurazyme
is manufactured at BioMarin's facility in Novato, California and is sent to either Genzyme's manufacturing facility in Allston, Massachusetts or to a third-party facility for
the fill-finish process. Prior to January 1, 2008, on behalf of the Joint Venture, Genzyme was commercializing

6

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

A. Nature of Business and Organization (Continued)

Aldurazyme
in the United States, Canada, the European Union, Latin America and the Asia-Pacific regions and continuing to launch Aldurazyme on a country-by-country basis as
pricing and reimbursement approvals were obtained. Genzyme has applications for marketing approval for Aldurazyme currently pending in several countries in Latin America, Central and Eastern Europe
and the Asia-Pacific regions.

Effective
January 1, 2008, the BioMarin Companies, Genzyme and the Joint Venture amended and restated the Collaboration Agreement and restructured the relationship regarding the
manufacturing and commercialization of Aldurazyme by entering into several new agreements (the "Restructuring Agreements"). The Joint Venture will no longer engage in commercial activities related to
Aldurazyme and will solely:



Under
the Restructuring Agreements, the Joint Venture will license all intellectual property relating to Aldurazyme and other collaboration products on a royalty-free basis to the BioMarin Companies
and Genzyme. The BioMarin Companies will hold the manufacturing rights and Genzyme will hold the global marketing rights and Genzyme will pay BioMarin a tiered payment ranging from 39.5% to 50% of
worldwide net product sales of Aldurazyme. As a result of the restructuring, the Joint Venture will no longer record any revenues or operating costs and expenses related to the commercialization of
Aldurazyme, and will distribute substantially all of its assets and liabilities to the Venturers during the first quarter of 2008.

B. Summary of Significant Accounting Policies

Basis of Presentation

The Joint Venture is considered a partnership for federal and state income tax purposes. As such, items of income, loss, deductions and credits flow through to
the Venturers. The Venturers have responsibility for the payment of any income taxes on their proportionate share of the taxable income of the Joint Venture.

Accounting Method

The consolidated financial statements have been prepared under the accrual method of accounting in conformity with accounting principles generally accepted in the
United States of America.

Fiscal Year End

The Venturers have determined that the fiscal year end of the Joint Venture is December 31.

7

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

B. Summary of Significant Accounting Policies (Continued)

Uncertainties

Prior to January 1, 2008, the Joint Venture was subject to risks common to companies in the biotechnology industry, including:



Use of Estimates

Under accounting principles generally accepted in the United States of America, the Joint Venture is required to make certain estimates and assumptions that
affect reported amounts of assets, liabilities, revenues, expenses, and disclosure of contingent assets and liabilities in its consolidated financial statements. The Joint Venture's actual results
could differ from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents, consisting principally of money market funds with initial maturities of three months or less, are valued at cost plus accrued interest,
which the Joint Venture believes approximates their fair market value. All of the Joint Venture's cash, excluding its restricted cash, is held on deposit at one financial institution.

Inventories

Inventories are valued at cost or, if lower, fair value. The Venturers analyze the Joint Venture's inventory levels quarterly and write down to its net realizable
value:



8

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

B. Summary of Significant Accounting Policies (Continued)



Comprehensive Income

The Joint Venture reports comprehensive income in accordance with Financial Accounting Standards Board, or FASB, Statement of Financial Accounting Standards No.,
or FAS, 130, "Reporting Comprehensive Income." Comprehensive income for the years ended December 31, 2007, 2006 and 2005 does not differ from the reported net income.

Transactions with Affiliates

Prior to January 1, 2008, on behalf of the Joint Venture, Genzyme was commercializing Aldurazyme in the United States, Canada, the European Union, Latin
America and the Asia-Pacific regions and, as a result, executed sales and collected cash from product sales in those territories on behalf of the Joint Venture.

The
majority of the Joint Venture's operating expenses consist of expenses incurred by the Venturers, either for internal operating costs or for third-party obligations incurred by the
Venturers on behalf of the Joint Venture which are then charged to the Joint Venture. All charges to the Joint Venture are subject to approval by the Steering Committee. The determination of the
amount of internal operating costs incurred by each Venturer on behalf of the Joint Venture requires significant judgment by each Venturer. As a result, the consolidated financial statements for the
Joint Venture may not be indicative of the results that would have occurred had the Joint Venture obtained all of its manufacturing, commercialization and research and development services from
third-party entities. Genzyme owed the Joint Venture $9.9 million at December 31, 2007 and $6.9 million at December 31, 2006 consisting of cash received on behalf of the
Joint Venture for net product sales, net of expenses and other liabilities incurred on behalf of the Joint Venture. The Joint Venture owed BioMarin Companies a total of $2.1 million at
December 31, 2007 and $1.6 million at December 31, 2006 for project expenses incurred on behalf of the Joint Venture.

Translation of Foreign Currencies

The Joint Venture translates the financial transactions performed by Genzyme's foreign subsidiaries on behalf of the Joint Venture from local currency into U.S.
dollars using the current exchange rate at each balance sheet date for assets and liabilities, and the average exchange rate prevailing during each period for revenues and expenses. The Joint Venture
includes any gains and losses on these transactions in selling, general and administrative expenses in its results of operations. Selling, general and administrative expenses includes foreign currency
transaction net gains of $2.0 million in 2007 and $1.6 million in 2006, and net losses of $2.4 million in 2005.

Derivative Instruments

In accordance with FAS 133, "Accounting for Derivative Instruments and Hedging Activities," the Joint Venture recognizes all derivative instruments as
either assets or liabilities in its balance sheet and measures those instruments at fair value. Subsequent changes in fair value are reflected in current earnings or other comprehensive income (loss),
depending on whether the derivative instrument is designated as part of a hedge relationship and, if it is, the type of hedge relationship.

9

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

B. Summary of Significant Accounting Policies (Continued)

Revenue Recognition

The Joint Venture recognizes revenue from product sales when persuasive evidence of an arrangement exists, the product has been delivered to the customer, title
and risk of loss pass to the customer, the price to the buyer is fixed or determinable and collection from the customer is reasonably assured. Revenue transactions are evidenced by customer purchase
orders, customer contracts in certain instances, invoices and related shipping documents.

The
Joint Venture records reserves for rebates payable under Medicaid and payor contracts, such as managed care organizations, as a reduction of revenue at the time product sales are
recorded. The Joint Venture's Medicaid and payor rebate reserves have two components:



Accrued
expenses for the Joint Venture includes a reserve for Medicaid and payor rebates payable of $0.9 million at December 31, 2007 and $2.3 million at
December 31, 2006.

Due
to the nature, purpose and means of use of Aldurazyme, customers do not have the right to return the product in the ordinary course of business, other than for defects. Because of
these limited rights of return and the Joint Venture and Genzyme's experience of returns for similar products, the Joint Venture has concluded that product returns will be minimal and therefore, an
allowance for product returns for Aldurazyme is not necessary as of December 31, 2007 or 2006. In the future, if any of these factors and/or history of product returns changes, an allowance for
product returns may be required.

Emerging
Issues Task Force, or EITF, Issue No. 01-9, "Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products," specifies
that cash consideration (including a sales incentive) given by a vendor to a customer is presumed to be a reduction of the selling prices of the vendor's products or services and, therefore, should be
characterized as a reduction of revenue. That presumption is overcome and the consideration should be characterized as a cost incurred if, and to the extent that, both of the following conditions are
met:



The
Joint Venture records certain fees paid to its distributors for services as operating expense where the criteria set forth above are met. The fees incurred for these services were
$0.7 million in 2007 and 2006 and $0.8 million in 2005.

Research and Development

Research and development costs are expensed in the period incurred. These costs are primarily comprised of development efforts performed by the Venturers or
payments to third parties made by the Venturers, both on behalf of the Joint Venture, during the respective periods.

10

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

B. Summary of Significant Accounting Policies (Continued)

Income Taxes

The Joint Venture is organized as a pass-through entity and accordingly, the consolidated financial statements do not include a provision for income
taxes. Taxes, if any, are the liability of the BioMarin Companies and Genzyme, as Venturers.

Accounting for Stock-Based Compensation

FAS 123R, "Share-Based Payment, an amendment of FASB Statement Nos. 123 and 95," was effective January 1, 2006 and required companies to
recognize stock-based compensation expense in their financial statements for all share-based payment awards made to employees and directors based upon grant date fair value of those awards. The Joint
Venture currently has no employees and, as a result, is not currently subject to the provisions of FAS 123R or Staff Accounting Bulletin No., or SAB, 107, "Share-Based Payment." In addition,
the Steering Committee has determined that the stock-based compensation expenses do not currently qualify as expenses related to the operation of the Joint Venture and, therefore, the Venturers are
not permitted to charge any portion of their respective stock-based compensation expenses to the Joint Venture. In the future, if the Joint Venture has its own employees or if the Steering Committee
determines that stock-based compensation expenses should be included in the operating costs of the Joint Venture, then the Joint Venture will become subject to the provisions of FAS 123R.

Recent Accounting Pronouncements

FAS 157, "Fair Value Measurements."In September 2006, the FASB issued FAS 157, "Fair Value Measurements,"
which provides enhanced guidance for using fair value to measure assets and liabilities. FAS 157 establishes a common definition of fair value, provides a framework for measuring fair value
under accounting principles generally accepted in the United States and expands disclosure requirements about fair value measurements. FAS 157 is effective for the Joint Venture as of
January 1, 2008. The Joint Venture does not believe the adoption of FAS 157 will have a material impact on its financial position and results of operations.

FAS 159, "The Fair Value Option for Financial Assets and Financial LiabilitiesIncluding an Amendment of FASB Statement
No. 115."In February 2007, the FASB issued FAS 159, "The Fair Value Option for Financial Assets and Financial LiabilitiesIncluding an
Amendment of FASB Statement No. 115," which permits, but does not require, entities to measure certain financial instruments and other assets and liabilities at fair value on an
instrument-by-instrument basis. Unrealized gains and losses on items for which the fair value option has been elected should be recognized in earnings at each subsequent
reporting date. FAS 159 will be effective for the Joint Venture as of January 1, 2008 and cannot be adopted early unless FAS 157 is also adopted. The Joint Venture does not
believe the adoption of FAS 159 will have a material impact on its financial position and results of operations.

EITF Issue No. 07-3, "Accounting for Nonrefundable Advance Payments for Goods or Services Received for Use in Future Research and Development
Activities."In June 2007, the FASB ratified the EITF consensus reached in EITF Issue No. 07-3, "Accounting for Nonrefundable Advance Payments
for Goods or Services Received for Use in Future Research and Development Activities," which provides guidance for nonrefundable prepayments for goods or services that will be used or rendered

11

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

B. Summary of Significant Accounting Policies (Continued)

for
future research and development activities and directs that such payments should be deferred and capitalized. Such amounts should be recognized as an expense as the goods are delivered or the
related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered. EITF Issue No. 07-3 is effective for the Joint Venture
as of January 1, 2008 and will be applied prospectively to new contracts the Joint Venture enters into on or after that date. Earlier application is not permitted. The Joint Venture does not
believe the adoption of EITF Issue No. 07-3 will have a material effect on its financial position, results of operations or cash flows.

C. Derivative Financial Instruments

The Joint Venture periodically enters into foreign currency forward contracts, all of which have a maturity of less than 45 days. These contracts have not
been designated as hedges and accordingly, unrealized gains or losses on these contracts are reported in current earnings. The notional settlement value of foreign currency forward contracts
outstanding at December 31, 2006 was $12.8 million. At December 31, 2006, those contracts had a fair value of approximately $15,000, representing an unrealized loss, which was
recorded in selling, general and administrative expenses in the Joint Venture's consolidated statement of operations for the year ended December 31, 2006 and in accrued expenses in its
consolidated balance sheet as of December 31, 2006. The Joint Venture did not enter into any foreign currency forward contracts at the end of 2007.

D. Accounts Receivable

The Joint Venture's trade receivables primarily represent amounts due from distributors and healthcare service providers. The Joint Venture states accounts
receivable at fair value, after reflecting an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make payments. The Joint Venture believes that its
credit risk associated with trade receivables is mitigated by the following factors:



The
Joint Venture did not record an allowance for doubtful accounts at either December 31, 2007 or 2006. To date, due to the customers' credit worthiness, the monthly review of
the receivable balances and the customers' need to maintain a supply of Aldurazyme and Genzyme's similar products, the Joint Venture has not written off any receivables and no allowance for doubtful
accounts has been necessary.

12

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

E. Inventories (amounts in thousands)

December 31,2007

2006Raw materials

$
2,294

$
410Work-in-processbulk material


11,646


11,025Finished products


13,041


14,129Total

$
26,981

$
25,564


The
Joint Venture recorded a charge of $0.2 million in 2006 to write off expired inventory. There were no similar charges in 2007 or 2005.

F. Restricted Cash

In 2007 and 2006, the Joint Venture entered into a series of foreign currency forward contracts all of which have a maturity of less than 45 days. In
connection with these contracts, the Joint Venture was obligated to deposit cash based on the outstanding amount of the hedge contract and foreign exchange movement during the length of the contract
in a restricted cash account with the financial institution issuing the contracts. The amount of restricted cash on deposit will be adjusted ratably, from time to time, in accordance with any changes
in the amount outstanding under these contracts. As of December 31, 2007 the Joint Venture had no outstanding hedge contracts and no restricted cash. As of December 31 2006, the Joint
Venture had $0.3 million of restricted cash related to these contracts.

G. Technology License Fees

In 2005, the Joint Venture paid $0.4 million for technology license fees, which will be amortized over their estimated useful lives, which range from
approximately four to five years. Total amortization expense for the Joint Venture's technology license fees was approximately $73,000 for the year ended December 31, 2007, $74,000 for the year
ended December 31, 2006 and $73,000 for the year ended December 31, 2005.

The
estimated future amortization expense for the Joint Venture's technology license fees for the remaining two succeeding fiscal years is as follows (amounts in thousands):

Year Ended December 31,

Estimated Amortization Expense2008

$
742009


64


13

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

H. Accrued Expenses:

Accrued expenses consist of the following (amounts in thousands):

December 31,2007

2006Royalties

$
4,911

$
3,676Rebates


908


2,348Other


573


568Total

$
6,392

$
6,592


I. Venturers' Capital

The Joint Venture distributed a total of $17.1 million in 2007 and $19.8 million in 2006 of cash to each Venturer in accordance with the terms of
the Collaboration Agreement.

As
of December 31, 2007, Venturers' capital is comprised of capital contributions made by the Venturers to fund budgeted costs and expenses of the Joint Venture in accordance with
the Collaboration Agreement and income (losses) allocated to the Venturers, net of cash distributions to the Venturers. All funding is shared equally by the two Venturers. As of December 31,
2007, the BioMarin Companies and Genzyme have each provided a total of $67.3 million of funding to the Joint Venture, net of $39.9 million of cash distributed by the Joint Venture to
each Venturer. The Venturers did not make any capital contributions to the Joint Venture in 2007, 2006 and 2005 because the Joint Venture had sufficient cash to meet its financial obligations.

J. Commitments and Contingencies

There have been several lawsuits filed in Brazil alleging that the Joint Venture and/or its affiliates are contractually obligated to provide drugs at no cost to
several patients. The Joint Venture and/or its affiliates are vigorously defending against these actions. Management of the Joint Venture is not able to predict the outcome of these cases or estimate
with certainty the amount or range of any possible loss the Joint Venture might incur if the Joint Venture and/or its affiliates do not prevail in the final, non-appealable determination of these
matters.

The
Joint Venture periodically becomes subject to legal proceedings and claims arising in connection with its business. The Joint Venture is not able to predict the outcome of any legal
proceedings, to which it may become subject in the normal course of business, or estimate the amount or range of any
reasonably possible loss the Joint Venture might incur if it does not prevail in the final, non-appealable determinations of such matters. Therefore, the Joint Venture has no current
accruals for these potential contingencies. The Joint Venture cannot provide you with assurance that legal proceedings will not have a material adverse impact on its financial condition or results of
operations.

K. Segment Information

The Joint Venture operates in one business segmenthuman therapeutics. Disclosures about revenues by geographic area and revenues from major customers
are presented below.

14

---



BioMarin/Genzyme LLC

Notes to Consolidated Financial Statements (Continued)

K. Segment Information (Continued)

The
following table contains revenue information by geographic area (amounts in thousands):

For the Years Ended December 31,2007

2006

2005Revenues:United States

$
28,994

$
24,795

$
20,408Europe


69,335


58,123


49,189Other


25,342


13,373


6,820Total

$
123,671

$
96,291

$
76,417


The
Joint Venture's results of operations are solely dependent on sales of Aldurazyme. BioMarin manufactures Aldurazyme at a single manufacturing facility in Novato, California. The
fill-finish process is completed at either Genzyme's manufacturing facility in Allston, Massachusetts or at a third party. The percentage of sales of Aldurazyme to distributors, as
compared to total revenues in 2007, 2006 and 2005, were as follows:

% of Total Revenues2007

2006

2005Sales to Distributors:U.S. distributors

9
%
11
%
11
%European distributors

7
%
8
%
6
%Other distributors

3
%
3
%
3
%Total sales to distributors

19
%
22
%
20
%


The
percentage of sales of Aldurazyme to two U.S. distributors, as compared to total revenues in 2007, 2006 and 2005, were as follows:

% of Total Revenues2007

2006

2005Sales to U.S. Distributors:Distributor A

3
%
4
%
6
%Distributor B

6
%
7
%
5
%Total sales to U.S. distributors

9
%
11
%
11
%


15

---



QuickLinks