Exhibit 99

BioMarin/Genzyme LLC  Index to Financial Statements

|                                                                                                                                            |  | Page(s)
|------------------------------------------------------------------------------------------------------------------------------------------- |  | -------
|Report of Independent Public Accountants                                                                                                    |  | 1      
|Consolidated Balance Sheets as of December 31, 2004 (Unaudited) and 2003                                                                    |  | 2      
|Consolidated Statements of Operations for the years ended December 31, 2004 (Unaudited), 2003 and 2002                                      |  | 3      
|Consolidated Statements of Cash Flows for the years ended December 31, 2004 (Unaudited), 2003 and 2002                                      |  | 4      
|Consolidated Statements of Changes in Venturers' Capital for each of the years ended December 31, 2001, 2002 and 2003, and 2004 (Unaudited) |  | 5      
|Notes to Financial Statements                                                                                                               |  | 6-13   

---





Report of Independent Auditors

To
the Steering Committee of BioMarin/Genzyme LLC:

In
our opinion, the accompanying balance sheets and the related statements of operations, of cash flows and changes in Venturers' capital present fairly, in all material respects, the
financial position of BioMarin/Genzyme LLC at December 31, 2003, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2003 in
conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Steering Committee of the Joint Venture; 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 auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 the LLC's
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
January 27, 2004

1

---



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

|                                       |                                        | December 31,                            
|-------------------------------------- | -------------------------------------- | ----------------------------------------
|
|
|ASSETS                                 |                                        |                                         
|Current assets:                        |                                        |                                         
|                                       | Cash and cash equivalents              |                                         
|                                       | Accounts receivable, net               |                                         
|                                       | Funding receivable-BioMarin Companies  |                                         
|                                       | Funding receivable-Genzyme             |                                         
|                                       | Inventories                            |                                         
|                                       |                                        |                                         
|                                       |                                        | Total assets                            
|                                       |                                        |                                         
|LIABILITIES AND VENTURERS' CAPITAL     |                                        |                                         
|Current liabilities:                   |                                        |                                         
|                                       | Due to BioMarin Companies              |                                         
|                                       | Due to Genzyme Corporation             |                                         
|                                       | Accrued expenses                       |                                         
|                                       | Deferred revenue                       |                                         
|                                       |                                        |                                         
|                                       |                                        | Total liabilities                       
|                                       |                                        |                                         
|Commitments and contingencies (Note H) |                                        |                                         
|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 |        
|                                        |                                     |                                    |        
|Loss from operations                    |                                     |                                    | (19,434
|                                        |                                     |                                    |        
|Interest income                         |                                     |                                    | 151    
|                                        |                                     |                                    |        
|Net loss                                |                                     | $                                  | (19,283
|                                        |                                     |                                    |        
|Net loss 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 loss                                                             |                                                           | $                                        
|                                                 | Reconciliation of net loss to net cash used in operating activities: |                                                           |                                          
|                                                 |                                                                      | Noncash charges for inventory write down                  |                                          
|                                                 |                                                                      | Increase (decrease) in cash from working capital changes: |                                          
|                                                 |                                                                      |                                                           | Accounts receivable                      
|                                                 |                                                                      |                                                           | Inventories                              
|                                                 |                                                                      |                                                           | Prepaid expenses and other current assets
|                                                 |                                                                      |                                                           | Due to BioMarin Companies.               
|                                                 |                                                                      |                                                           | Due to Genzyme Corporation               
|                                                 |                                                                      |                                                           | Accrued expenses                         
|                                                 |                                                                      |                                                           | Deferred revenue                         
|                                                 |                                                                      |                                                           |                                          
|                                                 |                                                                      |                                                           |                                          
|                                                 |                                                                      |                                                           |                                          
|Cash Flows from Financing Activities:            |                                                                      |                                                           |                                          
|                                                 | Capital contributed by BioMarin Companies                            |                                                           |                                          
|                                                 | Capital contributed by Genzyme Corporation                           |                                                           |                                          
|                                                 |                                                                      |                                                           |                                          
|                                                 |                                                                      |                                                           |                                          
|                                                 |                                                                      |                                                           |                                          
|Increase in cash and cash equivalents            |                                                                      |                                                           | (235                                     
|Cash and cash equivalents at beginning of period |                                                                      |                                                           | 14,586                                   
|                                                 |                                                                      |                                                           |                                          
|Cash and cash equivalents at end of period       |                                                                      | $                                                         | 14,351                                   
|                                                 |                                                                      |                                                           |                                          
|Supplemental disclosure of noncash transaction:  |                                                                      |                                                           |                                          
|                                                 | Funding ReceivableNote D.                                           |                                                           |                                          

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, 2001             |  | $                  | 1,145   |   | $
|2002 capital contributions               |  |                    | 25,140  |   |  
|2002 net loss                            |  |                    | (14,824 | ) |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2002             |  |                    | 11,461  |   |  
|2003 capital contributions               |  |                    | 27,881  |   |  
|2003 net loss                            |  |                    | (14,840 | ) |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2003             |  |                    | 24,502  |   |  
|2004 capital contributions (unaudited)   |  |                    | 14,107  |   |  
|2004 net loss (unaudited)                |  |                    | (9,641  | ) |  
|                                         |  |                    |         |   |  
|Balance at December 31, 2004 (unaudited) |  | $                  | 28,968  |   | $
|                                         |  |                    |         |   |  

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. If either BioMarin or Genzyme fails to make two or more of the monthly capital contribution, and the other party does not exercise its right to
terminate the Collaboration Agreement or compels 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.

The
Steering Committee of the Joint Venture serves as the governing body of the Joint Venture and is responsible for determining 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 provides ten years of market exclusivity.

Genzyme
is commercializing Aldurazyme in the United States and is launching Aldurazyme in the European Union on a country-by-country basis as pricing and
reimbursement approvals are obtained. Aldurazyme is manufactured at BioMarin's facility in California and is sent to either Genzyme's manufacturing facility in Allston, Massachusetts or to a
third-party facility for the final filling and finish process.

6

---



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 taxable income of the Joint Venture.

As
of December 31, 2003 and for the years ended December 31, 2003 and 2002, the Joint Venture qualifies as a significant subsidiary to both BioMarin and Genzyme and, as a
result, audited financial statements are presented for those periods. As of December 31, 2004 and for the year ended December 31, 2004, the Joint Venture does not meet the criteria of a
significant subsidiary to either BioMarin or Genzyme and, as a result, the financial statements for those periods have not been audited.

Principles of Consolidation

The consolidated financial statements of the Joint Venture include the accounts of its wholly owned and majority owned subsidiaries. All significant intercompany
accounts and transactions have been eliminated in consolidation.

Accounting method

The 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.

Uncertainties

The Joint Venture is subject to risks common to companies in the biotechnology industry, including:



7

---





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 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 approximates fair market value. All of the Joint Venture's cash is held on deposit at one financial institution.

Inventories

Inventories are valued at cost or, if lower, fair value. The Venturers determine the cost of raw materials and work in process using the average cost method and
the cost of finished goods using the specific identification method. The Venturers analyze the Joint Venture's inventory levels quarterly and write down to its net realizable value:



The
Joint Venture capitalizes inventory produced for commercial sale, which may result in the capitalization of inventory that has not been approved for sale. If a product is not
approved for sale, it would likely result in the write off of the inventory and a charge to earnings. At December 31, 2004 (unaudited) and 2003, all of the Joint Venture's inventories are
related to a product that has been approved for sale.

Comprehensive Loss

The Joint Venture reports comprehensive income (loss) in accordance with Financial Accounting Standards Board, or FASB, Statement of Financial Accounting
Standards, or SFAS, No. 130, "Reporting Comprehensive Income." The comprehensive net loss for the years ended December 31, 2004 (unaudited), 2003 and 2002 does not differ from the
reported net loss.

Transactions with affiliates

The majority of the Joint Venture's operating expenses consist of project 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. The Joint Venture owed a

8

---



total
of $8.4 million at December 31, 2004 (unaudited) and $10.9 million at December 31, 2003 to the Venturers for project expenses incurred on behalf of the Joint Venture.

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 have passed 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
timing of product shipments and receipts can have a significant impact on the amount of revenue that the Joint Venture recognizes in a particular period. Also, Aldurazyme is sold in
part through distributors. Inventory in the distribution channel consists of inventory held by distributors, who are the Joint Venture's customers, and inventory held by retailers, such as pharmacies
and hospitals. The Joint Venture's revenue in a particular period can be impacted by increases or decreases in distributor inventories. If distributor inventories increased to excessive levels, the
Joint Venture could experience reduced purchases in subsequent periods. To determine the amount of Aldurazyme inventory in the Joint Venture's U.S. distribution channel, the Joint Venture receives
data on sales and inventory levels directly from its primary distributors for the product.

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:



Because
the second component is calculated based on the amount of inventory in the distribution channel, the Joint Venture's assessment of distribution channel inventory levels impacts
its estimated reserve requirements. The Joint Venture's calculation also requires other estimates, including estimates of sales mix, to determine which sales will be subject to rebates and the amount
of such rebates. The Joint Venture updates its estimates and assumptions each period, and records any necessary adjustments to its reserves. Accrued expenses for the Joint Venture includes a reserve
for Medicaid and payor rebates payable of $0.5 million at December 31, 2004 (unaudited) and $0.2 million at December 31, 2003.

The
Joint Venture records allowances for product returns, if appropriate, as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining
whether an allowance for product returns is required, including:



9

---





Based
on these factors, the Joint Venture has concluded that product returns will be minimal and, therefore, an allowance for product returns for Aldurazyme is not necessary at
December 31, 2004 (unaudited) or 2003. In the future, if any of these factors and/or the history of product returns changes, an allowance for product returns may be required.

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.

Income taxes

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

Recent Accounting Pronouncement

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs, and Amendment of ARB No. 43, Chapter 4." SFAS No. 151 clarifies the
accounting for abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage). SFAS No. 151 is effective for inventory costs incurred after
October 31, 2005. The Venturers do not anticipate that the adoption of SFAS No. 151 will have a material impact on financial statements of the Joint Venture.

C.    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

10

---



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:



There
was no allowance for doubtful accounts recorded at either December 31, 2004 (unaudited) or 2003. 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. In the future, if the financial condition of any of the Joint Venture's customers were to deteriorate and result in an impairment of the customer's
ability to make payments, an allowance for doubtful accounts may be required.

D.    Funding Receivable

At December 31, 2003, both Venturers had not provided their funding commitments for December 2003 and, as a result, the Joint Venture recorded funding
receivable from each venturer of $1.9 million. Both Venturers paid their December 2003 funding commitments in January 2004. There were no funding amounts receivable from the
Venturers at December 31, 2004 (unaudited).

E.    Inventories (amounts in thousands)

December 31,2004

2003(Unaudited)Raw materials

$
2,155

$
1,608Finished products


36,471


35,669Total

$
38,626

$
37,277


The
Joint Venture recorded charges of $2.8 million in 2003 to cost of products sold to write off certain production runs during the scale up of Aldurazyme manufacturing. There
were no similar charges recorded in 2004 (unaudited).

The
Joint Venture capitalizes inventory produced for commercial sale, which may result in the capitalization of inventory that has not been approved for sale. If a product is not
approved for sale, it would likely result in the write off of the inventory and a charge to earnings. At December 31, 2004 (unaudited) and 2003, all of the Joint Venture's inventories are
related to a product that has been approved for sale.

11

---



F.    Accrued Expenses (amounts in thousands):

December 31,2004

2003(Unaudited)Royalties

$
2,095

$
855Other


826


321Total accrued expenses

$
2,921

$
1,176


G.    Venturers' Capital

As of December 31, 2004 (unaudited), Venturers' capital is comprised of monthly capital contributions made by the Venturers to fund budgeted costs and
expenses of the Joint Venture in accordance with the Collaboration Agreement, net of losses allocated to the Venturers. All funding is shared equally by the two Venturers. As of December 31, 2004
(unaudited), the BioMarin Companies and Genzyme have each provided a total of $107.2 million of funding to the Joint Venture.

H.    Commitments and Contingencies

The Joint Venture may become subject to legal proceedings and claims arising in connection with its business. There were no asserted claims against the Joint
Venture as of December 31, 2004 (unaudited).

I.    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.

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

For the Years Ended December 31,2004

2003

2002(Unaudited)Revenues:US

$
12,568

$
4,499

$
Europe


27,468


6,881


296Other


2,547


160


Total

$
42,583

$
11,540

$
296


The
Joint Venture's results of operations are solely dependent on sales of Aldurazyme. BioMarin manufactures Aldurazyme at a single manufacturing facility in California. The fill and
finish process is completed at either Genzyme's manufacturing facility in Allston, Massachusetts or at a third party.

12

---



Sales
of Aldurazyme to distributors, as compared to total revenues in 2004 (unaudited) and 2003, were as follows:

% of Total Revenues2004

2003(Unaudited)Sales to U.S. distributors

12
%
19
%Sales to European distributors

6
%
9
%Total sales to distributors

18
%
28
%


Sales
of Aldurazyme to a single U.S. distributor were 7% in 2004 (unaudited) and 12% of total revenues in 2003. There were no sales of Aldurazyme to distributors in 2002.

13

---



QuickLinks