EX-12.1 2 a2132791zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

GENZYME CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands)

 
   Year Ended December 31,
   Three Months
Ended
  
 
   1999
   2000
   2001
   2002
   2003
   March 31, 2004
  
Income (loss) before income taxes   $ 117,928   $ (7,462 ) $ (118,343 ) $ 104,211   $ 5,055   $ 67,894  
Add: equity in loss of equity method investments     42,696     44,965     35,681     16,858     16,743     3,831  
Deduct: minority interest     (3,674 )   (4,625 )   (2,259 )   —     (2,232 )   (1,162 )
   
 
 
 
 
 
 
Income (loss) before income taxes, equity in loss of equity method investments and minority interest     156,950     32,878     (84,921 )   121,069     19,566     70,563  
Add:                                      
  Fixed charges:                                      
    Portion of rents representative of the interest factor     7,533     9,233     11,233     11,833     15,233     3,808  
    Amortization of debt issuance costs     1,333     1,148     2,638     2,964     3,311     1,540  
    Interest expense     20,438     14,562     34,495     24,188     23,289     8,786  
  Amortization of capitalized interest     3,021     3,287     3,829     4,178     5,132     1,436  
  Minority interest in pre-tax loss of subsidiaries that have not included fixed charges     3,674     4,625     2,259     —     2,232     1,162  
   
 
 
 
 
 
 
As adjusted income (loss)   $ 192,949   $ 65,733   $ (30,467 ) $ 164,232   $ 68,763   $ 87,295  
   
 
 
 
 
 
 
Fixed charges:                                      
  Interest expense   $ 20,438   $ 14,562   $ 34,495   $ 24,188   $ 23,289   $ 8,786  
  Capitalized interest     1,329     2,713     4,173     5,250     6,136     1,767  
  Amortization of debt issuance costs     1,333     1,148     2,638     2,964     3,311     1,540  
  Portion of rents representative of the interest factor     7,533     9,233     11,233     11,833     15,233     3,808  
   
 
 
 
 
 
 
Total fixed charges   $ 30,633   $ 27,656   $ 52,539   $ 44,235   $ 47,969   $ 15,901  
   
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)     6.3x     2.4x     —     3.7x     1.4x     5.5x  
   
 
 
 
 
 
 
(1)
The ratio of earnings to fixed charges is not presented for the year ended December 31, 2001 because in such year fixed charges exceeded earnings (as set forth above) by $83.0 million primarily due to:

•
$95.6 million of charges for in-process research and development resulting from the acquisitions of Novazyme Pharmaceuticals, Inc. and Wyntek Diagnostics, Inc.; and

•
a loss of $25.0 million related to the sale of our Snowden-Pencer line of surgical instruments.



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