EX-12.1 2 a2163267zex-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)

 
   
   
   
   
   
  Six
Months
Ended
June 30,
2005

 
 
  Year Ended December 31,
 
 
  2000
  2001
  2002
  2003
  2004
 
Income (loss) before income taxes   $ (7,462 ) $ (118,343 ) $ 104,211   $ 5,055   $ 227,696   $ 315,714  
Add: equity in loss of equity method investments     44,965     35,681     16,858     16,743     15,624     2,135  
Deduct: minority interest     (4,625 )   (2,259 )       (2,232 )   (5,999 )   (5,551 )
   
 
 
 
 
 
 
Income (loss) before income taxes, equity in loss of equity method investments and minority interest     32,878     (84,921 )   121,069     19,566     237,321     312,298  
Add:                                      
  Fixed charges:                                      
    Portion of rents representative of the interest factor     9,233     11,233     11,833     15,233     15,233     7,617  
    Amortization of debt issuance costs(1)     1,148     2,638     2,964     3,311     10,205     1,912  
    Interest expense     14,562     34,495     24,188     23,289     28,022     6,362  
  Amortization of capitalized interest     3,287     3,829     4,178     5,132     5,743     3,145  
  Minority interest in pre-tax loss of subsidiaries that have not included fixed charges     4,625     2,259         2,232     5,999     5,551  
   
 
 
 
 
 
 
As adjusted income (loss)   $ 65,733   $ (30,467 ) $ 164,232   $ 68,763   $ 302,523   $ 336,885  
   
 
 
 
 
 
 
Fixed charges:                                      
  Interest expense   $ 14,562   $ 34,495   $ 24,188   $ 23,289   $ 28,022   $ 6,362  
  Capitalized interest     2,713     4,173     5,250     6,136     8,663     5,167  
  Amortization of debt issuance costs(1)     1,148     2,638     2,964     3,311     10,205     1,912  
  Portion of rents representative of the interest factor     9,233     11,233     11,833     15,233     15,233     7,617  
   
 
 
 
 
 
 
Total fixed charges   $ 27,656   $ 52,539   $ 44,235   $ 47,969   $ 62,123   $ 21,058  
   
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)     2.4x         3.7x     1.4x     4.9x     16.0x  
   
 
 
 
 
 
 

(1)
Amortization of debt issuance costs for the year ended December 31, 2004 includes a charge of $5.3 million to write off the unamortized portion of the debt fees associated with our 3% convertible subordinated debentures, which we redeemed in June 2004.

(2)
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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GENZYME CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Amounts in Thousands)