UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                            -------------------------

                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                                   May 2, 2007
                    --------------------------------------------
                                 Date of Report
                        (Date of earliest event reported)

                               ZYMOGENETICS, INC.
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                 (Exact Name of Registrant as Specified in Charter)

              Washington            000-33489            91-1144498
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            State or Other    (Commission File No.)     (IRS Employer
           Jurisdiction of                           Identification No.)
            Incorporation)

            1201 Eastlake Avenue East, Seattle, Washington 98102-3702
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          (Address of Principal Executive Offices, including Zip Code)

                                 (206) 442-6600
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              (Registrant's Telephone Number, Including Area Code)


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          (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

      [ ]  Written communications pursuant to Rule 425 under the Securities Act
           (17 CFR 230.425)


      [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
           (17 CFR 240.14a-12)

      [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
           Exchange Act (17 CFR 240.14d-2(b))

      [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
           Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On May 2, 2007, ZymoGenetics, Inc. (the "Company") issued a press release
announcing its financial results for the three months ended March 31, 2007. The
full text of the press release is set forth in Exhibit 99.1 attached hereto. The
press release should be read in conjunction with the note regarding
forward-looking statements, which is included in the text of the press release.

The information in this Current Report on Form 8-K, including the exhibits, will
not be treated as "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities of that section. This information will not be incorporated by
reference into any filing under the Securities Act of 1933, or into another
filing under the Exchange Act, unless that filing expressly incorporates this
information by reference.


Item 9.01.  Financial Statements and Exhibits.

       (d)  99.1       Press Release dated May 2, 2007



                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          ZYMOGENETICS, INC.

Dated:  May 2, 2007                    By /s/ James A. Johnson
                                          ---------------------------------
                                          James A. Johnson
                                          Senior Vice President,
                                          Chief Financial Officer



                                  Exhibit Index

                      99.1 Press Release issued May 2, 2007