Monday, Apr 18, 1988
South San Francisco, Calif. -- April 18, 1988 --
Genentech, Inc. (NYSE:GNE) reported revenues of $74.4 million for the first quarter of 1988, up 93 percent from $38.6 million for the same period last year. Product sales increased to $63.5 million for the quarter.Net income for the quarter ended March 31, 1988 was $15.2 million or 18 cents per share compared to $4.5 million or 6 cents per share for the first quarter of 1987.
"This quarter's growth was fueled by the steady increase in Protropin® usage and strong physician support for Activase®," said Robert A. Swanson, chief executive officer. "At the beginning of the quarter, approximately 1,000 patients per week were receiving Activase for the treatment of heart attacks. By the end of the quarter, that number had doubled.
"We are pleased by the exceptional clinical effectiveness of Activase, as demonstrated in studies presented at the recent national meeting of the American College of Cardiology," Swanson added.
Genentech, Inc. is a leading biotechnology company, focusing on the development, manufacture, and marketing of pharmaceuticals produced by recombinant DNA technology. Protopin and Activase are Genentech's registered trademarks for its growth hormone for children with growth hormone deficiency, and tissue plasminogen activator, or t-PA, a blood clot-dissolving agent used in treating heart attacks.
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GENENTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended March 31, |
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|---|---|---|---|---|
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| 1988 | 1987 | |||
| Revenues | ||||
| Product sales | $ | 63,521 | $ | 16,510 |
| Contract | 7,922 | 20,435 | ||
| Interest | 2,981 | 1,661 | ||
| Total revenues | 74,424 | 38,606 | ||
| Costs and expenses | ||||
| Cost of sales | 9,304 | 2,622 | ||
| Research and development | 26,381 | 21,835 | ||
| Marketing, general and administrative | 18,750 | 9,141 | ||
| Interest | 2,093 | 324 | ||
| Total costs and expenses | 56,528 | 33,922 | ||
| Income before taxes | 17,896 | 4,684 | ||
| Income tax provision | 2,685 | 140 | ||
| Net income | $ | 15,211 | $ | 4,544 |
| Net income per share | $ | 0.18 | $ | 0.06 |
| Weighted average number of shares used in computing per share amounts: |
85,074 | 82,563 | ||