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The most exciting phrase to hear in science, the one that heralds new discoveries, is not "Eureka!" but "That’s funny…"” – Isaac Asimov
Friday, Oct 21, 1988
South San Francisco, Calif. -- October 21, 1988 --
Genentech, Inc. today reported third quarter net income of $5.3 million, or six cents per share, compared to $5.2 million, or six cents per share, for the same quarter last year.Total revenues increased to $81.6 million from $48.0 million in the 1987 quarter. Product sales were $57.5 million, compared to $23.8 million a year ago.
For the first nine months, net income was $36.0 million, or 42 cents per share, compared to $15.1 million, or 18 cents per share, in the corresponding 1987 period. Total revenues were $245.3 million and product sales $196.1 million, compared to $134.1 million and $60.3 million respectively in the first nine months of 1987.
Genentech is a biotechnology company focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
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GENENTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, |
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|---|---|---|---|---|
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| 1988 | 1987 | |||
| Revenues | ||||
| Product sales | $ | 57,519 | $ | 23,802 |
| Contract | 21,026 | 20,733 | ||
| Interest | 3,074 | 3,421 | ||
| Total revenues | 81,619 | 47,956 | ||
| Costs and expenses | ||||
| Cost of sales | 11,477 | 5,111 | ||
| Research and development | 36,065 | 23,232 | ||
| Marketing, general and administrative | 27,118 | 11,797 | ||
| Interest | 1,525 | 2,124 | ||
| Total costs and expenses | 76,185 | 42,264 | ||
| Income before taxes | 5,434 | 5,692 | ||
| Income tax provision | 132 | 450 | ||
| Net income | $ | 5,302 | $ | 5,242 |
| Net income per share | $ | 0.06 | $ | 0.06 |
| Weighted average number of shares used in computing per share amounts: |
84,268 | 85,082 | ||
| Nine Months Ended September 30, |
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| 1988 | 1987 | |||
| Revenues | ||||
| Product sales | $ | 196,125 | $ | 60,320 |
| Contract | 39,873 | 65,146 | ||
| Interest | 9,331 | 8,600 | ||
| Total revenues | 245,329 | 134,066 | ||
| Costs and expenses | ||||
| Cost of sales | 34,203 | 11,678 | ||
| Research and development | 95,293 | 67,645 | ||
| Marketing, general and administrative | 70,048 | 33,758 | ||
| Interest | 5,482 | 4,651 | ||
| Total costs and expenses | 205,026 | 117,732 | ||
| Income before taxes | 40,303 | 16,334 | ||
| Income tax provision | 4,316 | 1,277 | ||
| Net income | $ | 35,987 | $ | 15,057 |
| Net income per share | $ | 0.42 | $ | 0.18 |
| Weighted average number of shares used in computing per share amounts: |
84,692 | 84,290 | ||