Wednesday, Feb 18, 1981
South San Francisco, Calif. -- February 18, 1981 --Genentech, Inc., in its first report on operations since it went public, today reported revenues of $9.0 million, up 163 per cent from the previous year's $3.4 million.
The five year old gene-splicing company reported 1980 earnings of $236,000 or 4 cents per share. Earnings in 1979 were $116,000 or 2 cents per share.
Robert A. Swanson, President and Chief Executive Officer, noted that three products - human insulin, human growth hormone and interferon - all made by microbes developed at Genentech - are now undergoing human clinical trials. He said, "The Company expects operating results in 1981 to continue to reflect the impact of extensive investments in product research & development and clinical testing, prior to the marketing of the Company's products."
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CONDENSED CONSOLIDATED INCOME STATEMENTS
|Year Ended December 31||1980||1979|
|Net income (a)||236,291||116,336|
(a) Includes benefit of utilization of net operating loss carry forward