Saturday, Oct 31, 1981
South San Francisco, Calif. -- October 31, 1981 --Genentech, Inc. reported third quarter revenues of $6.1 million, up 177 percent from 1980 third quarter revenues of $2.2 million.
Expenses during the third quarter of 1981 increased to $5.8 million as compared to expenses of $2.2 million for the same period of the previous year.
Net income for the quarter ending September 30, 1981 was $246,000 or $.03 per share. Third quarter 1980 net income was $18,000.
Genentech's revenues for the nine month ending September 30, 1981 were $15.1 million. Net income for this period was $454,000 or $.06 per share. Previous year revenues for the comparable period were $5.6 million and net income was $99,000 or $.02 per share.
Net income figures include benefit of utilization of net operating loss carry forwards.
During the third quarter, Genentech began advanced human clinical studies with human growth hormone produced by recombinant DNA methods. Genentech president, Robert A. Swanson, said, "These studies, conducted at 10 medical centers throughout the country, will determine the hormone's growth-promoting effect in children with hypopituitarism."
Human growth hormone is the second recombinant DNA product to enter advanced clinical testing. The first human insulin was developed by Genentech and is undergoing clinical testing by Eli Lilly & Co.
In addition, Phase I human clinical studies are being conducted with two sub-types of leukocyte interferon developed by Genentech. These studies are being conducted by Hoffmann La-Roche.
Genentech is a leader in the development of recombinant DNA products for the pharmaceutical, agricultural and industrial-chemical markets. In addition to human health care products, Genentech has announced several products for agricultural application including animal growth hormones and a vaccine against foot and mouth disease. The Company's headquarters are located at 460 Point San Bruno Blvd., South San Francisco, Californiua.
CONDENSED CONSOLIDATED INCOME STATEMENTS
|Quarter Ended September 30||1981||1980|
|Nine Months Ended September 30||1981||1980|
a - Tax-loss carry-forward