Tuesday, Oct 19, 1982
South San Francisco, Calif. -- October 19, 1982 --Genentech, Inc. said today that, on the basis of preliminary results, the Company expects to show a loss of approximately 15 cents a share for the third quarter.
Robert A. Swanson, President of the Company, said,"Genentech plans to meet its 1982 objective to break even at year-end. The fluctuation seen this quarter is a result of the timing of income for licensing and research benchmarks which are presently our major source of revenues. The Company's product development programs are moving ahead on schedule. Since research results do not come neatly packaged in quarterly intervals, we have kept our investors advised of the possibility of wide quarterly fluctuations during the year. These fluctuations, including this quarter's results, have no significance on the long term growth earnings of the Company.
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