Thursday, Oct 20, 1983
South San Francisco, Calif. -- October 20, 1983 --Genentech, Inc. reported revenues of $12.7 million for the third quarter of 1983, up 76 percent from $7.2 million for the same period last year. Net income for the quarter ended September 30, 1983 was $340,000 or $.02 per share, compared to a net loss of $1,222,000 or $.10 per share for the third quarter of 1982.
Nine months revenues for 1983 were $33.5 million, compared to $21.2 million for the same period of 1982. Nine month net income was $902,000 or $.06 cents per share, compared to a net loss of $1,092,000 or $.09 per share for the first nine months of 1982.
Operating revenue, which includes contract research, licensing revenues and product sales for clinical use, represented 90 percent of total revenues for the nine months period.
"We are very pleased with the company's progress," said Robert A. Swanson, president and chief executive officer. "Genentech is on target with its business and financial plan. The company continues to meet its internal and contract benchmarks, and is on schedule with all product development programs."
"Human growth hormone is progressing well, on its way toward market," said Swanson. "During the third quarter, we filed the New Drug Application (NDA) for marketing clearance by the Food and Drug Administration. In anticipation of an early 1984 product launch, we have hired a national sales manager and are currently adding to the sales force."
Human growth hormone will be the first Genentech development to be manufactured and marketed by Genentech under the company's own label. It will be used by medical specialist for the treatment of short stature due to growth hormone deficiency. This indication represents an estimated potential market of 10,000 to 15,000 children in the U.S. Studies for other potential indications are proceeding as planned.
Genentech is a leader in the development, manufacture and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemicals markets. Major products under development include human growth hormone for the treatment of certain growth-related disorders; gamma interferon for anti-cancer and anti-tumor indications; tissue-type plasminogen activator for dissolving blood clots in victims of heart attacks and other cardiovascular disorders; and bovine interferon for the treatment of Bovine Respiratory Disease ("shipping disease").
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
|Quarter Ended September 30||1983||1982|
|Nine Months Ended September 30||1983||1982|