Wednesday, Feb 15, 1984
South San Francisco, Calif. -- February 15, 1984 --Genentech, Inc. today reported that 1983 revenues and net income increased significantly over 1982.
Revenues for the fiscal year ending December 31, 1983 were $47.0 million, compared with $32.6 million in 1982. Net income was $1.1 million in 1983, or 8 cents per share, compared with $625,000 or 5 cents per share, reported for the previous year.
Ninety percent of Genentech's 1983 revenues came from operations -- contract revenue, product licensing revenue, and production under research and development contracts.
Fourth quarter revenue were $13.5 million in 1983, compared with $11.4 million in 1982. Fourth quarter net income was $226,000, or 2 cents per share, compared with $1.7 million, or 13 cents per share in 1982. Last year's fourth quarter should be viewed in context with a third quarter loss of $1.2 million, or 10 cents per share in 1982 -- reflecting variations in the timing of revenues for licensing and research benchmarks, which do not always fall neatly within quarterly reporting periods. As demonstrated by year-end results, quarter-to-quarter fluctuations have no significance on the company's long-term earnings and growth.
Genentech, Inc. is a leader in the development, manufacture and marketing of recombinant DNA products, principally for human and animal health care. The company has progressed well past the research and development stage, and is rapidly growing into a fully integrated health care company which will make and sell products under its own label. Major products under development include human growth hormone for the treatment of short stature due to growth hormone deficiency; gamma interferon for anti-cancer and anti-cancer and anti-viral indications; tissue-type plasminogen activator for dissolving blood clots in victims of heart attacks and other cardiovascular disorders; and bovine interferon for protection against Bovine Respiratory Disease ( "shipping fever").
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
|Year Ended December 31||1983||1982|
|Fourth Quarter Ended December 31||1983||1982|