Thursday, Apr 19, 1984

Genentech Reports First Quarter Results

South San Francisco, Calif. -- April 19, 1984 --

Genentech, Inc. reported revenues of $15.3 million for the first quarter of 1984, up 56 percent from $9.8 million for the same period last year.

Net income for the quarter ended March 31, 1984 was $385,000 or 3 cents per share, compared to $230,000 or 2 cents per share for the first quarter of 1983.

"We are very pleased with the company's progress," said Robert A. Swanson, president and chief executive officer. Human growth hormone is in advanced testing for FDA marketing clearance. Gamma interferon and tissue-type plasminogen activator are both in human clinical evaluation. Bovine interferon is in the field testing.

"The company is intentionally operating at a modest income level as we concentrate our resources toward early market entry", Swanson said. "When Genentech products enter the marketplace, we will begin to move away from near-breakeven toward significantly greater earnings".

Genentech, Inc. is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.

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(in thousands, except per share amounts)

First Quarter Ended March 31 1984 1983
Revenues $ 15,294 $ 9,825
Net income 385 230
Share earnings:    
   Net income 0.03 0.02
Average shares 14,342 13,484