Friday, Apr 25, 1986
South San Francisco, Calif. -- April 25, 1986 --Genentech, Inc. reported revenues of $29.0 million for the first quarter of 1986, up 44 percent from $20.2 million for the same period last year.
Net income for the quarter ended March 31, 1986 was $1,753,000 or 5 cents per share, compared to $715,000 or 3 cents per share for the first quarter of 1985.
Operating revenue, which includes product sales, contract research and licensing revenues, represented 93 percent of total revenues for the quarter.
As in the past, significant quarter-to-quarter income and revenue fluctuations may occur, due to variations in the timing of revenues for licensing and research benchmarks. These fluctuations have no impact on the company's long-term growth.
"Sales of Protropin® growth hormone reached $7.3 million for the quarter," reported Robert A. Swanson, chief executive officer. "Every week, an increasing number of children are receiving Protropin. Genentech is working hard to ensure that the maximum number of children in need of Protropin are identified and treated."
The Product License Application (PLA) for Activase, tissue plasminogen activator (t-PA), has been submitted to the Food and Drug Administration (FDA) for marketing approval for the treatment of heart attacks. Activase has been tested worldwide in more than 1,000 patients to date. Clinical trials are continuing and the results of these ongoing studies will be provided to the FDA as data becomes available. (A PLA is the biologic equivalent to a New Drug Application or NDA for drugs.)
Other Genentech products in clinical trials include a second generation recombinant human growth hormone, gamma interferon for anti-cancer and anti-viral indications and tumor necrosis factor, an anti-cancer agent.
Genentech is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
Ended September 30,
|Costs and expenses|
|Research and development||17,397||15,116|
|Marketing, general and administrative||9,425||4,167|
|Total costs and expenses||26,822||19,283|
|Income before taxes||2,220||881|
|Income tax provision||467||166|
|Net income per share||$||0.05||$||0.03*|
|Weighted average number of shares used in
computing per share amounts:
* Previously reported first quarter 1995 earnings of $0.05 per share have been restated and rounded to reflect the two-for-one stock split of February 1986.