Wednesday, Oct 16, 1991
South San Francisco, Calif. -- October 16, 1991 --Genentech, Inc. (NYSE: GNE) today announced that profits for the third quarter ended September 30 were $13.5 million, or 12 cents per share, up from a loss of $133.7 million, or $1.45 per share for the same quarter last year. The third quarter loss last year was due to a special charge of $148.9 million, or about $1.60 per share, which was primarily related to Genentech's merger transaction with Roche Holdings Ltd.
Revenues for the third quarter of 1991 were $135.0 million, up 20 percent from $112.1 million a year ago. Net sales of Protropin®, human growth hormone, were $47.5 million, compared with $40.2 million for the same quarter last year. Third quarter net sales of Activase® (t-PA), the company's heart attack drug, which included sales of bulk t-PA to Genentech's licensees in Japan, were $46.7 million, compared with $48.2 million for the third quarter of 1990.
Research and development expenses were $59.9 million, up from $42.2 million, largely due to additional clinical trials, including the GUSTO trial. Genentech currently has 10 products in clinical trials and expects to begin clinical trials for another product before the end of the year.
"We continue to make excellent progress on products in our pipeline," said G. Kirk Raab, president and chief executive officer. "I believe the worth of Genentech's tremendous investment in research and development will become evident as our clinical trials advance."
Genentech, Inc. is a biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant medical needs.
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)