Friday, Apr 29, 1983

Genentech Reports First Quarter Results

South San Francisco, Calif. -- April 29, 1983 --

Genentech, Inc. reported revenues of $9.8 million for the first quarter of 1983, up 52 percent from $6.5 million for the same period last year.

Net income for the quarter ended March 31, 1983 was $230,000 or $0.02 per share, compared to $50,000 for the first quarter of 1982.

"This is consistent with our objective to break even again for the year, as we focus on moving our products closer to the marketplace," said Robert A. Swanson, president and chief executive officer.

Genentech, Inc. is a leader in the development, manufacture and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemicals markets.

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(in thousands, except per share amounts)

First Quarter Ended March 31 1983 1982
Revenues $ 9,825 $ 6,463
Net income 230 50
Share earnings:    
   Net income 0.02 0.00
Average shares 13,484 12,074