3rd Qtr Sales And Earnings Take A Dip At Genentech

US biotechnology company Genentech has announced that earnings for thethird quarter of 1997 fell 37% to $32.1 million, compared to the corresponding period last year. Revenues tumbled to $248.9 million from $251.7 million from the like, year-earlier period.

The company noted that the dip in net income reflected a $6.1 million tax provision in the third quarter compared to a net $1.8 million tax benefit in the same quarter in 1996. The decrease in revenues resulted primarily from anticipated currency fluctuations.

Product Sales Sales of the thrombolytic Activase (alteplase) decreased 7.1% to $60.7 million, as it suffered from stiff competition and a decline in the overall size of the thrombolytic therapy market. Sales of Genentech's growth hormone products, including Protropin (somatrem) and Nutropin (somatropin) remained steady at $57.0 million compared to $57.6 million in the third quarter of 1996, although the company expects some market share loss, given that it now has four competitors in the US growth hormone market.