Earnings Decline At Genentech In 1st Qtr
US company Genentech has announced earnings for the first quarter of1997 of $31.6 million, a decline of 17.2% on earnings achieved in the 1996 first quarter. Earnings per share were 25 cents, compared with 31 cents a year earlier.
Arthur Levinson, president and chief executive of the company, stressed that Genentech is investing heavily in R&D. He said: "because of this commitment, our earnings today are modest, but we continue to make important progress toward bringing to market new products with significant potential for both medical and market impact."
R&D expenses in the first quarter were $122.7 million, up 6.1%. Around 48% of revenues were invested in R&D, similar to that invested a year earlier, which reflects a leveling off of R&D spending as a percentage of revenues in 1997.
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