Genentech sees 1st qtr sales jump 38% and net income rise 20%

16 April 2001

At US biotechnology major Genentech, net income increased 20% to $91.2million, or $0.17 per share, in the first quarter of 2001, representing a rise in earnings per share of 21% exclusive of the ongoing impact of the 1999 redemption of the firm's Special Common stock and related accounting treatment, as well as the cumulative effects of accounting changes in 2001 and 2000.

Over the same period, revenues were up 37% at $540.1 million, driven primarily by turnover of Genentech's bio-oncology products Rituxan (rituximab), which rose 102% to $172.1 million, and Herceptin (trastuzumab), up 18% to $81.4 million; this also includes $10.0 million related to changes in fair values of derivative instruments associated with the adoption of Financial Accounting Standard 133(3). Sales of marketed products increased 38% to $391.9 million. Royalties were unchanged at $74.6 million.

Combined turnover of the firm's two cardiovascular products, Activase (alteplase) and TNKase (tenecteplase) for the quarter increased 10% to $52.1 million, reflecting the steady sales growth of the latter based on its ability to be administered in a single, five-second injection. Sales of the company's growth hormone products were $55.5 million, up from $55.1 million in the first quarter of 2000, while Pulmozyme (dornase alfa) Inhalation Solution increased 12% to $29.9 million, the company reports.

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