Net income increases 28% at Genentech

11 July 2001

Genentech has posted a 28% increase in net income to $101.5 million forthe second quarter of 2001, exclusive of $81.5 million in expenses related to the 1999 redemption of shares by Roche (Marketletters passim). Revenues were up 24% at $515.9 million, driven primarily by Rituxan (rituximab), which rose 83% to $187.7 million, and Herceptin (trastuzumab), up 18% to $78.8 million. Total product sales increased 33% to $410.3 million.

Combined turnover of the firm's two cardiovascular products, Activase (alteplase) and TNKase (tenecteplase) decreased 9% to $51.6 million, while sales of the company's growth hormone products were $62.5 million, a rise of 25%. Pulmozyme (dornase alfa) Inhalation Solution fell 13% to $28.1 million. R&D expenses were $123.5 million, compared with $115.6 million in the second quarter of 2000, and Genentech noted that the costs related to 24% of revenues.

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