Genentech Posts $931 Million 4Q Profit

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Researched by Industrial Info Resources (Sugar Land, Texas)--Genentech Incorporated (NYSE:DNA) (San Francisco, California) recently announced a fourth-quarter 2008 net income of $931 million, up 47% compared with $632 million in the same period of 2007. Sales for the quarter rose 13% to $2.5 billion, compared with $2.2 billion in the fourth quarter of 2007. "Although we cannot predict the certainty of what 2009 will look like, Genentech will continue to position the business for future growth by our ongoing investment in research, our strong focus on science, maturing development pipeline, and our commitment to first-in-class or best-in-class products that bring value to patients," Chairman and CEO Arthur Levinson said.

2009 is shaping up to be a busy year for Genentech, Levinson said. He said the firm is already awaiting results from more than 15 clinical trials and has planned 10 or more supplemental biologic or new drug application submissions to the Food and Drug Administration (FDA). The company hopes to receive as many as four FDA approvals this year, he said.

Fourth-Quarter Sales

• Avastin: $731 million, up 21%
• Rituxan: $677 million, up 14%
• Herceptin: $336 million, up 3%
• Lucentis: $236 million, up 20%
• Xolair: $135 million, up 13%
• Tarceva: $118 million, up 5%
• Nutropin Products: $90 million, down 3%
• Thrombolytics: $74 million, up 12%
• Pulmozyme: $72 million, up 24%
• Raptiva: $25 million, down 11%

Industrial Info is tracking two active Genentech projects worth $300 million as part of our Pharmaceutical Tracker - Online Database. The larger of the two projects is a grassroot biotherapeutic fill and finish plant in Hillsboro, Oregon. Hillsboro is one of three locations that Genentech has targeted to ramp up manufacturing, Levinson said. "I'm confident in the strength of our marketed products, the depth and increasing diversity of the pipeline, and the rigor of our scientific approach," he said. "I believe that these factors will help us to fuel strong long-term growth for Genentech for years to come despite the uncertainties facing healthcare, the economy and the company."

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