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Financial Report: Genentech

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genentech

3Q Revenues: $2.9 billion (+22%)

3Q Earnings: $685 million (+33%)

YTD Revenues: $8.8 billion (+21%)

YTD Earnings: $2.1 billion (+41%)

Comments: U.S. product sales were $2.2 billion in the quarter, up 18%. Avastin sales were up 37% to $597 million. Rituxan sales were $572 million, up 12%. Lucentis sales were up 29% to $198 million. R&D expenses were up 35% in the quarter to $615 million, which includes an employee stock-based compensation expense of $37 million. Results in the quarter also include a one-time in-process research and development (IPR&D) charge of $77 million associated with the Tanox Acquisition.

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