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Home Industry News Genentech: 2008 was year of solid financial growth

Genentech: 2008 was year of solid financial growth

16th January 2009

Genentech has announced its full year and fourth quarter 2008 financial results, describing the period as producing “solid financial growth”.

The company said its non-GAAP (Generally Accepted Accounting Principles) operating revenue was $13,403 million (8,984 million pounds) – a 14 per cent increase from the amount achieved in 2007.

It went on to note its US product sales brought in $9,503 million for the company, a rise of 11 per cent from the same period a year before.

Arthur Levinson, Genentech’s chairman and chief executive officer, said the company was “pleased” with its results.

He added: “2008 was another year of solid financial growth for Genentech.

“In addition, our late-stage and early-stage development efforts progressed well across our focus areas with four sBLA filings submitted for serious diseases in oncology and immunology.”

Other results announced by the company saw a non-GAAP net income increase of 16 per cent from the year before to $3,643 million and non-GAAP earnings per share now totalling $3.42 – a rise of 16 per cent from the $2.94 in 2007.

In December, Genentech said a phase III study found its Rituxan therapy decreased the progression of rheumatoid arthritis patients’ joint damage.

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