Genentech Inc. on Thursday reported that it broke even in thefourth quarter ended Dec. 31 and had profits of 39 cents pershare for the 1991 year.
Fourth-quarter revenues were $119.5 million, down 9 percentfrom $131.3 million in the 1990 quarter, due largely tocompetitive pressure on sales of Activase tissue plasminogenactivator. Profits in the 1990 quarter were $17.1 million, or 15cents per share.
Genentech shares (NYSE:GNE) lost $1.63 to $30 on Thursday.
The South San Francisco, Calif., company's 1991 profits were$44.3 million, compared with a 1990 loss of $98 million, or$1.05 per share, which included a $167.7 million charge relatedprimarily to the company's merger with Roche Holdings Inc.
Activase t-PA sales were $196.5 million in 1991, down from$210 million. But Protropin human growth hormone sales were$185.1 million, up 18 percent from $157.1 million.
Research and development expenditures for 1991 were $221.3million, or 43 percent of revenues, up 28 percent from $173.1million in 1990. Genentech recently said it expects R&Dspending to total about 50 percent of revenues this year.
ENZON PLANS BLOOD SUBSTITUTE TRIALS
Enzon Inc. announced on Thursday that it can now produceenough of its purified cow substitute for red blood cells toconduct preclinical safety studies, and expects to file to startclinical trials by the end of the year.
The company's shares (NASDAQ:ENZN) gained $1.25 to $15.88on Thursday.
The South Plainfield, N.J., company's blood substitute usespolyethylene glycol (PEG), a polymer, to prevent an immuneresponse. "PEG technology masks the molecule," the company'svice president for corporate development, Glenn Kazo, toldBioWorld.
By midyear, the company plans to have a pilot plant producingenough of the PEG-hemoglobin to supply clinical trials, Kazosaid.
The company said its scientists will present new preclinicaldata on the bovine-derived hemoglobin on Jan. 20 at aconference on blood substitutes in Orlando, Fla. -- RF
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