Genentech Inc.'s sales of tissue plasminogen activator arecontinuing their downward drift, according to third-quarterfinancial results released on Wednesday.
For the quarter ended Sept. 30, total net sales of Activase t-PA, the company's heart attack drug, were $46.7 million. Thatfigure includes about $5 million in sales of bulk to licensees inJapan, according to spokesman Jack Murphy. Sales of t-PA forthe first nine months totaled $152.6 million.
North American t-PA sales have fallen from $55.5 million inthe first quarter to about $41.7 million this quarter. Murphysaid Genentech still holds about 50 percent of the U.S. market.The company is sticking by its $180 million estimate for 1991North American sales of t-PA, Murphy said.
The trend for sales of Protropin human growth hormone isrunning in the opposite direction, and total 1991 sales couldreach about $190 million. Sales for the quarter were $47.5million, compared with $40.2 million for the same quarter lastyear.
Net income for the third quarter was $13.5 million, or 12 centsper share, on revenues of $135 million. The South SanFrancisco, Calif., company had a one-time gain of $7 millionfrom a stock sale.
The company posted a loss of $133.7 million, or $1.45 a share,on revenues of $112.1 million in the 1990 quarter. The 1990loss was largely due to a special charge of $148.9 million, orabout $1.60 per share, related to the merger with RocheHolding Ltd.
The figures held no surprises. "They beat my numbers becauseof a one-time gain," said Merrill Lynch analyst StuartWeisbrod. "I was at 8 cents, and that's what the operatingnumber was."
Research and development expenses were $59.9 million, upfrom $42.2 million in the 1990 quarter, largely due toadditional clinical trials. Genentech has 10 products in theclinic and expects to begin trials on another unnamed productthis year.
Genentech stock (NYSE:GNE) closed up 38 cents on Wednesdayat $32.50. -- KB
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