Genentech Inc.'s first-quarter results produced no surprises.The company on Thursday announced profits of $19.4 million,or 17 cents per share, up from $13.3 million, or 15 cents pershare, for the same quarter in 1990. Revenues for the quarterrose 10 percent to $132 million.
Sales of Activase, Genentech's tissue plasminogen activator (t-PA) heart attack drug, were $55.5 million, down from $58.6million for the fourth quarter of 1990. Results of the ISIS-3thrombolytic trials may have had a negative impact on sales.ISIS-3 data indicated that a cheaper drug, streptokinase, hadequivalent efficacy and was safer than another version of t-PAused in the trials.
Genentech told analysts that Activase lost some market sharein March, but no trend on loss of share was yet visible, saidLinda Miller, a biotech analyst at PaineWebber in Boston.
Genentech's report matched her expectations, said Miller, whowill maintain her "neutral or hold" rating on its shares.Thestock (NYSE:GNE) closed down $1.63 at $28.88 on Thursday.
Sales of Genentech's Protropin human growth hormone rose to$43.9 million from $40.8 million in the fourth quarter. Thecompany also commenced sales of its third product, Actimmunegamma interferon, to treat chronic granulomatous disease.
Genentech would not comment on this week's announcementby Roche Holdings Ltd. that it is raising $1 billion through theissue of bonds with warrants on the Eurobond market.Proceeds will be used to repay debt incurred from theacquisition of 60 percent of Genentech and for generalcorporate purposes.
There has been speculation that Roche may be preparing tobuy the remainder of Genentech before its 1995 deadline."We're not going to be commenting on speculation and rumors,"said a Roche spokeswoman. -- Karen Bernstein
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