Genentech Inc., a leading biotechnology company, on...
From Times Wire Services
Genentech Inc., a leading biotechnology company, on Tuesday attributed an 88.6% drop in quarterly earnings to increased investment in research and development.
Genentech reported earnings for the first quarter ended March 31 of $3.5 million, or 3 cents a share, down from $19.4 million, or 17 cents a share, in the first quarter of 1991.
At the same time, research and development expenses rose 35% to $66 million in the first quarter of this year, from $48.8 million in the same period last year.
“Genentech is investing approximately 50% of 1992 revenues in R&D; to meet the goal of having three new products and new indications for existing products approved by 1995,” G. Kirk Raab, president and chief executive officer, said in a news release.
