Biotech leader Genentech Inc. said surging sales...
From Times Wire Services
Biotech leader Genentech Inc. said surging sales helped its second-quarter earnings more than triple compared to a year ago.
Profit for the quarter ended June 30 increased to $33.4 million, or 28 cents a share, from $10.4 million, or 9 cents a share, in the second quarter of 1993.
Revenue increased 15% to $194.9 million from $169.8 million a year earlier.
The profit surge was fueled in part by increased demand for the drug t-PA. Quarterly sales of the clot-dissolving drug, also known as Activase, increased 32% to $73.5 million.
