Genentech breaks $1bn barrier

Leading biotech company Genentech had total product sales of $913.4m for the second quarter of 2004, a 42% increase over product sales of $644.3m in the second quarter of 2003.

Operating revenues increased by 41% from the second quarter of 2003 to $1.1bn. Avastin (bevacizumab), in its first full quarter of sales, realized sales of $133.0m for the second quarter of 2004.

'Genentech topped $1bn in quarterly revenues for the first time in our history, and we are exiting the first half of the year with revenues of more than $2bn,' said Dr Arthur Levinson, Genentech's chairman and chief executive officer. 'Our unrelenting focus on science has led us to launch three successful products, Aastin, Xolair and Raptiva, in a recent nine-month period. We remain committed to our 5x5 goals, and our recent product launches direct us toward our Horizon 2010 objectives.'

'The success of new product launches and the continued strength of our existing product sales are driving our operating revenues growth of 41% over the same quarter last year,' said Myrtle Potter, president of commercial operations. 'Rituxan continued to exhibit healthy growth, with a 17% increase over the same period last year. Also, our new product launches are contributing to ongoing revenue growth. Our three new product launches contributed $190.1m or 21% of total net product sales for the second quarter of 2004. Our teams are also gearing up for the potential upcoming launch of Tarceva.'