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Genentech 4Q on target
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January 20, 2000: 3:07 p.m. ET
Biotech company posts 30% rise in operating income, meeting forecasts
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NEW YORK (CNNfn) - Biotech company Genentech Inc. posted a 30 percent increase in fourth-quarter operating profit Thursday, matching Wall Street's forecasts.
The San Francisco-based maker of drugs for cancer, non-Hodgkin's lymphoma, cystic fibrosis and other diseases, earned $48.1 million, or 18 cents per diluted share, excluding one-time charges. That compares with operating profit of $37.1 million, or 14 cents per share, in the year-earlier quarter.
The latest results met the First Call consensus forecast of 18 cents per share.
The report helped push Genentech shares up 5-11/16 to 163 in afternoon trading.
Including special charges, Genentech (DNA) posted a net loss of $172.9 million, or 67 cents per share in the latest quarter. There were no special items in the 1998 fourth quarter.
One-time charges in the latest period included $180 million associated with the settlement of a patent infringement lawsuit brought by the University of California over Genentech's human growth hormone products, as well as the redemption of Genentech special common stock.
Fourth-quarter revenue rose 18 percent to $358.5 million.
For all of 1999, the company posted a net loss of $1.1 billion, or $4.46 per diluted share, including one-time charges associated with the share redemption, legal settlements and other items. In 1998, the company earned $181.9 million, or 70 cents per share.
Revenue rose 24 percent to $1.4 billion.
Sales of Rituxan, a treatment for non-Hodgkin's lymphoma, rose 72 percent to $279.4 million in 1999, while sales of breast cancer drug Herceptin totaled $188.4 million in the product's first full year on the market. 
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Genentech
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