P.M. BRIEFING : Hormone Adds to Sales Growth
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SOUTH SAN FRANCISCO — Genentech Inc., a leading biotechnology company, reported today it made a complete turnaround in fourth-quarter earnings, posting a $15-million profit after losing the same amount last year.
Genentech also posted a 24% jump in fourth-quarter revenues compared to the same period last year, and officials attributed the growth to increased sales of its heart attack drug and human growth hormone.
The company said sales of its much-touted heart attack drug, Activase, increased 63% to $56.7 million. Genentech’s other marketed product, a human growth hormone sold under the brand name of Protropin, posted fourth-quarter net sales of $34.3 million, up from $31.7 million.
For 1989, Genentech reported net income increased 114% to $44 million.
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