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News and Information Article
Record Annual Revenues of $6.6 Billion
Drive Year-Over-Year Non-GAAP EPS Growth of 54 Percent
SOUTH SAN FRANCISCO, Calif., Jan. 10 /-FirstCall/ -- Genentech,
Inc. (NYSE: DNA) today announced financial results for the full year and
fourth quarter 2005. Key results for the full year 2005 included:
-- Non-GAAP earnings of $1.28 per share, a 54 percent increase over
earnings of $0.83 per share in 2004; GAAP earnings of $1.18 per share,
a 62 percent increase over earnings of $0.73 per share in 2004.
-- Operating revenues of $6,633.4 million, a 44 percent increase over
operating revenues of $4,621.2 million in 2004.
-- Total product sales of $5,488.1 million, a 46 percent increase over
product sales of $3,748.9 million in 2004.
-- Non-GAAP net income of $1,387.3 million, a 55 percent increase over net
income of $894.4 million in 2004; GAAP net income of $1,279.0 million,
a 63 percent increase over net income of $784.8 million in 2004.
Key results for the fourth quarter of 2005 included:
-- Non-GAAP earnings of $ 0.34 per share, a 62 percent increase over
earnings of $0.21 per share in the fourth quarter of 2004; GAAP
earnings of $0.31 per share, a 63 percent increase over earnings of
$0.19 per share in the fourth quarter of 2004.
-- Operating revenues of $1,893.1 million, a 44 percent increase over
operating revenues of $1,315.3 million in the fourth quarter of 2004.
-- Total product sales of $1,577.0 million, a 48 percent increase over
product sales of $1,066.3 million in the fourth quarter of 2004.
-- Non-GAAP net income of $363.3 million, a 61 percent increase over net
income of $225.4 million in the fourth quarter of 2004; GAAP net income
of $339.2 million, a 64 percent increase over net income of $206.6
million in the fourth quarter of 2004.
"Looking back over 2005, Genentech had a year of unprecedented success in
clinical trial results and FDA filings for potential therapeutics to treat
cancer, blindness and rheumatoid arthritis," said Arthur D. Levinson, Ph.D.,
Genentechs chairman and chief executive officer. "We completed the last year
of our 5x5 plan and are pleased with our average annual non-GAAP EPS growth of
33 percent between 1999 and 2005. We continue to build on our strong
scientific foundation and to focus on research and development to fuel our
long-term growth."
The company announced it expects approximately 35 to 45 percent growth in
non-GAAP earnings per share for the full year 2006.
Note: The compound annual GAAP earnings per share growth rate was 31
percent from 1999 through 2005. (Given negative GAAP earnings per share in
1999 and 2000, a directly comparable calculation of the average annual growth
rate for 1999 through 2005 is not available and compound annual growth rate
instead of average annual growth rate is provided.) Genentechs 2005 non-GAAP
net income and non-GAAP earnings per share exclude the after-tax impacts of
recurring charges related to the 1999 Roche redemption of Genentechs stock
and litigation-related special items. Genentechs forecasted 2006 non-GAAP
earnings per share excludes the after-tax impacts of recurring charges related
to the 1999 Roche redemption of Genentechs stock, litigation-related special
items, and stock compensation expense associated with Genentechs adoption of
SFAS No. 123R on January 1, 2006. The differences in non-GAAP and GAAP
numbers are reconciled in the tables provided and on http://www.gene.com.
Product Sales
"Genentech set record sales across its product portfolio in 2005," said
Ian T. Clark, executive vice president, Commercial Operations. "Total U.S.
product sales were more than $5 billion for the full year 2005, an increase of
45 percent compared to 2004."
For 2005, including the three months ended December 31, 2005:
-- U.S. product sales in 2005 increased 45 percent to $5,161.7 million
from $3,551.2 million in 2004. Fourth quarter product sales increased
47 percent to $1,493.5 million from $1,017.7 million in the fourth
quarter of 2004.
-- U.S. sales of Rituxan(R) (Rituximab) in 2005 increased 16 percent to
$1,831.4 million from $1,574.0 million in 2004. Fourth quarter Rituxan
sales increased 13 percent to $484.4 million from $429.2 million in the
fourth quarter of 2004.
-- U.S. sales of Avastin(R) (bevacizumab) in 2005 increased 108 percent to
$1,132.9 million from $544.6 million in 2004. Fourth quarter Avastin
sales increased 89 percent to $359.1 million from $190.5 million in the
fourth quarter of 2004. Sequential quarter-over-quarter Avastin sales
increased 10 percent from third quarter 2005 sales of $325.2 million.
-- U.S. sales of Herceptin(R) (Trastuzumab) in 2005 increased 56 percent
to $747.2 million from $479.0 million in 2004. Fourth quarter
Herceptin sales increased 98 percent to $250.1 million from $126.0
million in the fourth quarter of 2004. Sequential quarter-over-quarter
Herceptin sales increased 16 percent from third quarter 2005 sales of
$215.1 million.
-- U.S. sales of Tarceva(R) (erlotinib) in 2005 were $274.9 million,
compared to $13.3 million in 2004, following its approval on November
18, 2004. Sequential quarter-over-quarter Tarceva sales increased 15
percent to $83.9 million from third quarter 2005 sales of $73.2
million.
-- U.S. sales of Xolair(R) (Omalizumab) in 2005 increased 71 percent to
$320.6 million from $187.6 million in 2004. Fourth quarter Xolair sales
increased 55 percent to $93.3 million from $60.3 million in the fourth
quarter of 2004.
-- U.S. sales of RAPTIVA(R) (efalizumab) in 2005 increased 51 percent to
$79.2 million from $52.4 million in 2004. Fourth quarter RAPTIVA sales
increased 24 percent to $20.4 million from $16.4 million in the fourth
quarter of 2004.
-- U.S. sales of legacy products in 2005, including growth hormone,
cardiovascular products and Pulmozyme(R) (dornase alfa, recombinant)
Inhalation Solution, increased 11 percent to $775.5 million from $700.3
million in 2004. Fourth quarter legacy product sales increased 11
percent to $202.3 million from $182.0 million in the fourth quarter of
2004.
-- Product sales to collaborators increased 65 percent to $326.4 million
from $197.7 million in 2004.
Royalty and Contract Revenues
-- Royalty revenues increased 46 percent to $935.1 million from $641.1
million in 2004.
-- Contract revenues decreased 9 percent to $210.2 million from $231.2
million in 2004.
Total Costs and Expenses
-- Cost of sales as a percentage of product sales was 18 percent,
comparable to 2004. Cost of sales increased 50 percent to $1,011.1
million from $672.5 million in 2004.
-- Research and development (R&D) expenses increased 33 percent to
$1,261.8 million from $947.5 million in 2004. R&D expenses as a
percentage of operating revenues were 19 percent, compared to 21
percent in 2004.
-- Marketing, general and administrative (MG&A) expenses increased 32
percent to $1,435.0 million from $1,088.2 million in 2004. MG&A
expenses as a percentage of operating revenues were 22 percent,
compared to 24 percent in 2004.
-- Collaboration profit-sharing expenses in 2005 increased 39 percent to
$823.1 million from $593.6 million in 2004, due primarily to strong
sales performance for Rituxan, Xolair and Tarceva.
Clinical Development
"Moving toward our Horizon 2010 goals, Genentech added 13 new projects
into the pipeline in 2005, including three new molecular entities in
oncology," said Susan D. Hellmann, M.D., M.P.H., president of Product
Development. "Genentech received positive data from eight important Phase III
clinical trials of Herceptin, Avastin, Rituxan and Lucentis. We also filed
five submissions for product approval with the FDA, an unmatched
accomplishment for Genentech."
Genentech anticipates filing multiple supplemental Biologics License
Applications (sBLAs) in 2006, starting with Herceptin in the adjuvant setting
in the first quarter of 2006. The company also expects to file two sBLAs for
Avastin in the second quarter of 2006 - one in first-line non-squamous, non-
small cell lung cancer, and another in first-line metastatic breast cancer.
Genentech also announced that in February 2006 it expects U.S. Food and Drug
Administration (FDA) action on two Rituxan filings, one for front-line
intermediate grade or aggressive front-line non-Hodgkins lymphoma (NHL) and
one for rheumatoid arthritis for patients who have an inadequate response to
anti-TNF therapy. In the fourth quarter of 2005, Genentech completed
enrollment in the Phase III study of Rituxan in primary progressive multiple
sclerosis, as well as in the Phase II combination study of Avastin and Tarceva
in non-small cell lung cancer.
Other Company Events
On December 23, 2005, the U.S. Patent Office received from another third
party an additional request for reexamination of the Cabilly, et al. U.S.
Patent No. 6,331,415 (Cabilly patent). The Patent Office has not yet acted
upon this request.
On October 31, 2005, the U.S. Food and Drug Administration granted
approval for the production of Avastin bulk drug substance for commercial use
from two 10,000-liter bioreactors at Genentechs Porrino, Spain manufacturing
facility.
Webcast:
Genentech will be offering a live webcast of a discussion by Genentech
management of the earnings and other business results on Tuesday, January 10,
2006, at 2:15 p.m. Pacific Time (PT). The live webcast may be accessed on
Genentechs Website at http://www.gene.com. This webcast will be available via
the Website until 5:00 p.m. PT on January 24, 2006. A telephonic audio replay
of the webcast will be available beginning at 5:15 p.m. PT on January 10, 2006
through 5:15 p.m. PT on January 17, 2006. Access numbers for this replay are:
1-800-642-1687 (U.S./Canada) and 1-706-645-9291 (international); conference ID
number is 3689902.
About Genentech:
Genentech is a leading biotechnology company that discovers, develops,
manufactures and commercializes biotherapeutics for significant unmet medical
needs. A considerable number of the currently approved biotechnology products
originated from or are based on Genentech science. Genentech manufactures and
commercializes multiple biotechnology products and licenses several additional
products to other companies. The company has headquarters in South San
Francisco, California and is listed on the New York Stock Exchange under the
symbol DNA. For additional information about the company, please visit
http://www.gene.com.
For information on Genentechs latest business and product development
events please refer to http://www.gene.com/gene/news/press-releases/index.jsp.
This press release contains forward-looking statements regarding the
expected time frame for the Herceptin and Avastin sBLA filings and long-term
growth, including 2006 non-GAAP EPS growth. Such statements are just
predictions and involve risks and uncertainties such that actual results may
differ materially. Among other things, the time frame for the sBLA filings
could be affected by unexpected safety, efficacy or manufacturing issues,
delays in receiving study data from third parties, additional time
requirements for data analysis and BLA preparation, or FDA actions or delays;
and our long-term growth, including 2006 non-GAAP EPS growth, could be
affected by all of the foregoing and by failure to receive FDA approval,
competition, pricing, reimbursement, the ability to supply product, product
withdrawals, new product approvals and launches, achieving product sales
revenue consistent with internal forecasts, unanticipated expenses such as
litigation or legal settlement expenses or equity securities write-downs,
costs of sales, R&D expenses, fluctuations in royalties and contract revenues,
and fluctuations in tax and interest rates. Please also refer to Genentechs
periodic reports filed with the Securities and Exchange Commission. Genentech
disclaims, and does not undertake, any obligation to update or revise the
forward-looking statements in this press release.
Media Contact: Debra Charlesworth (650) 225-2742
Caroline Pecquet (650) 467-7078
Investor Contact: Kathee Littrell (650) 225-1034
Sue Morris (650) 225-6523
http://www.gene.com
GENENTECH, INC.
CONSOLIDATED STATEMENTS OF INCOME DATA
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended December 31,
2005
GAAP(1) Difference Non-GAAP(2)
Revenues:
Product sales $1,576,964 $1,576,964
Royalties 265,099 265,099
Contract revenue and other 51,032 51,032
Total operating revenues 1,893,095 1,893,095
Costs and expenses:
Cost of sales 244,914 244,914
Research and development 411,610 411,610
Marketing, general and
administrative 429,357 429,357
Collaboration profit sharing 228,417 228,417
Recurring charges related
to redemption 26,591 $(26,591)(3) --
Special items:
litigation-related 13,483 (13,483)(4) --
Total costs and expenses 1,354,372 (40,074) 1,314,298
Operating income 538,723 40,074 578,797
Other income (expense):
Interest and other
income, net(5) 43,743 43,743
Interest expense (23,035) (23,035)
Total other income, net 20,708 20,708
Income before taxes 559,431 40,074 599,505
Income tax provision 220,192 16,029 236,221
Net income $339,239 $24,045 $363,284
Earnings per share:
Basic $0.32 $0.02 $0.34
Diluted $0.31 $0.03 $0.34
Weighted average shares
used to compute
earnings per share:
Basic 1,054,724 1,054,724
Diluted 1,080,152 1,080,152
Three Months
Ended December 31,
2004
GAAP(1) Difference Non-GAAP(2)
Revenues:
Product sales $1,066,302 $1,066,302
Royalties 181,220 181,220
Contract revenue and other 67,778 67,778
Total operating revenues 1,315,300 1,315,300
Costs and expenses:
Cost of sales 205,373 205,373
Research and development 310,196 310,196
Marketing, general
and administrative 299,495 299,495
Collaboration profit sharing 170,070 170,070
Recurring charges related
to redemption 34,534 $(34,534)(3) --
Special items:
litigation-related (3,189) 3,189(4) --
Total costs and expenses 1,016,479 (31,345) 985,134
Operating income 298,821 31,345 330,166
Other income (expense):
Interest and other
income, net(5) 24,041 24,041
Interest expense (2,718) (2,718)
Total other income, net 21,323 21,323
Income before taxes 320,144 31,345 351,489
Income tax provision 113,560 12,540 126,100
Net income $206,584 $18,805 $225,389
Earnings per share:
Basic $0.20 $0.01 $0.21
Diluted $0.19 $0.02 $0.21
Weighted average shares
used to compute earnings
per share:
Basic 1,049,700 1,049,700
Diluted 1,070,708 1,070,708
(1) Reflects operating results in accordance with U.S. generally accepted
accounting principles (or GAAP).
(2) Non-GAAP amounts exclude litigation-related special items and
recurring charges related to the 1999 redemption of Genentechs
Special Common Stock, net of tax effects.
(3) Represents the amortization of other intangible assets related to the
1999 redemption of Genentechs Special Common Stock.
(4) Includes accrued interest and bond costs related to the City of Hope
trial judgment in Q4 2005 and 2004, net of a released accrual in Q4
2004 on a litigation matter.
(5) "Interest and other income, net" includes interest income, net
realized gains from the sale of certain biotechnology equity
securities and write-downs for other-than-temporary impairments in
the fair value of certain biotechnology debt and equity securities.
For further detail, refer to our web site at http://www.gene.com.
2006 Reconciliation of GAAP and Non-GAAP EPS
Our 2006 non-GAAP EPS estimate does not include: (i) recurring
amortization charges related to the 1999 redemption of our stock by
Roche, which are estimated to be approximately $105 million on a pretax
basis in 2006, (ii) litigation-related special items for accrued interest
and associated bond costs on the City of Hope judgment and net amounts
paid on other litigation settlements, which are currently estimated to be
approximately $52 million on a pretax basis in 2006, and (iii) stock
compensation expense associated with Genentechs adoption of Statement of
Financial Accounting Standards No. 123R on January 1, 2006, which we
expect the net of tax diluted EPS impact to be in the range of $0.15 to
$0.17 per share for 2006. Our 2006 GAAP EPS would include the items
listed above as well as any other potential special charges related to
existing or future litigation or its resolution, or changes in accounting
principles, all of which may be significant.
GENENTECH, INC.
CONSOLIDATED STATEMENTS OF INCOME DATA
(in thousands, except per share amounts)
(unaudited)
Year Ended
December 31,
2005
GAAP(1) Difference Non-GAAP(2)
Revenues:
Product sales $5,488,058 $5,488,058
Royalties 935,112 935,112
Contract revenue and other 210,202 210,202
Total operating
revenues 6,633,372 6,633,372
Costs and expenses:
Cost of sales(6) 1,011,069 1,011,069
Research and development 1,261,824 1,261,824
Marketing, general
and administrative(6) 1,435,025 1,435,025
Collaboration profit
sharing 823,083 823,083
Recurring charges
related to redemption 122,746 $(122,746)(3) --
Special items:
litigation-related 57,774 (57,774)(4) --
Total costs and expenses 4,711,521 (180,520) 4,531,001
Operating income 1,921,851 180,520 2,102,371
Other income (expense):
Interest and other
income, net(5) 140,927 140,927
Interest expense (49,929) (49,929)
Total other income, net 90,998 90,998
Income before taxes 2,012,849 180,520 2,193,369
Income tax provision 733,858 72,207 806,065
Net income $1,278,991 $108,313 $1,387,304
Earnings per share:
Basic $1.21 $0.11 $1.32
Diluted $1.18 $0.10 $1.28
Weighted average shares
used to compute
earnings per share:
Basic 1,054,952 1,054,952
Diluted 1,080,949 1,080,949
Year Ended
December 31,
2004
GAAP(1) Difference Non-GAAP(2)
Revenues:
Product sales $3,748,879 $3,748,879
Royalties 641,119 641,119
Contract revenue and other 231,159 231,159
Total operating revenues 4,621,157 4,621,157
Costs and expenses:
Cost of sales(6) 672,526 672,526
Research and development 947,513 947,513
Marketing, general
and administrative(6) 1,088,111 1,088,111
Collaboration profit sharing 593,616 593,616
Recurring charges related
to redemption 145,485 $(145,485)(3) --
Special items:
litigation-related 37,087 (37,087)(4) --
Total costs and expenses 3,484,338 (182,572) 3,301,766
Operating income 1,136,819 182,572 1,319,391
Other income (expense):
Interest and other
income, net(5) 89,997 89,997
Interest expense (7,400) (7,400)
Total other income, net 82,597 82,597
Income before taxes 1,219,416 182,572 1,401,988
Income tax provision 434,600 73,031 507,631
Net income $784,816 $109,541 $894,357
Earnings per share:
Basic $0.74 $0.11 $0.85
Diluted $0.73 $0.10 $0.83
Weighted average shares
used to compute
earnings per share:
Basic 1,055,165 1,055,165
Diluted 1,079,209 1,079,209
(1) Reflects operating results in accordance with U.S. generally accepted
accounting principles (or GAAP).
(2) Non-GAAP amounts exclude litigation-related special items and
recurring charges related to the 1999 redemption of Genentechs
Special Common Stock, net of tax effects.
(3) Represents the amortization of other intangible assets related to the
1999 redemption of Genentechs Special Common Stock.
(4) Includes accrued interest and bond costs related to the City of Hope
trial judgment in 2005 and 2004 and net amounts paid in 2005 related
to other litigation settlements, net of a released accrual in 2004 on
a litigation matter.
(5) "Interest and other income, net" includes interest income, net
realized gains from the sale of certain biotechnology equity
securities and write-downs for other-than-temporary impairments in
the fair value of certain biotechnology debt and equity securities.
For further detail, refer to our web site at http://www.gene.com.
(6) Certain minor amounts for the nine months ended September 30, 2005
have been reclassified to conform to the current year-end
presentation.
2006 Reconciliation of GAAP and Non-GAAP EPS
Our 2006 non-GAAP EPS estimate does not include: (i) recurring
amortization charges related to the 1999 redemption of our stock by
Roche, which are estimated to be approximately $105 million on a pretax
basis in 2006, (ii) litigation-related special items for accrued interest
and associated bond costs on the City of Hope judgment and net amounts
paid on other litigation settlements, which are currently estimated to be
approximately $52 million on a pretax basis in 2006, and (iii) stock
compensation expense associated with Genentechs adoption of Statement of
Financial Accounting Standards No. 123R on January 1, 2006, which we
expect the net of tax diluted EPS impact to be in the range of $0.15 to
$0.17 per share for 2006. Our 2006 GAAP EPS would include the items
listed above as well as any other potential special charges related to
existing or future litigation or its resolution, or changes in accounting
principles, all of which may be significant.
GENENTECH, INC.
CONSOLIDATED BALANCE SHEETS DATA
(in thousands)
(unaudited)
December 31,
2005 2004
Selected balance sheet data:
Cash, cash equivalents and short-term
investments $2,365,161 $1,665,105
Accounts receivable - product sales, net 554,455 599,052
Accounts receivable - royalties, net 296,664 217,482
Accounts receivable - other, net 232,297 143,421
Inventories 702,515 590,343
Long-term marketable debt and equity
securities 1,448,731 1,115,327
Property, plant and equipment, net 3,349,352 2,091,404
Goodwill 1,315,019 1,315,019
Other intangible assets 573,779 668,391
Other long-term assets 1,041,219 787,914
Total assets 12,146,879 9,403,395
Total current liabilities 1,659,832 1,238,030
Total liabilities 4,677,295(4) 2,621,205
Total stockholders equity 7,469,584 6,782,190
Year-to-date:
Capital expenditures $1,399,824(5) $649,858
Total GAAP(1) depreciation and amortization
expense 370,166 353,221
Less: redemption related amortization
expense(3) (122,746) (145,485)
Non-GAAP(2) depreciation and amortization
expense $247,420 $207,736
(1) In accordance with U.S. generally accepted accounting principles
(or GAAP).
(2) Non-GAAP amounts exclude amortization of other intangible assets
related to the 1999 redemption of Genentechs Special Common Stock.
(3) Represents the amortization of other intangible assets related to the
1999 redemption of Genentechs Special Common Stock.
(4) Includes approximately $2 billion related to our debt issuance in
July 2005.
(5) Excludes approximately $94 million in capitalized costs related to
our accounting for a construction project which we are considered to
be the owner of during the construction period. We have recognized a
corresponding amount as a construction financing obligation in
long-term debt.
GENENTECH, INC.
NET PRODUCT SALES DETAIL
(in thousands)
(unaudited)
Three Months
Ended December 31,
2005 2004
Net U.S. Product Sales
Rituxan $484,404 $429,184
Herceptin 250,069 125,952
Avastin 359,110 190,546
Nutropin products 94,891 91,894
Thrombolytics 58,389 47,300
Pulmozyme 49,008 42,757
Xolair 93,250 60,340
Raptiva 20,453 16,421
Tarceva 83,891 13,348
Total U.S. product sales 1,493,465 1,017,742
Net product sales to collaborators 83,499 48,560
Total Product Sales $1,576,964 $1,066,302
Year Ended
December 31,
2005 2004
Net U.S. Product Sales
Rituxan $1,831,529 $1,573,997
Herceptin 747,274 478,948
Avastin 1,132,805 544,680
Nutropin products 370,461 348,790
Thrombolytics 218,494 194,433
Pulmozyme 186,490 157,097
Xolair 320,433 187,672
Raptiva 79,256 52,392
Tarceva 274,884 13,348
Total U.S. product sales 5,161,626 3,551,357
Net product sales to collaborators 326,432 197,522
Total Product Sales $5,488,058 $3,748,879
GENENTECH, INC.
CONSOLIDATED STATEMENTS OF INCOME DATA
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended December 31,
2005 2004
Revenues:
Product sales $1,576,964 $1,066,302
Royalties 265,099 181,220
Contract revenue and other 51,032 67,778
Total operating revenues 1,893,095 1,315,300
Costs and expenses:
Cost of sales 244,914 205,373
Research and development 411,610 310,196
Marketing, general and administrative 429,357 299,495
Collaboration profit sharing 228,417 170,070
Recurring charges related to redemption 26,591 34,534
Special items: litigation-related 13,483 (3,189)
Total costs and expenses 1,354,372 1,016,479
Operating income 538,723 298,821
Other income (expense):
Interest and other income, net(1) 43,743 24,041
Interest expense (23,035) (2,718)
Total other income, net 20,708 21,323
Income before taxes 559,431 320,144
Income tax provision 220,192 113,560
Net income $339,239 $206,584
Earnings per share:
Basic $0.32 $0.20
Diluted $0.31 $0.19
Weighted average shares used to compute
earnings per share:
Basic 1,054,724 1,049,700
Diluted 1,080,152 1,070,708
(1) "Interest and other income, net" includes interest income, net
realized gains from the sale of certain biotechnology equity
securities and write-downs for other-than-temporary impairments in the
fair value of certain biotechnology debt and equity securities. For
further detail, refer to our web site at http://www.gene.com.
GENENTECH, INC.
CONSOLIDATED STATEMENTS OF INCOME DATA
(in thousands, except per share amounts)
(unaudited)
Year Ended
December 31,
2005 2004
Revenues:
Product sales $5,488,058 $3,748,879
Royalties 935,112 641,119
Contract revenue and other 210,202 231,159
Total operating revenues 6,633,372 4,621,157
Costs and expenses:
Cost of sales(2) 1,011,069 672,526
Research and development 1,261,824 947,513
Marketing, general and administrative(2) 1,435,025 1,088,111
Collaboration profit sharing 823,083 593,616
Recurring charges related to redemption 122,746 145,485
Special items: litigation-related 57,774 37,087
Total costs and expenses 4,711,521 3,484,338
Operating income 1,921,851 1,136,819
Other income (expense):
Interest and other income, net(1) 140,927 89,997
Interest expense (49,929) (7,400)
Total other income, net 90,998 82,597
Income before taxes 2,012,849 1,219,416
Income tax provision 733,858 434,600
Net income $1,278,991 $784,816
Earnings per share:
Basic $1.21 $0.74
Diluted $1.18 $0.73
Weighted average shares used to compute
earnings per share:
Basic 1,054,952 1,055,165
Diluted 1,080,949 1,079,209
(1) "Interest and other income, net" includes interest income, net
realized gains from the sale of certain biotechnology equity
securities and write-downs for other-than-temporary impairments in the
fair value of certain biotechnology debt and equity securities. For
further detail, refer to our web site at http://www.gene.com.
(2) Certain minor amounts for the nine months ended September 30, 2005
have been reclassified to conform to the current year-end
presentation.
GENENTECH, INC.
CONSOLIDATED BALANCE SHEETS DATA
(in thousands)
(unaudited)
December 31,
2005 2004
Selected balance sheet data:
Cash, cash equivalents and short-term
investments $2,365,161 $1,665,105
Accounts receivable - product sales, net 554,455 599,052
Accounts receivable - royalties, net 296,664 217,482
Accounts receivable - other, net 232,297 143,421
Inventories 702,515 590,343
Long-term marketable debt and equity
securities 1,448,731 1,115,327
Property, plant and equipment, net 3,349,352 2,091,404
Goodwill 1,315,019 1,315,019
Other intangible assets 573,779 668,391
Other long-term assets 1,041,219 787,914
Total assets 12,146,879 9,403,395
Total current liabilities 1,659,832 1,238,030
Total liabilities 4,677,295(1) 2,621,205
Total stockholders equity 7,469,584 6,782,190
Year-to-date:
Capital expenditures $1,399,824(2) $649,858
Total depreciation and amortization expense 370,166 353,221
(1) Includes approximately $2 billion related to our debt issuance in July
2005.
(2) Excludes approximately $94 million in capitalized costs related to our
accounting for a construction project which we are considered to be
the owner of during the construction period. We have recognized a
corresponding amount as a construction financing obligation in
long-term debt.
GENENTECH, INC.
NET PRODUCT SALES DETAIL
(in thousands)
(unaudited)
Three Months
Ended December 31,
2005 2004
Net U.S. Product Sales
Rituxan $484,404 $429,184
Herceptin 250,069 125,952
Avastin 359,110 190,546
Nutropin products 94,891 91,894
Thrombolytics 58,389 47,300
Pulmozyme 49,008 42,757
Xolair 93,250 60,340
Raptiva 20,453 16,421
Tarceva 83,891 13,348
Total U.S. product sales 1,493,465 1,017,742
Net product sales to collaborators 83,499 48,560
Total Product Sales $1,576,964 $1,066,302
Year Ended
December 31,
2005 2004
Net U.S. Product Sales
Rituxan $1,831,529 $1,573,997
Herceptin 747,274 478,948
Avastin 1,132,805 544,680
Nutropin products 370,461 348,790
Thrombolytics 218,494 194,433
Pulmozyme 186,490 157,097
Xolair 320,433 187,672
Raptiva 79,256 52,392
Tarceva 274,884 13,348
Total U.S. product sales 5,161,626 3,551,357
Net product sales to collaborators 326,432 197,522
Total Product Sales $5,488,058 $3,748,879
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