Genentech announced total product sales of $1,186.0 million for the first quarter of 2005, a 55 percent increase over product sales of $763.7 million in the first quarter of 2004.
Operating revenues increased 50 percent from the first quarter of 2004 to $1,461.6 million. Non-GAAP earnings per share increased 53 percent to $0.29 per share from $0.19 per share in the first quarter of 2004. GAAP earnings per share increased 69 percent to $0.27 per share from $0.16 per share in the first quarter of 2004. Non-GAAP net income increased 50 percent to $311.6 million from $207.6 million in the first quarter of 2004. GAAP net income increased 61 percent to $284.2 million from $176.6 million in the first quarter of 2004.
“Genentech’s persistent focus on attacking diseases where there is significant unmet medical need continues to drive the company’s growth. This quarter, fueled by our four new products launched in 2003 and 2004 and continued growth of our other products, Genentech achieved record product sales and revenues. Earnings per share continued to increase, moving us toward exceeding our 5×5 EPS growth goal,” said Arthur D. Levinson, Ph.D., Genentech’s chairman and chief executive officer.
“With a strong start for 2005, we are updating our expectations for 2005 growth,” said David Ebersman, senior vice president and chief financial officer. “We are currently expecting year-over-year non-GAAP EPS growth of greater than 30 percent for 2005.”
Note: Genentech’s non-GAAP net income and non-GAAP earnings per share exclude recurring charges related to the 1999 Roche redemption of Genentech’s stock, and litigation-related special items. The differences in non-GAAP and GAAP numbers are reconciled in the tables below and on www.gene.com. All share and per share amounts reflect the May 2004 two-for-one split of Genentech common stock.
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