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Article: Genentech Reports 22 Percent Increase In Product Sales For First Quarter; 29 Percent Increase in Pro Forma Earnings Per Share.
- Article from:
- Business Wire
- Article date:
- April 9, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors/Health & Medical Writers
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--April 9, 2002
Genentech, Inc. (NYSE:DNA) today announced first quarter pro forma financial results of a 29 percent increase in earnings per share from the first quarter of 2001 driven by a 22 percent increase in product sales. Genentech's pro forma financial results exclude certain charges related to the 1999 redemption of Genentech's stock and the cumulative effect of accounting changes(1). Due to the adoption of new accounting rules(2,3) and the increase in revenues, Genentech's actual earnings per share for the first quarter of 2002 increased 260 percent.
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