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news.Genentech, a biotechnology company, has reported a net income of $931 million, or $0.87 per diluted share, for the fourth quarter of 2008, a 47% increase from $632 million, or $0.59 per diluted share, in the fourth quarter of 2007.
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Operating revenue was $3.71 billion, a 25% increase from $2.97 billion in the fourth quarter of 2007. US product sales for the fourth quarter of 2008 were $2.5 billion, a 13%increase from $2.2 billion in the fourth quarter of 2007.
Net income for the year 2008 was $3.43 billion, or $3.21 per diluted share, a 24% increase from $2.8 billion, or $2.59 per diluted share, for 2007. Operating revenue was $13.42 billion, a 14% increase from $11.72 billion in 2007. Genentech reported US product sales of $9.50 billion for the year, an 11% increase from $8.54 billion in 2007.
Arthur Levinson, chairman and CEO of Genentech, said: We are pleased that 2008 was another year of solid financial growth for Genentech. In addition, our late-stage and early-stage development efforts progressed well across our focus areas with four sBLA filings submitted for serious diseases in oncology and immunology, and Phase I clinical trials initiated for eight new molecular entities, including in neuroscience. In 2009, we have the potential to receive four FDA approvals and we anticipate filing more than 10 regulatory applications for new indications.