SAN FRANCISCO Genentech recently announced the financial results for the full year and fourth quarter of 2007.
The company had U.S. product sales of $8.5 billion, a 19 percent increase over the $7.17 billion in 2006. This increased was helped by the $2.19 billion in U.S. sales the company had in the fourth quarter, a 7 percent increase as compared to the fourth quarter of 2006.
Based on non-GAAP operating revenues, the company made $11.7 billion; 2006 operating revenues stood at $9.2 billion.
“We are pleased with our strong financial performance in 2007, which was our tenth consecutive year of double-digit revenue growth,” said Arthur Levinson, Genentech’s chairman and chief executive officer.
“We remain steadfast in our focus on building a pipeline of novel therapies that have the potential to make an important difference for patients suffering from significant diseases. In 2008, we will continue to invest in the 20 new molecular entities in clinical development and look forward to new data from a number of potentially important line extensions, including Rituxan for multiple sclerosis and lupus and Avastin in combination with Tarceva for advanced non-small cell lung cancer.”