Genentech to Provide Business Update at Annual Investment Community Meeting
South San Francisco, Calif. -- March 23, 2007 -- Genentech, Inc. (NYSE: DNA) is providing investors today with an overview of recent developments in its business, including highlights from its research, development, commercial, and manufacturing areas.
“Our efforts are focused on developing a strong pipeline with novel and important drugs that aim to be first-in-class or best-in-class. In the past 15 months we have nearly doubled the number of new molecular entities in our development pipeline and now have a total of 21,” said Arthur D. Levinson, Ph.D., Genentech’s chairman and chief executive officer. “We continue to make decisions based on building value over the long term and place patient benefit first and foremost in our research and development decisions.”
The company is making the following announcements today:
* The company is updating its research goals and now aims to bring at least 20 new molecular entities into clinical development between 2006 and 2008 and more than 30 new molecular entities into clinical development between 2006 and 2010. (The prior goal had been 20 new molecular entities into clinical development between 2006 and 2010.)
* The company made a “go” decision for a Phase III study of Omnitarg™ (pertuzumab), Herceptin® (Trastuzumab) and Taxotere versus Herceptin and Taxotere for patients with HER2-positive first-line metastatic breast cancer.
* Genentech currently expects U.S. product sales for the first quarter of 2007 to be essentially flat relative to U.S. product sales for the fourth quarter of 2006. The company believes that overall product demand trends remain strong, particularly related to recent product launches.
* In February 2007, the company began enrolling patients in the Avastin Patient Assistance Program which limits the overall expense of Avastin® (bevacizumab) in FDA-approved indications to approximately $55,000 per year for eligible patients who receive more than 10,000 milligrams of drug over a 12-month period.
* The company has successfully reduced its bulk manufacturing capacity utilization from nearly 100 percent to approximately 85 percent, which reduces the risk of future supply shortfalls. Separately, Genentech is entering into a long-term land-lease agreement in Singapore for the construction and development of a 1,000-liter E. coli manufacturing facility for the worldwide production of LUCENTIS® (ranibizumab injection) bulk drug substance. Construction is expected to begin in the second quarter of 2007 with licensure anticipated by early 2010.
* The company continues to expect approximately 25 to 30 percent growth in non-GAAP earnings per share for the full year 2007, relative to 2006.
* The company is reiterating its Horizon 2010 financial goals to achieve a compound annual non-GAAP earnings per share growth rate of 25 percent and to achieve cumulative free cash flow of $12 billion by 2010.
Genentech will be offering an archived webcast of the investment community meeting on its website at http://www.gene.com. The webcast will be archived and available for replay until 8:00 p.m. Eastern Time on April 6, 2007.
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