IDEC, Genentech und Rituxan - 500 Beiträge pro Seite

[AldoBaran]

Genentech meldet Q-Zahlen, die die Erwartungen treffen.
Danach meldet IDEC Rituxan-Umsätze von $180 Million (Erwartungen > $200 Mio)
und die Kurse der beiden Unternehmen rauschen nachbörslich in die Tiefe.
IDPH hat heute 61,48$ und steht momentan nachbörslich bei ca 49$ (-20%)!
DNA verliert von 42,75$ auf ca 39,75$ (-7%).

Ich hoffe, dass die Rituxan-Zahlen morgen nicht das ganze
Biotech-Segment mit nach unten zieht.

[Blumberg]

..............ich schon, will nämlich rein

[ZittrigeHand]

hallo
hab mir mal die DNA zahlen angeschaut.sehen nicht schlecht
aus.steigerung von ca.+33% im vergleich zu Q2 2000.
die ANLALysten scheinen ihre zahlen wohl höher angesetzt
zu haben..:-(((
nur,im vergleich zu den techs...:-)))))
hoffe das die amis auch zahlen lesen können und sich nicht auf die analysten verlassen(die chance scheint gering zu sein).
mfg..."zitter"....

[Pedroman]

was meinst du AldoBaran

das war ja ein ganz schöner schock heute morgen.
siehst du in naher zukunft eine erholung von Idec Pharma???

[AldoBaran]

@Pedroman

Gute Frage! Ich denke der Schlüssel für die weiter Kursentwicklung
heißt Zevalin. Wenn sich abzeichnet, dass IDEC die Nachbesserungsforderungen
der FDA (d.h. Bereitstellung zusätzlicher Information - ohne langwierige Studien?)
erfüllen kann und sich somit die Zulassung von Zevalin abzeichnet, dann ist auf
jeden Fall wieder mit steigenden Kursen zu rechnen.
Ich habe allerdings keine Ahnung, ob IDEC da auf einem guten (und raschen) Weg ist.
Grüße,
Aldo

[AldoBaran]

Gestern gute Zevalin News!

[Plasma1210]

10-Q: GENENTECH INC

7/27/2001 4:04:00 PM

(EDGAR Online via COMTEX) -- Item 2. Management`s Discussion and Analysis of Financial Results of Operations

GENENTECH, INC.
FINANCIAL REVIEW

Overview

Genentech, Inc. is a leading biotechnology company using human genetic information to discover, develop, manufacture and market human
pharmaceuticals that address significant unmet medical needs. Fourteen of the approved products of biotechnology stem from or are based on our
science. We manufacture and market nine protein-based pharmaceuticals listed below, and license several additional products to other companies.

- Herceptin (trastuzumab) antibody for the treatment of certain patients with metastatic breast cancer whose tumors overexpress the human epidermal
growth factor receptor2, or HER2, protein;

- Rituxan (rituximab) antibody which we market together with IDEC Pharmaceuticals Corporation, commonly known as IDEC, for the treatment of
patients with relapsed or refractory low-grade or follicular, CD20-positive, B-cell non-Hodgkin`s lymphoma;

- TNKase (tenecteplase) single-bolus thrombolytic agent for the treatment of acute myocardial infarction;

- Activase (alteplase, recombinant) tissue plasminogen activator, or t-PA, for the treatment of acute myocardial infarction, acute ischemic stroke
within three hours of the onset of symptoms and acute massive pulmonary embolism;

- Nutropin Depot [somatropin (rDNA origin) for injectable suspension] long- acting growth hormone for the treatment of growth failure associated with
pediatric growth hormone deficiency;

- Nutropin AQ [somatropin (rDNA origin) injection] liquid formulation growth hormone for the same indications as Nutropin;

- Nutropin [somatropin (rDNA origin) for injection] growth hormone for the treatment of growth hormone deficiency in children and adults, growth failure
associated with chronic renal insufficiency prior to kidney transplantation and short stature associated with Turner syndrome;

- Protropin (somatrem for injection) growth hormone for the treatment of inadequate endogenous growth hormone secretion, or growth hormone
deficiency, in children; and

- Pulmozyme (dornase alfa, recombinant) inhalation solution for the treatment of cystic fibrosis.

We receive royalties on sales of rituximab outside of the United States (excluding Japan), on sales of Pulmozyme and Herceptin outside of the United
States and on sales of certain products in Canada from F. Hoffmann-La Roche Ltd, an affiliate of Roche Holdings, Inc., that is commonly known as
Hoffmann- La Roche. We receive royalties on sales of growth hormone products and t-PA outside of the United States and Canada, and on sales of
tenecteplase outside of the United States (excluding Japan and Canada). We will receive royalties

on sales of rituximab in Japan through other licensees. We also receive worldwide royalties on seven additional licensed products that are marketed
by other companies. Six of these products originated from our technology.

Redemption of Our Special Common Stock

On June 30, 1999, we redeemed all of our outstanding Special Common Stock held by stockholders other than Roche Holdings, Inc., commonly
known as Roche. This event, referred to as the "Redemption," caused Roche to own 100% of our common stock on that date. Consequently, under
U.S. generally accepted accounting principles, we were required to use push-down accounting to reflect in our financial statements the amounts paid
for our stock in excess of our net book value. Push-down accounting required us to record $1,685.7 million of goodwill and $1,499.0 million of other
intangible assets onto our balance sheet on June 30, 1999. For more information about push-down accounting, you should read the "Redemption of
Our Special Common Stock" note in the Notes to Condensed Consolidated Financial Statements.

Roche`s Right to Maintain Its Percentage Ownership Interest in Our Stock

We expect from time to time to issue additional shares of common stock in connection with our stock option and stock purchase plans, and we may
issue additional shares for other purposes. Our affiliation agreement with Roche provides, among other things, that we will establish a stock
repurchase program designed to maintain Roche`s percentage ownership interest in our common stock. The affiliation agreement provides that we will
repurchase a sufficient number of shares pursuant to this program such that, with respect to any issuance of common stock by Genentech in the
future, the percentage of Genentech common stock owned by Roche immediately after such issuance will be no lower than Roche`s lowest
percentage ownership of Genentech common stock at any time after the offering of common stock occurring in July 1999 and prior to the time of such
issuance, except that Genentech may issue shares up to an amount that would cause Roche`s lowest percentage ownership to be no more than 2%
below the "Minimum Percentage." The Minimum Percentage equals the lowest number of shares of Genentech common stock owned by Roche since
the July 1999 offering (to be adjusted in the future for dispositions of shares of Genentech common stock by Roche as well as for stock splits or stock
combinations) divided by 509,194,352 (to be adjusted in the future for stock splits or stock combinations), which is the number of shares of
Genentech common stock outstanding at the time of the July 1999 offering, as adjusted for the two- for-one splits of Genentech common stock in
November 1999 and October 2000. As long as Roche`s percentage ownership is greater than 50%, prior to issuing any shares, the affiliation
agreement provides that we will repurchase a sufficient number of shares of our common stock such that, immediately after our issuance of shares,
Roche`s percentage ownership will be greater than 50%. The affiliation agreement also provides that, upon Roche`s request, we will repurchase shares
of our common stock to increase Roche`s ownership to the Minimum Percentage. In addition, Roche will have a continuing option to buy stock from
us at prevailing market prices to maintain its percentage ownership interest. On June 30, 2001, Roche`s percentage ownership of our common stock
was 58.12%, which was 2.09% below the Minimum Percentage. Genentech and Roche are in discussion concerning the matter.

RESULTS OF OPERATIONS

(dollars in millions, except per share amounts)

Three Months Six Months
Ended June 30, Ended June 30,
--------------- -----------------
REVENUES 2001 2000 % Change 2001 2000 % Change
------------------- ------ ------ -------- -------- ------ --------
(Restated) (Restated)
Revenues $515.9 $415.8 24% $1,055.9 $803.7 31%
====== ====== ======== ======== ====== ========

Revenues increased 24% in the second quarter and 31% in the first six months of 2001 from the comparable periods in 2000 primarily as a result of
higher product sales, royalty income and interest income. These increases were partially offset by lower contract and other revenues. These revenue
changes are further discussed below.

Three Months Six Months
Ended June 30, Ended June 30,
--------------- ---------------
PRODUCT SALES 2001 2000 % Change 2001 2000 % Change
------------------- ------ ------ -------- ------ ------ --------
Herceptin $ 78.8 $ 66.7 18% $160.1 $135.4 18%
Rituxan 187.7 102.8 83 359.8 187.9 91
Activase/TNKase 51.6 56.8 (9) 103.7 104.3 (1)
Growth Hormone 62.5 49.9 25 118.0 105.0 12
Pulmozyme 28.1 32.3 (13) 58.0 59.1 (2)
Actimmune 1.6 0.9 78 2.5 0.9 178
------ ------ -------- ------ ------ --------
Total product sales $410.3 $309.4 33% $802.1 $592.6 35%
====== ====== ======== ====== ====== ========

Total product sales increased 33% in the second quarter and 35% in the first six months of 2001 from the comparable periods in 2000 primarily as a
result of higher sales from our bio-oncology products, Rituxan and Herceptin, and higher sales from our Growth Hormone products.

Herceptin: Net sales of Herceptin increased 18% in the second quarter and in the first six months of 2001 from the comparable periods in 2000. An
increase in penetration into the metastatic breast cancer market has contributed to a positive sales trend.

Rituxan: Net sales of Rituxan increased 83% in the second quarter and 91% in the first six months of 2001 from the comparable periods in 2000. This
increase was primarily due to increased use of the product in the treatment of B-cell non-Hodgkin`s lymphoma.

Activase/TNKase: Combined net sales of our two cardiovascular products, Activase and TNKase, decreased 9% in the second quarter of 2001 and
were slightly lower in the first six months of 2001 compared to the same periods last year. These decreases reflect the continued decline in the overall
size of the thrombolytic therapy market due to increasing use of mechanical reperfusion and competition from Centocor, Inc.`s Retavase, registered
trademark (reteplase). TNKase received U.S. Food and Drug Administration, or FDA, approval in early June 2000 and was launched in mid-June 2000.

Growth Hormone: Net sales of our four growth hormone products, Nutropin Depot, Nutropin AQ, Nutropin and Protropin, increased 25% in the second
quarter and 12% in the first six months of 2001 from the comparable periods in 2000. This net sales growth primarily reflects an increase in market
penetration and the effects of a price increase for these products.

Pulmozyme: Net sales of Pulmozyme decreased 13% in the second quarter of 2001 compared to last year and were slightly lower in the first six
months of 2001 compared to the same periods last year. These decreases were primarily due to lower sales of the product to Hoffmann-La Roche.

Three Months Six Months
Ended June 30, Ended June 30,
ROYALTIES, CONTRACT AND --------------- ---------------
OTHER, AND INTEREST INCOME 2001 2000 % Change 2001 2000 % Change
-------------------------- ------ ------ -------- ------ ------ --------
(Restated) (Restated)
Royalties $ 52.5 $ 49.6 6% $127.1 $ 97.0 31%
Contract and other 20.9 34.5 (39) 59.4 70.4 (16)
Interest income 32.2 22.3 44 67.3 43.7 54

Royalties: Royalty income increased 6% in the second quarter and 31% in the first six months of 2001 from the comparable periods in 2000. These
increases were primarily due to higher third-party sales from various licensees offset in part by lower sales from two licensees that are addressing
manufacturing issues which has temporarily impacted their ability to produce product for sales.

Contract and Other Revenues: Contract and other revenues in the second quarter and first six months of 2001 decreased 39% and 16%, respectively,
from the comparable periods in 2000. The decrease in the second quarter was primarily due to lower gains from the sale of biotechnology equity
securities partially offset by higher contract revenues. The decrease in the first six months of 2001 was attributable to lower gains from the sale of
biotechnology equity securities partially offset by higher contract revenues and the recognition of $10.0 million in gains related to the change in the
time value of certain hedging instruments in the first quarter of 2001. (See Note 1, "Statement of Accounting Presentation and Significant Accounting
Policies," of the Notes to Condensed Consolidated Financial Statements for more information on our derivative and hedging activities.) The increase in
contract revenues in the second quarter and first six months of 2001 was primarily due to the recognition of revenues from third-party collaborators
that were previously deferred under the Securities and Exchange Commission`s Staff Accounting Bulletin No. 101. (See the "Changes in Accounting
Principles" section of Note 1, "Statement of Accounting Presentation and Significant Accounting Policies," of the Notes to Condensed Consolidated
Financial Statements.)

Interest Income: Interest income in the second quarter and in the first six months of 2001 increased 44% and 54%, respectively, from the comparable
periods in 2000. The increase in the second quarter of 2001 was due to higher cash balances. The increase in the first six months of 2001 was
primarily due to higher cash balances and slightly higher portfolio yields.

Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
COSTS AND EXPENSES 2001 2000 % Change 2001 2000 % Change
--------------------------------------- ------ ------ -------- ------ ------ --------
Cost of sales $ 76.2 $ 97.6 (22)% $160.0 $203.8 (21)%
Research and development 123.5 115.6 7 259.8 227.0 14
Marketing, general and administrative 107.8 86.3 25 235.7 169.9 39
Collaboration profit sharing 57.9 30.9 87 104.3 49.2 112
Recurring charges related to redemption 81.5 98.1 (17) 163.0 196.6 (17)
Interest expense 1.3 1.2 8 2.8 2.5 12
------ ------ -------- ------ ------ --------
Total costs and expenses $448.2 $429.7 4% $925.6 $849.0 9%
====== ====== ======== ====== ====== ========

Cost of Sales: Cost of sales in the second quarter of 2001 decreased to $76.2 million compared to $97.6 million in the second quarter of 2000 and
$160.0 million in the first six months of 2001 compared to $203.8 million in the first six months of 2000. Cost of sales as a percent of product sales
decreased to 19% in the second quarter of 2001 from 32% in the prior year. Cost of sales as a percent of product sales decreased to 20% in the first
six months of 2001 from 34% in the prior year. The decrease in the ratios primarily reflects a decline in the costs recognized on the sale of inventory
that was written up at the Redemption due to push-down accounting. This inventory had been sold at December 31, 2000.

Research and Development: Research and development, or R&D, expenses increased 7% in the second quarter and 14% in the first six months of
2001 from the comparable periods in 2000. The increase in the second quarter of 2001 was largely due to higher expenses related to late-stage
clinical trials and higher development production partially offset by lower in-licensing expense. The increase in the first six months of 2001 was
primarily due to higher expenses related to late-stage clinical trials, higher development production, costs related to the termination of a collaboration
agreement partially offset by lower in-licensing expense and reimbursements from collaborators for clinical materials. R&D expenses included $15.0
million in both the first six months of 2001 and 2000 of upfront payments for the purchase of in-process research and development, or IPR&D, under
in-licensing agreements with collaborators. We determined that the acquired IPR&D was not yet technologically feasible and that it had no future
alternative uses.

Marketing, General and Administrative: Overall marketing, general and administrative, or MG&A, expenses increased 25% in the second quarter and
39% in the first six months of 2001 from the comparable periods in 2000. The increase in the second quarter and first six months of 2001 was due to
higher marketing and selling expenses primarily in support of the continued growth of our bio-oncology products and commercial development of
pipeline products, the write-down of certain biotechnology investments due to unfavorable market conditions, increased royalty expenses associated
with higher sales by us as a licensee and higher legal and other corporate expenses.

Collaboration Profit Sharing: Collaboration profit sharing includes the net operating profit sharing with IDEC on Rituxan sales, and the sharing of costs
with collaborators related to the commercialization and development of future products. Collaboration profit sharing expenses increased to $57.9
million in the second quarter of 2001 from $30.9 million in the second quarter of 2000. Collaboration profit sharing expenses increased to $104.3
million in the first six months of 2001 from $49.2 million in the first six months of 2000. These increases were primarily due to increased Rituxan profit
sharing due to higher Rituxan sales.

Recurring Charges Related to Redemption: We began recording recurring charges related to the Redemption and push-down accounting in the third
quarter of 1999. These charges were approximately $81.5 million in the quarter ended June 30, 2001, and were comprised of $79.4 million for the
amortization of intangibles and goodwill and $2.1 million of compensation expense. These charges were approximately $163.0 million in the first six
months of 2001 and were comprised of $158.8 million for the amortization of intangibles and goodwill and $4.2 million of compensation expense. The
compensation expense was related to alternative arrangements provided at the time of the Redemption for certain holders of some of the unvested
options under the 1996 Stock Option/Stock Incentive Plan.

Interest Expense: Interest expense will fluctuate depending on the amount of capitalized interest related to the amount of construction projects.
Interest expense, net of amounts capitalized, relates to interest on our 5% convertible subordinated debentures.

INCOME (LOSS) BEFORE TAXES AND Three Months Six Months
CUMULATIVE EFFECT OF ACCOUNTING Ended June 30, Ended June 30,
CHANGE, INCOME TAXES AND CUMULATIVE --------------- ---------------
EFFECT OF ACCOUNTING CHANGE 2001 2000 % Change 2001 2000 % Change
--------------------------------------- ------ ------ -------- ------ ------ --------
(Restated) (Restated)
Income (loss) before taxes and
cumulative effect of accounting
change $ 67.7 $(13.9) 587% $130.3 $(45.3) 388%
Income tax provision (benefit) 29.1 (1.0) 3,010 59.3 (7.8) 860
Income (loss) before cumulative
effect of accounting change 38.6 (12.9) 399 71.0 (37.5) 289
Cumulative effect of accounting change,
net of tax - - - (5.6) (57.8) 90

Changes in Accounting Principles: We adopted the Statement of Financial Accounting Standards No. 133, or FAS 133, "Accounting for Derivatives
and Hedging Activities," on January 1, 2001. Upon adoption, we recorded a $5.6 million charge, net of tax, as a cumulative effect of a change in
accounting principle and an increase of $5.0 million, net of tax, in other comprehensive income related to recording derivative instruments at fair value.
See Note 1, "Statement of Accounting Presentation and Significant Accounting Policies" in the Notes to Condensed Consolidated Financial
Statements for further information on our adoption of FAS 133.

We adopted the Securities and Exchange Commission`s Staff Accounting Bulletin No. 101, or SAB 101, on revenue recognition effective January 1,
2000 and recorded a $57.8 million charge, net of tax, as a cumulative effect of a change in accounting principle related to contract revenues
recognized in prior periods. The related deferred revenue is being recognized over the term of the agreements. For the quarter ended March 31, 2000,
the impact of the change in accounting principle was to increase net loss by $56.5 million, or $0.11 per share, comprised of the $57.8 million
cumulative effect of the change (net of tax impact) as described above ($0.11 per share), net of $1.3 million of the related deferred revenue (net of tax)
that was recognized as revenue during the quarter ended March 31, 2000 ($0.0 per share). For the quarter ended June 30, 2000, the impact of the
change in accounting principle was to reduce net loss by $1.3 million (net of tax) of the related deferred revenue recognized as revenue during the
quarter ended June 30, 2000 ($0.0 per share). For the three- and six-month periods ended June 30, 2001, we recognized $5.9 (net of tax) and $8.2
million (net of tax) respectively, of the related deferred revenue. See Note 1, "Statement of Accounting Presentation and Significant Accounting
Policies," in the Notes to Condensed Consolidated Financial Statements for further information on our adoption of SAB 101.

Income Tax: The tax provision of $29.1 million for the second quarter of 2001 increased over the tax benefit of $1.0 million for the second quarter of
2000 and the tax provision of $59.3 million for the first six months of 2001 increased over the tax benefit of $7.8 million for the first six months of 2000
primarily due to increased pretax income and decreased charges related to the Redemption.

Our effective tax rates were approximately 43% for the second quarter and 46% for the first six months of 2001 and 7% for the second quarter and
17% for the first six months of 2000, which reflect the non-deductibility of goodwill amortization.

The effective tax rate of 32% in the second quarter and first six months of 2001 on pretax income, excluding charges related to the Redemption and
cumulative effect of accounting change, is higher than the comparative tax rate of 31% in the second quarter and first six months of 2000 primarily due
to decreased R&D tax credits.

Three Months Six Months
Ended June 30, Ended June 30,
--------------- ---------------
NET INCOME (LOSS) 2001 2000 % Change 2001 2000 % Change
-------------------------------------------- ------ ------ -------- ------ ------ --------
(Restated) (Restated)
Net income (loss) $ 38.6 $(12.9) 399% $ 65.4 $(95.3) 169%
Earnings (loss) per share:
Basic: Earnings (loss) before cumulative
effect of accounting change $ 0.07 $(0.02) 450% $ 0.13 $(0.07) 286%
Cumulative effect of accounting
change, net of tax - - - (0.01) (0.11) 91
------ ------ -------- ------ ------ --------
Net earnings (loss) per share $ 0.07 $(0.02) 450% $ 0.12 $(0.18) 167%
====== ====== ======== ====== ====== ========
Diluted: Earnings (loss) before cumulative
effect of accounting change $ 0.07 $(0.02) 450% $ 0.13 $(0.07) 286%
Cumulative effect of accounting
change, net of tax - - - (0.01) (0.11) 91
------ ------ -------- ------

[Plasma1210]

After Hours 43.89 $ +1.49 $ +3.51% Vol:2,800
Last:4:53pm 07/27/01

[Plasma1210]

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