Genentech Raises its Goals for Progress
By Amanda Janis/Business Writer
Katie Douglas, of Davis, makes adjustments to fermentation equipment producing heart medication at Genentech in Vacaville. The company plans to have 15 new products approved. (Reporter file)
Genentech plans to bring into development at least 20 new molecules and market at least 15 new products or new uses for existing products by 2010, the biotech giant announced Friday.
Should new uses be approved in the next four years for Rituxan, Herceptin, Avastin, or Xolair - the products manufactured for commercial use at the company's Vacaville facility - Genentech would expect to increase production locally, confirmed spokeswoman Caroline Pecquet.
"It's also likely that we would manufacture new molecules currently in clinical development once those are approved," she added, calling the Vacaville facility a vital part of Genentech's manufacturing process.
The goals - announced along with additional business objectives and earnings projections at Genentech's annual community investment meeting in New York - are revisions to the company's Horizon 2010 strategic plan. Previously, it called for clinical development of 13 molecules, and the marketing of 10 new products or uses.
Genentech revised its targets based upon recent achievements, its Chairman and Chief Executive Officer, Arthur Levinson, explained in a press release.
"Our success over the past several years has transformed our business, leading to additional opportunities for growth," he said.
Further targets added to the 2010 strategic plan include becoming the No. 1 U.S. oncology company in terms of sales, achieving a cumulative free cash flow - or operating cash flow minus gross capital expenses - of $12 billion, and a 25 percent growth in earnings per share (excluding various one-time expenses such as costs associated with the City of Hope litigation).
For the full year 2006, Genentech projected a 40-percent-to-50 percent growth in earnings per share, again excluding various one-time charges.
Additional business announcements made at the meeting included the decision to purchase land in Hillsboro, Ore. for development of a biotherapeutic manufacturing facility, expected to be licensed and operational in four years.
Genentech share value rose 6.7 percent, or $5.55, from Thursday to Friday, closing at $88.14 on the New York Stock Exchange.
Amanda Janis can be reached at email@example.com.
Monday, March 20, 2006
- ► 2007 (799)
- City of Fairfield Development Update
- Sacramento Business Journal: UC Davis grad school ...
- Hearn to Build Hotels in Fairfield
- Genentech May Widen Drug's Use
- Nut Tree Growing Tenants
- Building Homes On Old Bases - Lennar's Success on ...
- Onward and Upward
- Developers Get Green Light for Subdivisions
- Benicia on Web Site's List of Top Cities to Live
- County Government Center Wins National Recognition...
- State to Honor VPEF's Efforts
- City Reaches Out to Businesses
- Bay Area economy thriving
- A Bright Welcome
- Fairfield Leads State in Drop in Violent Crime
- SOLANO COUNTY TOURISM SUMMIT FIRST STEP IN COLLABO...
- Wine-tasting Room Could Come to Suisun Valley
- Suisun City Releases Proposal for Old Town Develop...
- Tourist Study Seeks Brand for Vacaville
- Suisun Valley Hosts Grape Growers Association
- Suisun City's 'Icon' Arrives
- Globemaster for Travis
- Genentech Raises its Goals for Progress
- Home Sales, Prices Drop in Solano
- Paving the Way
- VCUSD Officials Unveil Bids for District's Parcels...
- Nugget Officially Coming to Northgate
- Gateway Holds Sway
- Dixon Chamber Lease Approved
- City OKs Extra $2.9M to Widen Wilson Avenue
- Sutter Medical Center Makes New Strategic Plan
- City Eyes Plan to Revitalize Texas Street Corridor...
- Construction Beam Put in Place, Marking Kaiser Mil...
- Survey: This is the Place to Find a Job
- Time's right for apartment owners to consider cond...
- Doctor is 'in' for Rio Vista residents
- More C-17s are Possible, Could Help Preserve Travi...
- A Tank for the Times
- Redevlopment Cooking
- Training New Leaders
- East Bay tops area job growth
- Westfield Solano mall officially announces renovat...
- Sandy Person appointed as representive for Solano ...
- Suisun City May Get Sister City in the Philippines...
- Vallejo Approves Downtown Financing
- Texas Street Downtown Attracts Professionals
- Sewage District OKs Study for Pxpansion
- Suisun City Anticipates Budget Surplus
- Caltrans to Fund Only Part of I-80 Repairs for Now...
- Local Project is Looking at Mixed Use
- Sewer Board To Discuss Plant Expansion Plans
- City to Study What Businesses to Bring to Suisun
- A Lot of Good News Lately in Dixon
- Marine World Kicks Off 45th Anniversary
- Sacramento Region adds most jobs since 2001
- New Cordelia library gets $250,000 windfall
- Mike Browne Named New Vallejo Convention Director
- March 3, 2006 Business experiences expansion gain...
- Supervisors Place Transit Tax on June Ballot
- ▼ March (59)
- ► 2005 (627)
- ► 2004 (125)