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GENETICS INSTITUTE REPORTS 1991 FINANCIAL RESULTS

 GENETICS INSTITUTE REPORTS 1991 FINANCIAL RESULTS
 CAMBRIDGE, Mass., Jan. 13 /PRNewswire/ -- Genetics Institute, Inc.


(NASDAQ: GENI) today reported a net loss of $10,748,000, or $1.05 per share (after preferred dividends of $4.6 million), on revenues of $82,551,000 for the fiscal year ended Nov. 30, 1991. The net loss includes a nonrecurring first quarter charge against earnings of $11 million for potential patent-related damages involving erythropoietin. The fiscal 1991 results compare with a net loss of $24,530,000, or $2.04 per share, (after preferred dividends of $4.6 million), on revenues of $40,374,000 for fiscal 1990.
 For the fourth quarter ended Nov. 30, 1991, the company reported a net profit of $6,115,000, or $.32 per share (after preferred dividends of $1,150,000), on revenues of $28,002,000. This is compared with a net loss of $3,688,000, or $.34 per share (after preferred dividends of $1,150,000), on revenues of $13,244,000 for the same period last year. Genetics Institute ended fiscal 1991 with $71,432,000 in cash and marketable securities and $164,332,000 in shareholders' equity.
 "Our fourth quarter results for fiscal 1991 benefitted significantly from approximately $9 million in benchmark payments relating to development milestones achieved in our M-CSF and IL-11 collaborations with Schering-Plough Corporation," said Garen Bohlin, Genetics Institute's executive vice president and chief financial officer. "We are pleased with the strong improvement in our financial performance in the second half of fiscal 1991. However, we do not expect to be profitable in fiscal 1992 because we plan to significantly increase our research and development expenses over the next year. Much of this expected increase relates to accelerating activities involving our three priority development-stage products, M-CSF, BMP-2 and IL-11," he continued.
 Genetics Institute is a leading biopharmaceutical firm engaged in the discovery and development of human pharmaceuticals through recombinant DNA and other technologies. The company has a diversified portfolio of licensed and proprietary pharmaceutical products. Its first products are being commercialized through pharmaceutical marketing partners. Recormon(R) and Epogin(R) brands of EPO are on the market in Europe and Japan, respectively. Recombinate(R) Antihemophilic Factor (Recombinant) and Leucomax(R) brand GM-CSF await U.S. marketing approval by the FDA. As previously announced, Genetics Institute has entered into a merger agreement with American Home Products Corporation which is expected to close in mid-January 1992.
 Genetics Institute, Inc., and Subsidiaries
 Consolidated Statements of Operations for the Three Months
 and Years Ended Nov. 30, 1991 and 1990
 (in thousands except per share data)
 Three Months Years
 ended Nov. 30 ended Nov. 30
 1991 1990 1991 1990
 (Restated) (Restated)
 REVENUE:
 Collaborative Research
 and Development 22,394 9,518 64,198 32,182
 Royalties 5,608 3,726 18,353 8,192
 Total Revenue 28,002 13,244 82,551 40,374
 OPERATING EXPENSES:
 Research and Development 17,814 17,154 69,930 61,074
 General & Administrative 3,964 1,855 12,977 10,704
 Amortization of Warrants 804 - 2,774 -
 Provision for Potential
 Patent Damages - - 11,000 -
 Provision for Contract - (1,946) - (3,011)
 Total Operating
 Expenses 22,582 17,063 96,681 68,767
 INCOME (LOSS)
 FROM OPERATIONS 5,420 (3,819) (14,130) (28,393)
 Other Income, Net 695 131 3,382 3,863
 NET INCOME (LOSS) $6,115 $( 3,688) $(10,748)$(24,530)
 Dividends on
 Preferred Stock $(1,150) $(1,150) $(4,600) $(4,600)
 Net Income (Loss) Applicable
 to Common Shares $ 4,965 $(4,838) $(15,348)$(29,130)
 WEIGHTED AVG COMMON
 SHARES OUTSTANDING 15,421 14,368 14,559 14,270
 NET INCOME (LOSS) PER
 COMMON SHARE $ .32 $(.34) $(1.05) $(2.04)
 Genetics Institute, Inc. and Subsididaries
 Condensed Consolidated Balance Sheets
 as of Nov. 30, 1991 and 1990
 (in thousands)
 ASSETS 1991 1990
 ---- ----
 (Restated)
 Cash and Marketable Securities $71,432 $68,011
 Other Current Assets 36,357 35,872
 Total Current Assets 107,789 103,883
 Investments in Affiliates 26,580 25,541
 Property, Plant and Equipment, Net 50,345 50,156
 Other Assets 7,563 2,758
 ----- -----
 Total $192,277 $182,338
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Accounts Payable and
 Accrued Expenses $16,945 $15,811
 Reserve for Potential Patent
 Damages 11,000 -
 Total Current Liabilities 27,945 15,811
 Shareholders' Equity 164,332 166,527
 ------- -------
 Total $192,277 $182,338
 -0- 1/13/92
 /CONTACT: Melinda Lindquist of Genetics Institute, 617-876-1170/
 (GENI) CO: Genetics Institute, Inc. ST: Massachusetts IN: MTC SU: ERN


DD -- NE003 -- 8936 01/13/92 08:44 EST
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