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GENETICS INSTITUTE REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS

 GENETICS INSTITUTE REPORTS
 FIRST QUARTER 1992 FINANCIAL RESULTS
 CAMBRIDGE, Mass., April 8 /PRNewswire/ -- Genetics Institute, Inc. (NASDAQ: GENIZ) today reported a net loss of $32,492,000, or $1.73 per share (after preferred dividends of $1,150,000), on revenues of $18,002,000 for the first quarter ended February 29, 1992. This is compared with a net loss of $16,262,000, or $1.20 per share (after preferred dividends of $1,150,000), on revenues of $11,958,000 for the same period last year.
 "Our results for the first quarter of 1992 were in line with our expectations and include a one-time charge of $30,000,000 associated with our January, 1992 alliance with American Home Products Corporation (AHP)," said Garen Bohlin, Executive Vice President of Genetics Institute. "We obtained a net capital infusion of $270,000,000 in the AHP transaction which has brought our current cash and investement balances to approximately $340,000,000," he commented. Results for the first quarter of 1991 include a one-time charge of $11,000,000 for patent-related damages.
 The number of outstanding shares of Genetics Institute Common Stock increased to approximately 24.1 million following the trnsaction with AHP in the first quarter. However, due to the fact that this transaction occurred in mid-January, the number of shares outstanding, on a weighted-average basis, is reported as approximately 19.4 million shares.
 Genetics Institute is a leading biotechnology 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 at various stages of development, including treatments for anemia, hemophilia, cancer, infectious disease, bone damage, heart disease, inflammatory conditions and immune system disorders. AHP is a majority shareholder in Genetics Institute and has an option to purchase all, but not less than all, of the outstanding shares of Genetics Institute stock on predefined terms over a five year option period.
 GENETICS INSTITUTE, INC., AND SUBSIDIARIES CONSOLIDATED
 STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED
 FEBRUARY 29, 1992 AND FEBRUARY 28, 1991
 (unaudited - in thousands except per share data)
 Three Months Three Months
 ended Feb 29 ended Feb 28
 1992 1991
 ---- ----
 REVENUE: (restated)
 Collaborative R&D $11,860 $ 7,878
 Royalties 6,142 4,080
 Total Revenue 18,002 11,958
 OPERATING EXPENSES:
 Research and Development 18,569 15,639
 General & Administrative 3,598 2,531
 Amortization of Warrants 408 -
 Special charge (primarily
 merger-related in 1992 and
 patent-related in 1991) 30,000 11,000
 Total Operating Expenses 52,575 29,170
 LOSS FROM OPERATIONS (34,573) (17,212)
 Other Income, Net 2,081 950
 NET LOSS ($32,492) ($16,262)
 Dividends on Preferred
 Stock ($ 1,150) ($ 1,150)
 Net Loss Applicable
 to Common Shares ($33,642) ($17,412)
 WEIGHTED AVG COMMON
 SHARES OUTSTANDING 19,394 14,476
 NET LOSS
 PER COMMON SHARE ($ 1.73 ) ($ 1.20 )
 GENETICS INSTITUTE, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 AS OF FEB. 29, 1992 AND NOV. 30, 1991
 (in thousands)
 Feb. 29, Nov. 30,
 1992 1991
 (unaudited)


ASSETS
Cash and Marketable Securities $339,679 $ 71,432
Other Current Assets 38,006 36,357
Total Current Assets 377,685 107,789
Investments in Affiliates 26,445 26,580
Property, Plant and Equipment, Net 49,297 50,345
Other Assets 6,316 7,563
 $459,743 $192,277


LIABILITIES AND SHAREHOLDERS' EQUITY Accounts Payable & Accrued Expenses
 $ 16,771 $ 16,945


Reserve for Patent-related
 Damages 11,000 11,000
Total Current Liabilities 27,771 27,945
Shareholders' Equity 431,972 164,332
 $459,743 $192,277
 -0- 4/8/92
 /CONTACT: Melinda Lindquist of Genetics Institute, 617-876-1170/
 (GENIZ) CO: Genetics Institute ST: Massachusetts IN: MTC SU: ERN


TM -- NE007 -- 6098 04/08/92 09:20 EDT
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Date:Apr 8, 1992
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