South San Francisco-based Genentech said net income...

South San Francisco-based Genentech said net income for the quarter ended March 31 was $4.5 million, after an extraordinary tax credit, compared to $1.8 million for the first quarter of 1986. Revenue was $38.6 million, up 33% from the like period last year. “This quarter, Genentech completed a successful offering of $150 million convertible subordinated debentures in Europe at excellent terms,” said Robert A. Swanson, chief executive. “This transaction enables Genentech to accelerate its investment in facilities and capital equipment for the growth opportunities that are ahead.”