In 1994, Perkin-Elmer reported net revenues of over $1 billion, of which Life Sciences accounted for 42% of the business. The company has 5,954 employees. A brand-new highly competitive genomics industry had formed for the development of new pharmaceuticals, based on the work of the Human Genome Project. Companies such as Sequana Therapeutics in San Diego, Human Genome Sciences in Maryland, Myriad Genetics in Utah, INCYTE Pharmaceuticals (later Incyte Genomics) in California, and Millennium Pharmaceuticals relied on the Applied Biosystems Division, which made thermal cyclers and automated sequencers for these new genomics companies.