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Biotech's battle of titans: GENENTECH COMING ON FAST IN BID TO OVERTAKE AMGEN AS NO. 1, BUT SOME ANALYSTS SAY SUCH COMPETITION DETRACTS FROM DRUG R&D.(Company overview)

Byline: Steve Johnson

Jul. 11--In the battle for bragging rights as the world's biggest biotech company, second-place Genentech is fast gaining on Amgen and could edge closer when it reports its earnings today.

The South San Francisco company already has built a lead over its Southern California rival in stock-market value since the fourth quarter of 2005. At the close of trading Tuesday, Genentech was worth $78.8 billion, compared with $62.9 billion for Amgen.

Moreover, Genentech is rapidly catching up in revenue, the measure primarily used to designate the industry's top dog. Ten years ago, it was hardly a race. Genentech's annual sales total was just 39 percent ...

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