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Article: Genentech: Avastin Sales up but Earnings Miss the Mark.(Financial report)
- Article from:
- BIOWORLD Today
- Article date:
- October 16, 2008
- Author:
CopyrightCOPYRIGHT 2008 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donna Young, Washington Editor
After trading ended Tuesday, Genentech Inc. reported that sales of its cancer drug Avastin (bevacizumab) were stronger than anticipated, at $704 million, an 18 percent increase over a year ago. The company said the growth was due primarily to increased usage of Avastin in metastatic breast cancer, an indication approved in February. (See BioWorld Today, Feb. 25, 2008.)
However, third-quarter earnings fell short of expectations, which the South San Francisco-based firm attributed to the cost of an employee retention program related to the $89 per share purchase price it rejected from Roche Holding AG.
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