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Article: Genentech first-quarter net jumps 12% on Avastin. Genentech Inc.(TOP STORIES)(Genentech Inc.)(Market share report)(Brief article)
- Article from:
- MondayMorning
- Article date:
- April 14, 2008
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Genentech First-Quarter Net Jumps 12% on Avastin. Genentech Inc. (S. San Francisco CA), the world's second-largest biotechnology company, said profit climbed 12% on sales of its cancer drugs and by controlling expenses. First-quarter net income rose to $790 million, or 74 cents per share, from $706 million, or 66 cents, a year earlier. Earnings excluding some expenses beat analysts' estimates. Revenue in the latest quarter rose to $3.06 billion, led by U.S. sales of Avastin, which chokes off blood flow to tumors. Avastin sales rose 13% to $600 million, missing the $624 million analysts were expecting. The product, first approved for colon cancer in 2004 and lung tumors two ...