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Article: Genentech's Solid Earnings Dampened By Avastin Sales.(Financial report)
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 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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Staff Writer
Despite soundly beating revenue estimates for the second-quarter - due in large part to a 42 percent increase in overall product sales - Genentech Inc.'s stock fell on news that Avastin failed to perform to analysts' expectations.
The South San Francisco-based company reported operating revenue of $2.2 billion for the quarter ending June 30, a 44 percent increase over the second quarter in 2005 and higher than the $2.12 billion estimated by analysts. Non-GAAP net income came to $602 million, or 56 cents per share, well over the consensus estimate of 47 cents. GAAP net income was $531 million, or 49 cents per share. The company ended the ...