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Article: Genentech Earnings Tops Again, But Tarceva Concern Has Impact.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 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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National Editor
Genentech Inc. reported first-quarter earnings higher than Wall Street expectations - a 59 percent hike in non-GAAP (formerly pro forma) earnings per share - but the company told investors of potential safety issues in one Phase III study with the anticancer drug Tarceva, news that put the biggest dent in shares of Tarceva partner OSI Pharmaceuticals Inc.
Shares of OSI (NASDAQ:OSIP) closed Thursday at $14.38, down $1.51, or 9.5 percent. Genentech's stock (NYSE:DNA) also slid, ending the day at $34.99, down $1.43.
The hit for Genentech displeased analyst Winton Gibbons with William Blair & Co. in Chicago.
"I get really ...