Source AP ©

Genentech 3rd-quarter profit jumps up for 21 percent

The world's second-largest biotechnology company, Genentech Inc.'s third-quarter profit rose 21 percent on a surge in sales of cancer drug Avastin and strong performance from its other cancer treatments.

The company earned $685 million (481.51 million EUR), or 64 cents per share, compared with profit of $568 million (399.27 million EUR), or 53 cents per share, during the year-ago period.

Excluding stock option costs and charges, the company said it earned 73 cents per share in the latest quarter.

Revenue rose to $2.91 billion (2.05 billion EUR) from $2.39 billion (1.68 billion EUR) a year ago.

Analysts polled by Thomson Financial expected profit of 72 cents per share, excluding stock-option costs and charges, on revenue of $2.93 billion (2.06 billion EUR).

Sales of Avastin, which treats lung, breast and colon cancer, rose 37 percent to $597 million (419.65 million EUR), while sales of breast cancer drug Herceptin rose 6 percent to $320 million (224.94 million EUR).

Rituxan, which is approved to treat rheumatoid arthritis and non-Hodgkin's lymphoma, brought in $572 million (402.08 million EUR) in sales, marking a 12 percent increase. Meanwhile, macular degeneration drug Lucentis, approved last June, had sales of $198 million (139.18 million EUR), marking a 29 percent jump.

The company reaffirmed is outlook for full-year profit of $2.85 (2 EUR) to $2.95 (2.07 EUR) per share, excluding charges. Wall Street is predicting earnings of $2.95 (2.07 EUR) per share.

Comments
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Russians lose faith in their future, get ready for worse
Macron challenges Trump. French independence and croissants at stake
Russia unveils nuclear-powered interstellar spaceship
Russia unveils nuclear-powered interstellar spaceship
Moving inexorably towards war
Russians lose faith in their future, get ready for worse
Sanctions do not stop foreign countries from buying Russia's S-400 systems
Sanctions do not stop foreign countries from buying Russia's S-400 systems