Jul 14, 2008 2:09 pm US/Pacific
Genentech Quarterly Profit Rises; Misses Forecasts
SOUTH SAN FRANCISCO (AP) ―
Biotechnology company Genentech Inc. says sales of its cancer treatments, led by blockbuster drugs Avastin and Rituxan, drove nearly 5 percent growth in second-quarter profit, but the results didn't meet Wall Street forecasts.
The South San Francisco-based company says its quarterly profit rose to $782 million, or 73 cents per share, from $747 million, or 70 cents per share, in the prior-year period. Revenue rose 8 percent to just under $3.24 billion from $3 billion.
Excluding 2 cents per share for acquisitions and special items, the company earned 75 cents per share in the latest quarter.
Analysts polled by Thomson Financial expected profit of 86 cents per share on revenue of $3.23 billion.
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