Genentech beats forecasts, with full-year EPS leaping 74% and sales up 39%
USA-based Genentech, the world's second largest biotechnology firm by sales, set a positive tone and a hard act to follow with its fourth-quarter and full-year 2006 financial results. The group, majority-owned by Swiss drug major Roche and nearly always the first in the sector to report results, posted US sales of $7.17 billion for 2006, a rise of 39% on the previous year, and up 42% to $2.24 billion for the fourth quarter.
Operating revenue for the full year was 40% higher at $9.28 billion. On a non-generally-accepted accounting practices basis, net income leapt 72% to $2.39 billion, with earnings per share of $2.23, and GAAP earnings up 65% to $2.11 billion, or $1.97 a share.
25%-30% EPS growth forecast for 2007
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