Genentech reports solid results for 2008 boosted by Avastin, but analysts negative
US biotechnology giant Genentech reported solid figures for full-year 2008 in the shadow of a potential full takeover by Swiss majority shareholder Roche, despite disappointing analysts with its fourth quarter results.
Full-year non-GAAP revenue for the USA was up 14% year-on-year to $13.4 billion, and R&D expenses rose 15% to $2.65 billion. Net income increased 16% to $3.64 billion, or $3.42 per share, versus $3.14 billion, or $2.94 per share.
In the fourth quarter, the firm saw a profit of $931.0 million, or $0.87 per share. Excluding charges, this was $0.95 per share, but analysts polled by Thomson Reuters had expected $0.96 per share.
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