Genentech's 3rd-qtr 2008 profit rises 6.7% on strong cancer drug sales
US biotechnology firm Genentech's third-quarter 2008 profit rose 6.7% year-on-year to $731.0 million, or $0.68 per share, thanks to strong sales of its cancer drugs.
During the period, revenues totaled $3.41 billion, up 17%. Analysts polled by Thomson Financial had predicted net income of $0.81 per share on turnover of $3.41 billion.
Avastin (bevacizumab) was once again the San Francisco-based firm's biggest earner. Sales of the drug for colon, lung and breast cancer jumped 18% to $704.0 million in the quarter, beating the $688.0 million predicted by analysts.
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