Genentech's 3rd-qtr income climbs 21% with sales of $2.9B; but analysts question reliance on Avastin
\USA-based biotechnology firm Genentech, which is majority owned by Swiss drug major Roche, says that its net profit for the three months ended September 30, 2007, was $685.0 million, up 21% on the comparable period last year. In addition, revenue increased 22% to $2.91 billion.
However, excluding costs associated with its purchase of Tanox earlier this year (Marketletter August 13), the company's income was $778.0 million, or $0.73 per share, representing 22% growth. Genentech's performance was broadly in line with the consensus forecast of analysts who had predicted earnings of $0.72 per share on sales of $2.93 billion.
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