Genentech's income for 1st-qtr climbs 68% to $706M, but market unimpressed

US biotechnology giant Genentech has reported net income of $706.0 million for the first quarter of the year, up 68% from the $421.0 million it earned in the comparable period in 2006. The company's earnings per share also increased 68% to $0.67, on a generally-accepted account principals basis.

The Californian firm said that its total revenues for the period were up 43% to $2.84 billion. However, despite the earnings growth, the market was unimpressed. Analysts at Lehman Brothers said that a higher than expected contribution from the firm's collaborative activities, which increased 50.3% to $514.0 million including royalties and contract revenue, had partially offset relatively disappointing product sales.

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