Oct

16

Genentech Profits Up on Better Cancer Drugs Sales

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Genentech Inc recorded a rise in profits in its third quarter results, boosted by increased sales of its top-selling drugs, Avastin, Rituxan and Herceptin.

Third quarter results of Genentech revealed that its net income had climbed to $731 million or 68 cents a share from $685 million or 64 cents a share for the same quarter a year back. Revenue too was up from $2.91 billion in 2007 to $3.41 billion in this quarter. As news of its better-than-expected quarterly performance reached investors, shares of Genentech rose by 4% to $82.50 in after-hours trading. It had showed a decline of 2.5% in the regular session and had closed at $79.12.

Based in San Francisco, Genentech is one of the biggest biotechnology companies of US. Among its three top selling drugs are Avastin which is used to treat a variety of cancers, Rituxan used in the treatment of non-Hodgkin’s lymphoma as well as its breast cancer therapy product, Herceptin. Of these, Avastin recorded the best sales, rising by 18% from the same quarter in 2007 and bringing in revenues of $704 million. Sales of both the other drugs Rituxan and Herceptin climbed by 15% and while the former took in sales of $655 million, the breast cancer drug bettered its fifteen-year performance with sales of $368 million.