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Genentech Inc

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BUSINESS
August 8, 2007 | From Times Wire Services
Genentech Inc.'s cancer drug Avastin, when given along with chemotherapy, raises the risk of blood clots, according to a company-sponsored study that confirms a hazard already associated with the drug.
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BUSINESS
January 15, 2008 | From Reuters
Biotechnology company Genentech Inc. said Monday that its fourth-quarter profit rose 6.4%, but sales of several drugs, including the blockbuster cancer treatment Avastin, fell short of investor expectations, sending the company's shares lower. "Every single product relative to Street consensus was light," said Mike King, an analyst at Rodman & Renshaw. "When you've got the biggest products that are the biggest growth drivers -- Avastin and Lucentis -- light, that's disappointing."
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BUSINESS
December 4, 2007 | From Times Wire Services
The Food and Drug Administration will ask outside experts Wednesday whether Genentech Inc.'s Avastin should be approved to treat breast cancer, despite mixed results in company studies. After reviewing the South San Francisco firm's data, the agency said patients on Avastin and chemotherapy had slower cancer progression but did not survive longer overall than patients on chemotherapy alone. Shares of Genentech fell $2.75, or 3.6%, to $73.50.
BUSINESS
June 27, 2007 | From Times Wire Services
Abbott Laboratories Inc. and Genentech Inc. will collaborate to develop and eventually sell two Abbott cancer drugs now in early stages of human testing, the companies said. The drug makers did not disclose financial terms of the global deal, under which they will work together on all aspects of further development of the drugs discovered by Abbott, known as ABT-263 and ABT-869. They will co-promote the drugs in the U.S., with Abbott marketing them overseas.
BUSINESS
September 25, 1998
Genentech Inc. will likely report 1998 earnings of $1.30 a share, beating forecasts. South San Francisco-based Genentech, which is majority-owned by Roche Holding, reported 1997 earnings of $1.02 a share. Analysts had forecast profit of $1.28. Genentech Chief Financial Officer Louis Lavigne Jr. said profit will likely exceed forecasts, thanks to strong sales of Rituxan, a drug the company developed with Idec Pharmaceuticals Corp. and started selling in December 1997.
BUSINESS
April 13, 1995 | Times Staff and Wire Reports
Genentech Reports Higher Earnings: The South San Francisco-based biotechnology company said increased demand for its drugs pushed up first-quarter profit 12%. Genentech Inc. earned $43.4 million, or 36 cents a share, for the three months ended March 31. It earned $38.9 million, or 33 cents a share, during the first quarter of 1994. Revenue rose 20%, to $239 million from $199 million.
BUSINESS
November 29, 2007 | From Times Wire Services
Genentech Inc.'s plan to restrict the availability of Avastin, forcing doctors to prescribe a more expensive drug for eye disease, will cost taxpayers $1 billion to $3 billion a year, according to Sen. Herb Kohl (D-Wis.). Genentech's decision to limit access to the medicine by pharmacies that repackage drugs "is of great concern to me," Kohl said in letters to the Centers for Medicare and Medicaid Services and the Food and Drug Administration.
BUSINESS
October 16, 2007 | From the Associated Press
Genentech Inc. reported Monday that its third-quarter profit rose nearly 21% from a year earlier, beating Wall Street expectations by a penny a share, thanks to strong sales of the cancer-fighting drug Avastin. The world's second-largest biotechnology company by revenue reported net profit of $685 million, or 64 cents a share, compared with $568 million, or 53 cents, in the same period in 2006. Revenue increased 22% to $2.91 billion.
BUSINESS
August 8, 2007 | From Times Wire Services
Genentech Inc.'s cancer drug Avastin, when given along with chemotherapy, raises the risk of blood clots, according to a company-sponsored study that confirms a hazard already associated with the drug.
BUSINESS
July 12, 2007 | From the Associated Press
Genentech Inc., one of the world's largest biotechnology companies, continued a positive earnings streak, posting a 41% boost in second-quarter profit Wednesday on sales of its blockbuster cancer drugs. The South San Francisco-based company earned $747 million, or 70 cents a share, compared with $531 million, or 49 cents a share, during the same period a year earlier. Revenue rose to $3 billion from $2.2 billion. The results topped Wall Street expectations.
BUSINESS
June 27, 2007 | From Times Wire Services
Abbott Laboratories Inc. and Genentech Inc. will collaborate to develop and eventually sell two Abbott cancer drugs now in early stages of human testing, the companies said. The drug makers did not disclose financial terms of the global deal, under which they will work together on all aspects of further development of the drugs discovered by Abbott, known as ABT-263 and ABT-869. They will co-promote the drugs in the U.S., with Abbott marketing them overseas.
BUSINESS
May 2, 2007 | From Reuters
Genentech Inc. and Biogen Idec Inc. said their Rituxan cancer drug proved highly effective against multiple sclerosis in a small mid-stage trial, signaling a potential new way of treating the progressive neurological disease. The biotechnology companies said the Phase II trial involved 104 patients with the most common "relapsing-remitting" form of multiple sclerosis -- in which patients have varying levels of recovery and periods of remission between flare-ups of the autoimmune disease.
BUSINESS
July 21, 2005 | From Bloomberg News
Genentech Inc. warned doctors of a potential anemia risk for users of its Raptiva psoriasis drug and updated earlier cautions about infections and a bleeding disorder. Two people had a form of anemia stemming from premature destruction of red blood cells during studies conducted to win Raptiva's U.S. approval in 2003, the South San Francisco-based company said in a letter to doctors posted on the Food and Drug Administration's website.
BUSINESS
April 12, 2007 | From Reuters
Genentech Inc. said Wednesday that first-quarter profit surged 68%, helped by sales growth of its cancer medicine Avastin and cost controls. The world's second-largest biotechnology firm said sales of its new eye disease drug, Lucentis, were $211 million in just its third full quarter on the market, but that amount was $6 million short of the previous quarter. Analysts had expected Lucentis to bring in $212 million to $220 million in the first quarter.
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