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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 31, 2009 | Associated Press
Swiss drug maker Roche Holding surprised Wall Street with plans for a lower-than-expected and hostile $42.1-billion buyout offer for Genentech Inc. on Friday, a move some consider a tactic to force negotiations with the biotechnology behemoth. The $86.50-a-share offer, $2.50 less than an offer rejected in July, sparked some concern from analysts that key personnel at the biotech pioneer could leave, depending on any potential deal.
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BUSINESS
January 16, 2009 | Times Wire Reports
Genentech Inc. said fourth-quarter profit rose 47% on a boost in sales of its key cancer drug, Avastin, but the results and the 2009 outlook were shy of Wall Street expectations. During the quarter, profit reached $931 million, or 87 cents a share, up from $632 million, or 59 cents, a year earlier. Revenue rose 25% to $3.71 billion. Excluding charges, the biotechnology company earned 95 cents a share, still shy of Wall Street expectations. Analysts polled by Thomson Reuters forecast profit of 96 cents a share on revenue of $3.66 billion.
BUSINESS
October 24, 2001 | Associated Press
A judge ordered a divided jury to resume deliberations on whether City of Hope hospital is owed hundreds of millions of dollars in drug royalties from the biotechnology firm Genentech Inc. Superior Court Judge Edward Y. Kakita issued the instruction, which is common in such situations in California courts.
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
October 15, 2008 | From the Associated Press
Genentech Inc.'s third-quarter profit rose 6.7% on rising sales of key cancer drugs, the biotechnology company said, matching Wall Street's profit forecast. The results mark another quarter in which the biotech giant either met or barely topped expectations as competition cuts into sales and its cancer treatments reach a saturation point in the market. The company earned $731 million, or 68 cents a share, up from $685 million, or 64 cents, a year earlier. Revenue rose 17% to $3.41 billion.
BUSINESS
February 23, 2008 | Daniel Costello, Times Staff Writer
In a surprise decision that could portend significant changes in how federal regulators approve cancer drugs, the Food and Drug Administration Friday approved the use of a $100,000-a-year drug for use by women with breast cancer although there is little evidence it helps breast cancer patients live longer. Avastin, manufactured by South San Francisco-based biotech giant Genentech Inc., is already a blockbuster cancer drug used to treat advanced colon and lung cancer.
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."
BUSINESS
December 6, 2007 | Daniel Costello, Times Staff Writer
A Food and Drug Administration panel dealt a sharp blow to biotech giant Genentech Inc. on Wednesday by refusing to recommend approval for the company's high-profile drug Avastin as a treatment for breast cancer. The news signaled to industry experts that federal regulators appear to be adopting stricter standards for drug approvals. It also sent the company's shares into free fall -- down more than 8% before trading was stopped in the afternoon.
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
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.
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