October 15, 2008 |
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.
February 23, 2008 |
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.
January 15, 2008 |
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."
December 6, 2007 |
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.
December 4, 2007 |
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.
November 29, 2007 |
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.