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 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.
October 16, 2007 |
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.
August 8, 2007 |
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.
July 12, 2007 |
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.