Genentech profit rises on cancer drug sales
Tue Jul 11, 2006 4:58 PM ET
July 11 - Genentech Inc. (Nasdaq DNA) on Tuesday reported higher second-quarter profit on strong sales of colon cancer drug Avastin and its other cancer medicines.
The world's second-biggest biotechnology company, which late last month won U.S. approval for a new treatment for the leading cause of blindness in the elderly, posted a net profit of $531 million, or 49 cents per share, compared with a profit of $296.2, or 27 cents per share, a year ago.
Genentech shares have fallen about 9 percent for the year, lagging behind the American Stock Exchange Biotech Index (BTK), which is off about 5 percent.
Tue Jul 11, 2006 4:58 PM ET
July 11 - Genentech Inc. (Nasdaq DNA) on Tuesday reported higher second-quarter profit on strong sales of colon cancer drug Avastin and its other cancer medicines.
The world's second-biggest biotechnology company, which late last month won U.S. approval for a new treatment for the leading cause of blindness in the elderly, posted a net profit of $531 million, or 49 cents per share, compared with a profit of $296.2, or 27 cents per share, a year ago.
Genentech shares have fallen about 9 percent for the year, lagging behind the American Stock Exchange Biotech Index (BTK), which is off about 5 percent.
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