Genentech Inc. (DNA) Sales Surge
Soaring U.S. sales -- particularly of colorectal cancer drug Avastin -- pushed second-quarter earnings 41 percent higher for Genentech Inc.
Genentech (NYSE: DNA - News) said Wednesday it earned $747 million, or 71 cents per share, on operating revenue of $3 billion in the three months ended June 30. That compares with net income of $531 million, or 50 cents per share, on revenue of $2.2 billion a year before.
South San Francisco-based Genentech, which has a major manufacturing facility in Vacaville, registered U.S. product sales of $2.1 billion in the second quarter, a 25 percent increase over the same stretch a year ago.
Avastin sales jumped 33 percent, from $423 million a year ago to $564 million. Genentech received approval last fall to sell the drug as a treatment for nonsmall-cell lung cancer.
Avastin is Genentech's second best-selling drug, behind Rituxan, the leading drug for treating non-Hodgkin's lymphoma. Rituxan sales grew 11 percent to $582 million.
Genentech is the world's second-largest biotech in terms of sales. It has a major manufacturing facility in Vacaville.
For the first half of 2007, Genentech said it earned $1.45 billion, or $1.38 per share, on operating revenue of $5.85 billion. In the same period a year ago, the company earned $952 million, or 90 cents per share, on revenue of $4.19 billion.
Published July 11, 2007 by the East Bay Business Times
Genentech (NYSE: DNA - News) said Wednesday it earned $747 million, or 71 cents per share, on operating revenue of $3 billion in the three months ended June 30. That compares with net income of $531 million, or 50 cents per share, on revenue of $2.2 billion a year before.
South San Francisco-based Genentech, which has a major manufacturing facility in Vacaville, registered U.S. product sales of $2.1 billion in the second quarter, a 25 percent increase over the same stretch a year ago.
Avastin sales jumped 33 percent, from $423 million a year ago to $564 million. Genentech received approval last fall to sell the drug as a treatment for nonsmall-cell lung cancer.
Avastin is Genentech's second best-selling drug, behind Rituxan, the leading drug for treating non-Hodgkin's lymphoma. Rituxan sales grew 11 percent to $582 million.
Genentech is the world's second-largest biotech in terms of sales. It has a major manufacturing facility in Vacaville.
For the first half of 2007, Genentech said it earned $1.45 billion, or $1.38 per share, on operating revenue of $5.85 billion. In the same period a year ago, the company earned $952 million, or 90 cents per share, on revenue of $4.19 billion.
Published July 11, 2007 by the East Bay Business Times
Labels: DNA, Genentech Inc.
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