Genentech Q2 profit up to $782M

East Bay Business Times - July 14, 2008
http://eastbay.bizjournals.com/eastbay/stories/2008/07/14/daily15.html

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Monday, July 14, 2008 - 1:32 PM PDT | Modified: Monday, July 14, 2008 - 1:34 PM
Genentech Q2 profit up to $782M
East Bay Business Times

Boosted by higher sales of Avastin and cancer drugs, Genentech Inc. on Monday reported second quarter net income of $782 million, or 73 cents a share, up from the year-ago quarter's $747 million, or 70 cents a share.

Genentech (NYSE: DNA) had U.S. product sales of $2.35 billion, about 9 percent above the $2.14 billion in the second quarter of 2007.

Excluding items, the company's income would have been $871 million, or 82 cents a share, compared to $834 million, or 78 cents a share, in the same period last year.

The company reported a charge of about $50 million related to failed lots from a manufacturing startup campaign at one of Genentech's facilities.

Analysts expected, on average, earnings of 85 cents a share.

Genentech has headquarters in South San Francisco. It has a major manufacturing plant in Vacaville, as well as facilities in Oceanside and Hillsboro, Ore.

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