Genentech 3Q profit rises, meets forecast
Genentech Inc.'s third-quarter profit rose 6.7 percent on rising
sales of key cancer drugs, the biotechnology company said Tuesday,
matching Wall Street's profit forecasts.
The company lowered the
top end of its expected outlook for the year as a result of costs for a
program it created in response to an unsolicited buyout offer during
the quarter from cancer drug partner Roche.
The company earned
$731 million, or 68 cents per share in profit, up from $685 million, or
64 cents per share during the same period a year prior. Revenue rose 17
percent to $3.41 billion from $2.91 billion.