EARNINGS ROUNDUP / GENENTECH
Genentech Inc. said fourth-quarter profit rose 47% on a boost in sales of its key cancer drug, Avastin, but the results and the 2009 outlook were shy of Wall Street expectations.
During the quarter, profit reached $931 million, or 87 cents a share, up from $632 million, or 59 cents, a year earlier. Revenue rose 25% to $3.71 billion.
Excluding charges, the biotechnology company earned 95 cents a share, still shy of Wall Street expectations. Analysts polled by Thomson Reuters forecast profit of 96 cents a share on revenue of $3.66 billion.
Looking ahead, South San Francisco-based Genentech expects profit in 2009 to range from $3.55 to $3.90 a share, excluding charges. Analysts expect $3.92 a share.
Genentech reported results after the close of regular trading. In after-hours trading, its shares fell $1.38, or 1.6%, to $83.70.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
