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The biotech company meets Wall Street forecasts.

Last Updated: October 14, 2008: 5:05 PM ET

NEW YORK (AP) -- Genentech says its third-quarter profit rose 6.7% on rising sales of key cancer drugs, in line with Wall Street forecasts.

The South San Francisco-based biotech company says it earned $731 million, or 68 cents per share, up from $685 million, or 64 cents per share, during the same period a year earlier. Revenue rose 17% to $3.41 billion from $2.91 billion.

Excluding charges Genentech Inc. earned 81 cents per share. Analysts surveyed by Thomson Financial expected profit of 81 cents per share on revenue of $3.36 billion.

For the full year, Genentech expects profit between $3.40 and $3.45 per share, narrowed from between $3.40 and $3.50 per share previously.

Shares of Genentech (DNA) rose $2.58 to $81.70 after hours.