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.
Enviado: 15/10/2008 0:55