Genentech Beats Forecast but Slips on a Core Drugâs Sales
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Genentech reported a 6 percent rise in fourth-quarter profit, but its stock slipped after news that its cancer drug, Avastin, failed to meet sales expectations.
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Shares dropped as the company forecast a decline in 2008 earnings due to generic competition and weaker sales for its diabetes pill.
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Patients taking an experimental multiple sclerosis drug developed by Biogen Idec Inc.  and Elan Corp.  experienced far fewer relapses in a clinical trial, data that analysts say could give the drug a dominant market position.
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Genentech (nyse: DNA - news - people ) will announce third-quarter results. The biotechnology firm said yesterday it received a subpoena from the US Attorney&#39;s Office in relation to the marketing of Rituxan, a treatment for a type of blood cancer.
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Genentech Inc said on Tuesday its cancer drug, Avastin, met the primary goal of prolonging progression-free survival when combined with chemotherapy in a breast cancer study, sending its shares up more than 3 percent.
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Novartis AG lowered its full-year  results outlook as generic competition pressured sales of a key  blood-pressure drug, and said U.S. regulators had delayed the  approval process for an important cancer treatment.
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Merck and Schering report bad news, but how much will it affect sales?
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The Pfizer painkillers Celebrex and Bextra experienced a jump in sales immediately after rival Merck&#39;s Vioxx was pulled from the market in late September, but the gains appear to be short
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Schering-Plough Corp  reported on Monday that third-quarter profit and sales rose, but still fell short of estimates, sending shares down 13 percent amid concerns about its flagship cholesterol drugs.
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Stocks of branded and generic drug makers closed down a bit Tuesday as clinical study results mixed with merger updates. One of the big winners on the day was Nektar Therapeutics, on news that Exubera, the
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Biotechnology company Genentech Inc   said on Monday its fourth-quarter profit rose 6.4  percent, but sales of several drugs, including blockbuster  cancer drug Avastin, fell short of investor expectations,  sending the company's shares lower.
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Credit Suisse First Boston lowered 2005 earnings estimates for Pfizer (nyse: PFE - news - people ) after the generic version of Neurontin was launched earlier than expected.
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Novartis and Wyeth reported that third-quarter earnings were hit by charges, while Eli Lilly beat expectations as sales of several of its drugs outpaced analystsâ estimates.
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Biotechnology company Genzyme Corp  reported a fourth-quarter profit on Wednesday, reversing a year-earlier loss, as sales of its drugs for rare diseases increased.
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Genentech Inc.  said on  Tuesday second-quarter net income rose 79 percent on higher  demand for cancer medicines and raised its full-year forecast,  but its stock fell as sales of colon cancer drug Avastin  disappointed investors.
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BASEL, Switzerland  - Swiss drugmaker Novartis AG  missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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Shares of pharmaceutical companies OSI  Pharmaceuticals Inc. OSIP.O and Genentech Inc. DNA.N fell  sharply before the bell on Friday on concerns about the price  and a warning label on a key new drug the two collaborated to  produce.