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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The company reports mediocre earnings as investors remain nervous about the drug sector.
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Genentech Inc. barely scraped past Wall Street's expectations Monday as the biotech giant renowned for its phenomenal growth posted a 6 percent rise in fourth-quarter profits.
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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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Merck & Co.  on Wednesday stood  by its forecast of flat earnings for 2006 and projected  slightly higher 2007 results, in line with Wall Street  expectations, as the drugmaker grapples with generic  competition for a number of its medicines.
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Pfizer Inc.  on Wednesday  reported lower-than-expected quarterly earnings on competition  with generics, and said global sales of cholesterol fighter  Lipitor fell 13 percent amid slipping demand for the company&#39;s  flagship product.
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Biogen Idec Inc., the third-biggest US biotechnology company, reported a fourth-quarter profit of $48.4 million, helped by sales of its Avonex and Tysabri multiple-sclerosis treatments. Net income was 14 cents a share compared with a net loss of $990.6 million, or $4.03, a year earlier, the Cambridge company said. Revenue almost doubled to $586 million. Biogen is counting on Tysabri, ...
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Teva Pharmaceutical Industries Ltd.,  the world's largest generic drugmaker, reported higher  fourth-quarter profit on Tuesday, helped by the weak U.S.  dollar and European sales of gabapentin, its version of Pfizer  Inc.'s epilepsy drug Neurontin.
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Pfizer Inc. reaffirmed its full-year guidance Wednesday despite a 48 percent drop in second-quarter profit because of lagging sales of cholesterol drug Lipitor and generic competition for Zoloft and Norvasc.
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Genentech Inc.  said on Wednesday that second-quarter profit rose 41 percent, fueled by growth from cancer drugs Rituxan and Avastin.
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Genelabs Technologies Inc. GNLB.O  said on Tuesday that a late-stage trial of its drug to limit  bone loss in women with lupus disease failed to work, sending  the company's shares down 75 percent.
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Merck and Schering report bad news, but how much will it affect sales?
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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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CHICAGO -- Genentech Inc. lost a ruling on a patent that generates an estimated $300 million a year in royalties from rivals using the technology to make cancer and arthritis treatments.
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Schering-Plough Corp  on Monday reported third-quarter profit and sales that fell short of Wall Street's target, sending shares down more than 10 percent amid concerns about its flagship cholesterol drugs.
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Schering-Plough Corp  on Monday  reported third-quarter profit and sales that fell short of Wall  Street's target, sending shares down more than 10 percent amid  concerns about its flagship cholesterol drugs.
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Genentech Inc.  on Wednesday said third-quarter earnings rose 50 percent, spurred by growth in new colon cancer treatment Avastin and strong sales of its older drugs, and raised its full-year profit forecast.