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 biotechnology company reported fourth-quarter net income of $201.2 million on strong sales of its two leading drugs, Rituxan and Avonex.
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BASEL, Switzerland  - Core net profit at Roche  Holding AG rose by less than expected in 2004 despite strong  sales of cancer drugs, as products such as flu drug Tamiflu  suffered a weaker fourth quarter.
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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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Genentech Inc. DNA.N on Wednesday  posted a 50 percent rise in quarterly profit and raised its  full-year earnings forecast on strong sales of its new colon  cancer drug, sending its shares higher in after-hours trading.
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Shares of Genentech Inc. DNA.N, OSI  Pharmaceuticals Inc. OSIP.O and ImClone Systems Inc. IMCL.O  surged before the bell on Friday after rival AstraZeneca Plc  AZN.L said its lung cancer drug Iressa failed to show  survival benefits in a major clinical study.
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Novartis  missed  expectations with a 4 percent rise in second-quarter net income  to &#36;1.713 billion on Monday, as heavy charges from the Swiss  drug giant&#039;s acquisition of U.S. biotech firm Chiron weighed.
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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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The pharmaceutical company reported a 5 percent increase in fourth-quarter earnings but said growth would slow this year as generic competition picked up.
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Sanofi-Aventis posted higher than  expected fourth-quarter profits on Tuesday and predicted more  growth for 2007, but a further delay in its key new  anti-obesity drug Acomplia hit the shares.
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World&#39;s No.2 biotech company beats Wall Street consensus and raises its full-year profit forecast. NEW YORK  - Genentech Inc.
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Genentech Inc.  said second-quarter profit on Wednesday rose 41 percent, fueled by cost cutting and growth from its cancer drug Avastin.
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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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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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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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Genentech, the biotechnology company, posted a 41 percent increase in second-quarter profit on sales of its cancer drugs, continuing a positive earnings streak.