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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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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Standard &amp; Poor&#39;s Equity Research reiterated a &quot;hold&quot; rating and $68 target price on Biogen Idec (nasdaq: BIIB - news - people ), saying the anticipated success of the company&#39;s Antegren drug is largely factored into the share price.
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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.
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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.
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Biotechnology firm Genentech Inc. said Wednesday that its third-quarter profit topped Wall Street expectations on a sharp rise in drug sales, and raised its yearly forecast to meet current targets.
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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  cut 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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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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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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Cancer patients treated with Genentech Inc.&#39;s colon cancer drug bevacizumab (Avastin) along with the chemotherapy regimen FOLFOX4 lived longer than patients treated with the chemotherapy alone in a late-stage clinical
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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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Amgen Inc. AMGN.O, the world's  biggest biotechnology company, on Wednesday said quarterly net  profit fell on acquisition charges, but adjusted earnings rose  21 percent on strong sales of its drugs for anemia and  arthritis.
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BASEL, Switzerland  - Novartis AG fourth-quarter net profit fell 42 percent to $931 million, missing forecasts, hit by generic competition and a one-off restructuring charge, the Swiss drugmaker said on Thursday.
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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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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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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.