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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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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YESTERDAY Close $75.73 Change +$2.22 52-WEEK High $76.90 Low $58.71 Genzyme Corp. of Cambridge said profit jumped tenfold as sales increased for its medicines for rare genetic disorders, some of the world's costliest drugs. The company gained 3 percent in New York trading.
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Bristol-Myers Squibb, reeling from the incursion of a generic competitor to its top-selling drug Plavix, lowered its earnings forecast for the year.
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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 announces positive second-quarter results, but investors remain worried.
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Credit Suisse First Boston said that an announcement from Onyx Pharmaceuticals (nasdaq: ONXX - news - people ) is &quot;good news&quot; for Genentech (nyse: DNA - news - people ) and its Avastin treatment.
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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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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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BOSTON (CBS.MW) - Shares of Genentech were halted on Monday as the company announced that its oncology drug Avastin had been shown to extend the lives of some patients stricken with advanced colorectal cancer.
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Swiss pharmaceutical giant Novartis on Thursday announced record earnings over the first nine months of the year, but third quarter profits fell 12 percent on sharper competition from generic drugs.
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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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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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Boston Scientific Corp. , the state's largest life-science company, lost $3.6 billion last year thanks to its expensive acquisition of heart-device maker Guidant Corp. , and executives said yesterday they weren't certain when sales of its most important products would begin to recover from their slump.
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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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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.  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.