Genentech's Revenues Top $3 Billion
By Shelly Meron/Business Writer
Genentech Inc. reported a 41 percent increase in profits during the second quarter of this year, and saw its revenues reach $3 billion for the first time, the company said Wednesday.
The biotech giant, which operates a drug manufacturing facility in Vacaville, announced it earned $747 million - or 70 cents per share - during the second quarter of 2007, up from $531 million - or 49 cents per share in the second quarter of last year.
"We're pleased with the progress we have made across the business," said Arthur Levinson, Genentech's CEO.
The increase in revenue was attributed in part to Genentech's drug Avastin, used to treat several types of cancer, which saw a 33 percent increase in U.S. sales.
Genentech's drug Rituxan, used to treat non-Hodgkin's lymphoma and rheumatoid arthritis, saw an 11 percent increase in sales, while the breast cancer drug Herceptin saw a 3 percent increase.
The asthma drug Xolair saw a 14 percent increase. Last week, the FDA finalized a "black box" label for Xolair, warning about a potential allergic reaction.
Genentech, based in South San Francisco, said the expansion of its Vacaville facility has "achieved mechanical completion" and will begin phases of commissioning and qualification this month. It's expected to be licensed by the FDA in 2009.
Genentech also announced that it initiated 10 clinical trials in the second quarter of 2007, including studies of Lucentis, used to treat a type of macular degeneration, and Avastin. Genentech also submitted two supplemental Biologics License Applications to the FDA for Herceptin.
In April, Genentech also announced that its manufacturing facility in Oceanside was licensed by the FDA for the production of bulk Avastin drug product.
Genentech's stock rose $1.08 to close at $75.93 in regular trading Wednesday, but fell by 11 cents in after-hours trading. For the full year, the company said it expects earnings per share, excluding costs and charges, to range from $2.85 to $2.95. Analysts expect earnings of $2.91 per share.
Shelly Meron can be reached at firstname.lastname@example.org.
- $100 million philanthropic grant for the establish...
- Travis Team Tops AMC Rodeo Test
- State Fund Makes Presence Felt In Vacaville
- Solano County should plan to add 12,985 new housin...
- FSC Insurance Solutions to expand in Suisun City
- Old Parts For New
- Better Process For City Sewage At $100 Million
- The Vacaville City Council acts to attract Asian M...
- Solano County and its cities planning an additiona...
- TJX Companies (Marshalls and T.J. Maxx) will open...
- PRIVATE SUPPORT FOR UC DAVIS TOPS $100
- $2.3B In Caltrans Projects Ready To Go To Bid
- City of Benicia Reaches State Historic Status
- Anheuser-Busch Enjoys Healthy Sales, Profits
- Economic Outlook Vibrant In Solano
- Experts: County Hot Spot For Businesses Looking To...
- Copart To Acquire UK-based Company
- Transportation Projects On The Way
- University of Phoenix (with Fairfield Campus) rece...
- Firm Turns 25
- Empress Ready To Rule Downtown Vallejo
- Set For Grand Debut
- Five New Solano County Building Projects Coming So...
- Solano EDC Breakfast To Include Growth Talk
- House Plan Elevations Are Given High Marks
- The More The Merrier At Nut Tree
- Bio-Rad (with facilities in Benicia) signs multi-y...
- Good Jobs, Affordable Homes in Solano County
- Sunset, And A New Dawn
- Economic Roundup Breakfast July 25
- 'Brand' New Vallejo
- Planners Set For Vote On Subdivision
- Subdivision Plan Moves Forward
- Genentech's Revenues Top $3 Billion
- Study: California to hit 60 million people by 2050...
- Hardwood Business Hits The Floor Running
- Just What The Doctor Ordered
- On Their Guard
- County's Population Predicted To Double By 2050
- City Officials: Touro Project Exciting News
- Touro's Radical Cancer Center
- City of Dixon Leaders to look at things needed by ...
- Unlike other counties, Solano not facing water red...
- Vallejo M.I. water project funding OK'd
- We need vision, infrastructure
- Rally for biotech Don't let jealousies sabotage So...
- PG&E offers economic-development grants
- Financial outlook good for schools in Vacaville
- Energy Department picks Bay Area for new bioenergy...
- Repairs to ease drivers' despair on I-80
- UC Davis joins bioenergy research partnership
- UC Davis lands federal grant for "knockout mouse" ...
- Repairs to ease drivers' despair on I-80
- Corporate park buildings OK'd in Fairfield
- $125 million from the U.S. Department of Energy ov...
- Developers gear up for new office projects across ...
- Mercedes dealership to open in Fairfield's auto ma...
- Stay A Day, Or Longer, At New Hotels
- Luxury Still Leads
- All Revved Up
- Benicia Span To Provide Relief For Commuters
- ▼ July (61)
- ► 2006 (662)
- ► 2005 (627)
- ► 2004 (125)