Health and Healthcare
Genentech Shares Hang In Despite Soft Key Drug Sales (DNA)
Published:
Shares of Genentech Inc. (NYSE: DNA) are trading slightly lower after reporting a gain in earnings. The biotech giant posted $0.74 net EPS, but non-GAAP EPS excluding special items was $0.84 EPS on revenues of $3.06 Billion. First Call showed estimates at $0.82 EPS on $3.11 Billion in revenues, which is a beat on earnings but slightly light on revenues.
CNBC gave some individual figures for expectations on its individual drugs, and again these were light of many estimates on each target out there:
- Avastin sales were $600 million in the quarter, compared with an expected $629 million;
- Rituxan sales reached $605 million, under estimates of $607 million;
- Herceptin salers were $339 million, under estimates of $343 million;
- Lucentis sales reached $198 million, under forecasts of $202 million.
Shares closed up 0.3% at $78.00 in regular trading today, and shares are actually up marginally by 0.4% in after-hours. That is better than the initial drop of 1% in after-hours trading after the news was out.
Jon C. Ogg
April 10, 2008
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