Genentech (DNA) announced that a new study uncovered that fact that its Avastin cancer drug can improve survival among people with severe lung cancer when it is added to other treatments. It is good news for patients, and, one would think, for the company.
Unfortunately, the study also found "showed a lower dose of Avastin was just as good as a higher dose," according to The Wall Street Journal.
The drug makes Genentech a lot of money. The costs is capped at $55,000 a year for approved patients, but the figure is still eye-popping. Avastin sales were $1.7 billion last year.
Genentech’s stock is up over 400% in the last year, so, perhaps goodness is its own reward.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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