Genentech Inc reported profit rises and sales top estimates

October 14, 2008 Filed Under: Health care

Genentech Inc reported on Tuesday that sales of its cancer drug Avastin topped Wall Street estimates and its shares rose more than 3 percent, despite third-quarter earnings that fell short of analyst expectations due to higher costs.
U.S. sales of Avastin, widely considered the most important barometer of Genentech’s growth, rose 18 percent to $704 million, [...]

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