Genentech Inc. (NYSE: DNA) is initially looking like a severe disappointment to those who thought Cramer’s call last week was the right one. The largest biotech in the U.S. posted $0.82 EPS on $3.23 Billion in revenues. The company has also tightened its full-year 2008 non-GAAP earnings forecast to a range of $3.40 to $3.50 per share, revised from $3.35 to $3.45 per share.
First Call had estimates at $0.86 EPS on $3.23 Billion in revenues. For fiscal 2008, estimates are $3.43 EPS on $13.03 Billion in revenues.
The company did have disappointing drug sales as well:
Drug 2008 2007 Change
Rituxan® $651 $582 12%
Avastin®+ $650 $564 15%
Herceptin® $338 $329 3%
Lucentis® $216 $209 3%
Xolair® $129 $120 8%
Tarceva® $119 $102 17%
So far traders do not like this report, but the better news perhaps is that this slightly raised guidance is being treated well. Shares closed down 3% at $75.39. The initial reaction put shares down some 4% but they have recovered back to $75.40.
Jon C. Ogg
July 14, 2008
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
