Genentech, Inc. (NYSE: DNA) today posted earnings of $0.81 per share and $3.408 billion in revenue. That’s below First Call estimates of $0.88 on $3.36 billion in revenue. For what this is worth, Genentech noted that earnings were affected by items.
The biotech giant has also noted that guidance for 2008 is now $3.40 to$3.45, rather than its prior guidance of $3.40 to $3.50.
Genentech saidtwo drugs posted year-over-year declines rather than just one drug lastquarter. The good news is that the company did beat on its top-linenumbers and its key drugs Avastin and Rituxan were slightly ahead ofplan.
Unfortunately, it only looks like we’ll get merger data in the conference call because it wasn’t noted in depth here. One issue Genentech has noted is that it filed for FDA approval for its Avastin in kidney cancer which has spread.
Shares of Genentech closed down 2.5% at $79.12 today, and shares are actually trading up about $2.00.
Jon C. Ogg
October 14, 2008