SOURCE: Industrial Info Resources

October 16, 2008 06:30 ET

Genentech Raises Quarterly Profits With Increased Sales of Anti-Cancer Drugs, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - October 16, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Genentech Incorporated (NYSE:DNA) (South San Francisco, California), one of the world's leading biotechnology companies, released its third quarter profits for 2008 on Tuesday, October 14. Genentech's net income was $731 million, an increase of 7% from last year's third quarter, which brought a net income of $685 million. Sales of the company's flagship oncology drug Avastin, used to inhibit the growth of tumors in colon, lung and breast cancers, were up 18% from 3Q07. Swiss-based pharmaceutical giant Roche Holdings Limited (PINKSHEETS:RHHBY) (Basel) currently holds about 56% of Genentech's shares and made a proposal to purchase the remaining Genentech shares in July.

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