Genentech's Profit Rises (Update)

Herceptin and Lucentis generated $368 million and $225 million, respectively, vs. the consensus of $344 million and $214 million. Herceptin sales benefited from an increase in channel inventory levels of approximately $12 million in the recent quarter.

The company said it sees full-year 2008 adjusted earnings in the range of $3.40 to $3.45 a share, narrowed from $3.40 to $3.50 due to the cost of the employee-retention plan.

Analysts are looking for $3.45 a share on revenue of $13.14 billion for the year, according to Thomson Reuters.

Key interim data from a phase III trial on Avastin as an adjuvant therapy for colon cancer are expected in the fourth quarter. Depending on the strength of the results, the trial could be stopped early -- if it continues, final results are expected in mid-2009.

Data are also due out soon on Genentech's Ribbon1 study, which if successful will be submitted with other data to convert the company's accelerated FDA approval of Avastin for metastatic breast cancer to full approval.