Genentech Hikes Profit Forecast

Updated from 5:21 p.m. EDT

Genentech (DNA Quote), the world's biggest biotech company measured by market cap, turned in second-quarter revenue that rose 44% from last year and produced earnings that easily exceeded analysts' consensus target.

However, softer-than-expected sales of the cancer drug Avastin brought down Genentech's shares in postmarket trading. Lately, the stock was falling $2.37, or 2.8%, to $81.69. During the regular session, Genentech gained 33 cents to $84.06.

After the close Tuesday, Genentech said its quarterly operating revenue climbed to nearly $2.2 billion from $1.53 billion a year ago. Earnings rose to $531 million, or 49 cents a share, from $296 million and 27 cents a share last year. ...