said Wednesday that third-quarter earnings rose 27%, matching analysts' forecasts, pushed by rising sales of anticancer drugs Rituxan and Herceptin.
Genentech said third-quarter net income rose to $85.0 million, or 31 cents per share, before special charges, from $66.9 million, or 26 cents per share, a year ago. Revenue rose 29% to $445.2 million in the quarter.
Genentech, one of the nation's oldest and most profitable biotech companies, said third-quarter Herceptin sales surged 52% to $72.6 million, while Rituxan sales jumped 62% to $117.9 million. Rituxan, co-developed by
, is used to treat non-Hodgkin's lymphoma, while Herceptin is for breast cancer.
"During the quarter, we continued to deliver strong financial results fueled by the performance of our oncology products," said CEO Arthur Levinson in a statement. "This is an exciting time as we lay the groundwork for potential growth with 20 projects in our development pipeline."
Sales of its two cardiovascular drugs, Activase and TNKase, dropped to $50.7 million in the quarter, from $59.2 million for Activase alone last year. TNKase was approved last June in the U.S.
"This sales decrease is due to increased competition and to an overall decline in the size of the thrombolytic market," said South San Francisco, Calif.-based Genentech.
Genentech shares were recently trading down $5.31, or 3.4%, to $148.