Updated from 5:13 p.m. ESTInvestors sold off Genentech ( DNA) in the postclose market on Monday, after the company missed the Street's earnings expectations and issued disappointing guidance. The pharmaceutical company's fourth-quarter results came in a penny a share below consensus projections. Meanwhile, the company's outlook for full-year earnings was about 7 cents a share less than analysts' estimates. In recent after-hours trading, shares of Genentech were off $2.60, or 4.8%, to $51.83. On a conference call, Arthur Levinson, Genentech's chief executive, focused on the positives -- and on the company's goals for the year ahead. "2004 was a highly eventful year with many successes and achievements," he said. But the expectations game overshadowed what was on its face a strong quarter, with revenue surging 41%. In the quarter ended Dec. 31, Genentech earned $206.9 million, or 19 cents a share, on revenue of $1.32 billion. In the year-ago period, the company posted a profit of $126.73 million, or 12 cents a share, on $933.9 million in revenue. Excluding items, the company would have earned $225.4 million, or 21 cents a share. The consensus estimate of analysts polled by Thomson First Call was a pro forma profit of $229.5 million, or 22 cents a share, on revenue of $1.30 billion. The lower-than-expected profit was the first time in at least eight quarters that Genentech hadn't matched or beaten First Call's consensus. For the full year, the company earned $784.82 million, or 73 cents a share, on revenue of $4.62 billion. In 2005, Genentech expects its earnings per share -- excluding expenses -- to grow by more than 25%. Given the company's 83 cents a share pro forma profit in 2004, that forecast would put its 2005 earnings per share at about $1.04, excluding expenses. The company did not give any revenue guidance.