Updated from 4:19 p.m. EST

Genentech ( DNA) rose late Monday after its fourth-quarter results breezed past Wall Street's estimates.

The South San Francisco, Calif., biotech made $594 million, or 55 cents a share, for the quarter ended Dec. 31. That's up from the year-ago $339 million, or 31 cents a share. Excluding certain items, earnings rose to 61 cents a share from 34 cents a year ago.

Revenue rose to $2.71 billion from $1.89 billion a year earlier. Analysts surveyed by Thomson Financial were looking for a 56-cent profit on sales of $2.55 billion.

U.S. product sales rose 38% from a year ago to $2.05 billion, led by a 36% gain in sales of cancer drug Avastin.

Breast cancer drug Herceptin brought in $322 million in sales, up 29% from a year ago. Rituxan, a rheumatoid arthritis drug co-marketed with Biogen Idec ( BIIB), brought in $560 million, up 16%.

Eye drug Lucentis posted sales of $217 million, compared with $153 million in the third quarter, and beyond Wall Street's expectations. The drug was approved in June 2006 to treat vision loss from age-related macular degeneration.

The company's better-than-expected revenue was also partly due to unexpected sales of Avastin and Herceptin to Genentech's marketing partner Roche for distribution outside of the U.S. Those sales led to a 130% jump in sales to collaborators, to $191 million, the company said in its conference call after the close of trading.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday