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Financial Report: Genentech 3Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genentech

3Q Revenues: $3.4 billion (+17%)

3Q Earnings: $731 million (+7%)

YTD Revenues: $9.7 billion (+11%)

YTD Earnings: $2.5 billion (+17%)

Comments: U.S. product sales were $2.5 million in the quarter (+14%). Avastin sales were $704 million (+18%). Rituxan and Herceptin sales were both up 15% in the quarter to $655 million and $368 million, respectively. Lucentis sales were $225 million (+14%) and Xolair sales were $136 million (+12%). R&D expenses were $777 million in the quarter (+26%). Royalty revenue was $687 million (+31%) due to growth in royalties from sales outside the U.S. by licensees. Results in the quarter were impacted by a $44 million expense related to employee retention programs in response to the Roche proposal to acquire outstanding Genentech shares; a $105 million expense related to a collaboration agreement with GlycArt and Roche; and a $67 million expense related to the “impairment of certain assets in the company’s investment portfolio.”

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