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Financial Report: Genentech

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genentech

2Q Revenues: $3.0 billion (+37%)

2Q Earnings: $747 million (+41%)

YTD Revenues: $5.8 billion (+40%)

YTD Earnings: $1.5 billion (+53%)

Comments: U.S. product sales were $2.1 billion in the quarter, up 25%. Rituxan sales were $582 million, up 11% and Avastin sales were $564 million, up 33%. Royalty revenues were $484 million in the quarter and included approximately $65 million in one-time revenues from a new collaboration agreement, which included three years’ worth of royalty revenues. R&D expenses increased 55% to $603 million in the quarter. The company submitted two sBLAs for Herceptin in adjuvant breast cancer.

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