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Financial Report: Genentech

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Genentech

1Q Revenues: $3.1 billion (+8%)

1Q Earnings: $790 million (+12%)

Comments: Rituxan sales were $605 million (+13%), Avastin sales were $600 million (+13%), and Herceptin sales were $339 million (+9%). 1Q08 Avastin U.S. sales include a net deferral of approximately $1 million related to the company’s Avastin Patient Assistance Program. R&D expenses were up 1% to $617 million, representing 20% of operating revenues. The company expects to submit a sBLA to the FDA for accelerated approval of Avastin for the treatment of relapsed glioblastoma multiforme in 2H08.

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