Biotech giant Genentech reported quarterly earnings above expectations amid solid sales growth for blockbuster cancer drug Avastin, posting a quarterly profit growth of 68%.
But shares initially fell in after-hours trading as sales for Lucentis, a treatment for age-related blindness, fell short of analysts' expectations.
Earnings for the South San Francisco, Calif.-based company, excluding one-time items, were 74 cents a share, above the analysts' consensus of 67 cents a share, according to Thomson Financial.
Quarterly sales rose 43% to $2.84 billion, above Wall Street estimates of $2.74 billion.
Lucentis, an offshoot of Avastin that's been on the market for less than a year, posted quarterly sales of $211 million, down $6 million from the previous quarter.