![]()
| As of Friday, November 6th: |
As of October 1st, the earnings growth rate was at -24.8%.Of the 440 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -14.8%. (Data provided by Thomson Reuters)
LATEST EARNINGS RESULTS
- Can Apple Top Microsoft as Most Valuable Tech Firm?
- Buffett to Sell Stakes in Norfolk Southern, Union Pacific
- Do You Know Your Coca-Cola Myths?
- Electronic Arts Beats Street, Announces 1,500 Job Cuts
- Time Is Here to Look at Overseas Stocks: Bill Gross
- Home Prices Start to Stabilize In the US as Sales Pick Up
- Flaw in US Data Overstates Growth, Productivity
- Priceline Crushes Profit Forecasts; Shares Jump
- 'Modern Warfare 2' May Be Biggest Event This Year
- Warren Buffett to Sell Stakes In Union Pacific & Norfolk Southern
- Nov. 9: Unusual Volume Leaders
- The Battered Businesses Behind Housing
- Modern Warfare 2's Record-Breaking Launch
- Merck’s Mega-Monday Morning
- Why are Traders Bullish on This Food Company?
- Profiting From Natural Gas: Strategists
- S&P Stocks Trading at New 52-Week Highs
- Shopping for Answers
MOST SHARED
- Future of Marketing
- Home Prices Start to Stabilize In the US as Sales Pick Up
- Dow Up Over 100 After G20 Stimulus Pledge
- Oil Tomorrow
- Israel: Leader of Business Innovation
- Priceline Crushes Profit Forecasts; Shares Jump
- Dow Industrials at New Highs—But Other Indices Lag
- Rock Band Weezer Uses Snuggie to Promote New Album
- 'Modern Warfare 2': Biggest Entertainment Event of 2009?
![]() |
AP The Genentech campus is seen in South San Francisco, Calif. |
Genentech reported a profit that rose 6.4 percent and beat forecasts, but sales of all four of the company's main drugs fell short of expectations.
On an adjusted basis, the biotechnology firm said it earned $737 million, or 69 cents a share in the fourth quarter, up from $659 million, or 61 cents a share in the same period last year.
Sales at Genentech rose to $2.97 billion, compared with $2.71 billion last year.
Shares of the company lost more than 2 percent in extended trading. The stock [DNA
Loading...
()
] closed at $70.64 Monday, a decline of 1.2 percent.
For full-year 2008, the company expects earnings per share of $3.30 to $3.45, compared with the $3.38 per share forecast by Wall Street analysts.
Increased sales of Genentech's Avastin cancer medicine more than offset a decline in its Lucentis treatment for the leading cause of adult blindness, but revenue from all of the company's major drugs fell short of what analysts expected.
"Every single product relative to Street consensus was light. When you've got the biggest products that are the biggest growth drivers -- Avastin and Lucentis -- light, that's disappointing," said Analyst Mike King of Rodman & Renshaw.
"It's not the economy -- it's just a company that has to figure out how to reinvigorate growth, and unfortunately that is not part of the picture, at least for the first half of '08," he said
Quarterly U.S. sales of the colon-cancer and lung-cancer drug, Avastin, which most analysts view as the key barometer of Genentech's fortunes, rose 23 percent to $603 million, but still fell short of Wall Street expectations for sales near $616 million.
The U.S. Food and Drug Administration is expected to decide by late next month whether Avastin will also be approved to treat advanced breast cancer, but an advisory panel to the agency recommended in December that the application be turned down.
Genentech's fourth-quarter revenue rose 9 percent to $2.96 billion, which was in line the $2.96 billion expected by Wall Street. U.S. product sales rose 7 percent to $2.2 billion.
Domestic sales of non-Hodgkin's lymphoma drug Rituxan rose 6 percent to $596 million, while U.S. sales of breast cancer treatment Herceptin rose 2 percent to $327 million.
Sales of eye-disease medicine Lucentis fell 9 percent to $197 million.
Swiss drugmaker Roche Holding, which owns a majority stake in Genentech, records sales of Genentech drugs outside the United States.
-- Reuters contributed to this report.
- Priceline Crushes Profit Forecasts; Shares Jump
Online travel agency Priceline.com posted a higher quarterly profit on a spike in bookings during an "exceptionally strong" summer travel season.
- Berkshire Hathaway Says Net Income Tripled
Warren Buffett's Berkshire Hathaway Friday said third quarter net income tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.
- Sun Micro Sales Fall as Oracle Deal Remains Delayed
The computer maker suffered a 25 percent fall in quarterly revenue, as uncertainty over its delayed sale to Oracle Corp hurt its business.
- Priceline Crushes Profit Forecasts; Shares Jump
- AIG in the Black Again, Operating Profit Tops View
AIG, the giant insurer bailed out by the U.S. government, posted its second straight quarterly profit on Friday, helped by recovery in the value of its investments.
- AIG in the Black Again, Operating Profit Tops View
- Starbucks Profit Beats Forecasts; Shares Rise
- Fannie Mae Seeks $15 Billion in Aid After Posting Loss
- Nvidia Profit, Sales Top Wall Street's Forecast
- CBS Beats Expectations on Improved Ad Market
- Cisco CEO: Tech Sector Hit Bottom, Recovery Under Way
- Activision Posts Profit That Matches Street View
- Qualcomm Outlook Misses Street, Samsung Deal Helps
- News Corp Profit Tops Estimates on Film, Cable Revenue
- Allstate Swings to Profit, Misses Expectations
- Comcast Profit Beats Street as Users Add Services
- Time Warner Posts Lower Profit, Raises Outlook
- Pulte Homes Posts Wider-Than-Expected Loss
- Nissan Returns to Profit in Latest Quarter
- Kraft Won't Overpay for Cadbury as Revenue Misses








