Genentech posted mixed results for the third quarter and reported lower-than-expected sales for three out of four of the biotechnology company's key cancer drugs.
Genentech said earnings rose 22 percent from the year-ago period to 73 cents a share, helped by better-than expected sales of Avastin.
The company announced third-quarter revenue of $2.91 billion.
Analysts expected the South San Francisco-based company to report earnings on a non-GAAP basis of 72 cents a share on revenue of $2.93 billion, according to Thomson Financial.
Shares declined almost 4 percent Tuesday.
The company also maintained its forecast for full-year earnings per share growth of 28 percent to 32 percent.
Genentech reported sales of $597 million for blockbuster cancer drug Avastin, compared with the consensus forecast of $585 million. Sales of Avastin, a treatment for colon and lung cancer, rose 37 percent from the same period last year.