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Genentech posts 11% rise in U.S. product sales in 2008

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SOUTH SAN FRANCISCO, Calif. — Genentech reported $9.5 billion in U.S. product sales for the 2008 fiscal year, representing an 11% increase compared with $8.54 billion reported during fiscal 2007, the company announced in a press release.

Specifically, Avastin (bevacizumab) sales rose 17% to $2.69 billion, while Lucentis (ranibizumab) sales rose 7% to $875 million during fiscal 2008, the release said.

Full-year non-GAAP operating revenue totaled $13.4 billion, up 14% from $11.72 billion a year ago. GAAP operating revenue totaled $13.42 billion, representing a 14% rise from $11.72 billion in 2007.

Non-GAAP net income totaled $3.64 billion, or $3.42 per share, during fiscal 2008, up 16% from $3.14 billion, or $2.94 earnings per share, posted in fiscal 2007. GAAP net income totaled $3.43 billion, or $3.21 per share, during fiscal 2008, representing a 24% increase compared with $2.77 billion, or $2.59 per share, reported in 2007.

Fourth-quarter U.S. product sales also experienced growth, rising 13% to $2.5 billion. Specifically, Avastin sales rose 21% from the previous year to $731 million, while Lucentis sales rose 20% to $236 million during the quarter.

Fourth-quarter non-GAAP operating revenue totaled $3.7 billion, up 25% from $2.97 billion during the same period a year ago. Fourth-quarter GAAP operating revenue totaled $3.71 billion, representing a 25% increase compared with $2.97 billion during 2007's fourth quarter.

Non-GAAP net income for the quarter totaled $1.01 billion, or $0.95 per share, representing a 38% increase from $737 million, or $0.69 per share, reported for the fourth quarter of 2007.

Forth-quarter GAAP net income totaled $931 million, or $0.87 per share, up 47% compared with $632 million, or $0.59 per share, reported during the same period a year ago.

The company expects non-GAAP earnings for fiscal 2009 to fall between $3.55 and $3.90 per share, according to the release.