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Genentech posts 14% gain in U.S. product sales

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SOUTH SAN FRANCISCO, Calif. — Genentech reported $2.45 billion in U.S. product sales for the third quarter, a 14% increase compared with $2.16 billion reported during the third quarter of 2007, the company announced in a press release.

Specifically, Avastin (bevacizumab) sales rose 18% to $704 million, while Lucentis (ranibizumab) sales rose 14% to $225 million.

Third-quarter non-GAAP operating revenue totaled $3.41 billion, representing a 17% increase from $2.91 billion for the third quarter of 2007.

GAAP operating revenue totaled $3.41 billion, up 17% from $2.91 billion during the same period last year.

Third-quarter non-GAAP net income totaled $863 million, or $0.81 per share, an 11% rise from $778 million, or $0.73 per share, reported during last year's third quarter, according to the release.

GAAP net income totaled $731 million, up 7% from $685 million during the third quarter of 2007. GAAP earnings totaled $0.68 per share, representing a 6% increase from $0.64 per share during the same period last year.

Third quarter non-GAAP and GAAP net income and earnings per share were affected, in part, by $44 million, or $0.03 per share, in expenses related to employee retention programs enacted after Roche tendered its proposal to acquire all outstanding shares of Genentech stock, according to the release.

The company now expects its full-year 2008 non-GAAP earnings to range between $3.40 and $3.45 per share, adjusted from a previous guidance ranging between $3.40 and $3.50 per share. Genentech attributed its narrowed fiscal forecast to the cost of employee retention programs, which are estimated to total $0.08 per share for the full-year 2008.