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Genentech reports 13% rise in first quarter U.S. Avastin sales, 6% decline in Lucentis sales

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SOUTH SAN FRANCISCO, Calif. — Genentech reported operating revenues totaling approximately $3.06 billion for the first quarter of 2008, an 8% increase from $2.8 billion for the first quarter of last year, according to a press release from the company.

Genentech's first quarter U.S. product sales totaled $2.2 billion, also representing an 8% increase over the first quarter of 2007. U.S. sales of Avastin (bevacizumab) rose 13% to $600 million, while Lucentis (ranibizumab) sales decreased 6% to $198 million, according to the release.

Genentech reported non-GAAP net income totaling $895 million for the first quarter, a 13% increase from $792 million reported for the first quarter 2007. Non-GAAP earnings for the quarter totaled $0.84 per share, a 14% increase over the same period of 2007.

Genentech's net income for the first quarter totaled $790 million, up 12% from $706 million in the first quarter of 2007. GAAP earnings totaled $0.74 per share, also representing a 12% increase over per-share earnings for the same quarter 2007, according to the release.