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Genentech reports 18% increase in third quarter product sales

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SOUTH SAN FRANCISCO, Calif. — Third quarter U.S. product sales for Genentech totaled $2.16 billion, representing an 18% increase over the third quarter of 2006, according to a press release from the company.

Specifically, compared with the third quarter of last year, Genentech's Avastin (bevacizumab) sales increased 37% to $597 million, and U.S. sales of Lucentis (ranibizumab) increased 29% to $198 million, the release said.

Genentech's non-GAAP operating revenues for the third quarter increased 22% over the third quarter last year to total $2.9 billion. GAAP operating revenues also totaled $2.9 billion, including recognition of $3 million in deferred royalty revenue associated with the acquisition of Tanox Inc.

In addition, non-GAAP net income increased 22% over the third quarter of 2006 to total $778 million, while GAAP net income increased 21% to $685 million.

Non-GAAP earnings per Genentech share increased 24% over the third quarter last year to $0.73, and GAAP earnings per share increased 21% to $0.64 per share, according to the release.