Genentech reports 9% rise in U.S. product sales

SOUTH SAN FRANCISCO, Calif. — Genentech reported $2.35 billion in U.S. product sales for the second quarter, up 9% from sales of $2.15 billion during the same period last year, the company announced in a press release.

Specifically, Avastin (bevacizumab) sales rose 15% to $650 million, while Lucentis (ranibizumab) sales rose 3% to $216 million, according to the release.

Non-GAAP operating revenue totaled $3.23 billion for the second quarter, an 8% rise from $3 billion for the second quarter of 2007.

GAAP operating revenue totaled $3.24 billion, up 8% compared with an operating revenue of $3 billion during last year's second quarter, the release said.

Non-GAAP net income totaled $871 million, a 4% increase from $834 million reported during the second quarter of 2007. Non-GAAP earnings for the quarter totaled $0.82 per share, representing a 5% increase from $0.78 during the same period last year.

Second quarter GAAP net income totaled $782 million, a 5% increase compared with $747 million during last year's second quarter. GAAP earnings totaled $0.73 per share, representing a 4% increase over per-share earnings for the same quarter 2007, according to the release.

The company expects full-year 2008 non-GAAP earnings to be in the range of $3.40 to $3.50 per share, the release said.