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Genentech's second quarter revenues total $3 billion

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SOUTH SAN FRANCISCO, Calif. — Genentech reported operating revenues totaled $3.004 billion for the second quarter, a 37% increase over the second quarter of 2006, according to a press release from the company.

For the second quarter, the company reported net U.S. product sales of $2.149 billion, a 25% increase over the second quarter of last year. The lymphoma drug Rituxan (rituximab) led net U.S. sales, with $582 million, or 11% higher than the same period 2006. Avastin (bevacizumab) followed, with $564 million in net U.S. sales, a 33% increase. U.S. sales of Lucentis (ranibizumab) totaled $209 million, according to the release.

Avastin earnings were offset slightly by a net deferral related to the Avastin Patient Assistance Program initiated in February.

Non-GAAP net income totaled $834 million, or a 39% increase over the second quarter 2006. The company expects 28% to 32% growth in non-GAAP earnings, or $2.85 to $2.95 per share, during 2007, the release said.

GAAP net income totaled $747 million, a 41% increase from the year-ago period. Royalty revenues totaled $484 million, or $168 million more than second quarter 2006, according to the release.