Genentech says its third-quarter profit rose 6.7 percent on rising sales of key cancer drugs, in line with Wall Street forecasts.
The South San Francisco-based biotech company says it earned $731 million, or 68 cents per share, up from $685 million, or 64 cents per share, during the same period a year earlier. Revenue rose 17 percent to $3.41 billion from $2.91 billion.
Excluding charges Genentech earned 81 cents per share. Analysts surveyed by Thomson Financial expected profit of 81 cents per share on revenue of $3.36 billion.
For the full year, Genentech expects profit between $3.40 and $3.45 per share, narrowed from between $3.40 and $3.50 per share previously.
Shares of Genentech rose $2.58 to $81.70 after hours.
