Cancer drug propels Genentech

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl eventGenentech also said it expects sales to be stronger than initially forecast in 2006 and earnings per share to grow by 45 percent to 55 percent in 2006 from last year. Ahead of the report, Genentech shares rose $1.07, or 1.3 percent, to close at $81.70 Tuesday on the New York Stock Exchange. The stock lost 2.2 percent, or $1.83, in extended session trading. The company’s share price rose 70 percent in 2005, boosted by strong sales and a string of positive scientific results of the cancer-fighting drug Avastin. But the company’s stock has sagged 12 percent this year as analysts warn that the stock has become too expensive. The drug was approved in February 2004 to treat colon cancer patients and accounted for $398 million in U.S. sales in the first quarter, a 96 percent increase over the previous year’s quarter of $203 million. The company also said Tuesday that it had applied to the Food and Drug Administration to approve Avastin to treat some lung cancer patients. Biotechnology company Genentech Inc.’s 2-year-old hot streak continued Tuesday when it reported a 48 percent jump in first-quarter income, fueled by strong sales of its cancer medicines. For the quarter ended March 31, the South San Francisco-based company earned $421 million, or 39 cents a share, compared with the previous year’s first-quarter earnings of $284.2 million, or 27 cents a share. Excluding special expenses, Genentech said it would have earned $491 million, or 46 cents a share. On that basis, the results exceeded the per-share estimate among Wall Street analysts by 5 cents, according to research firm Thomson Financial. Revenue was $1.99 billion in the quarter, an increase of 36 percent from the $1.46 billion of a year earlier. Avastin is designed to choke the blood supply that feeds tumors and is the first drug of its kind to be approved by the FDA. When used with chemotherapy, it extends the life of the sickest patients by an average of about five months. Analysts expect the drug, which costs each patient about $4,400 per month, to surpass $2 billion in annual sales in the next few years. The company also is investigating Avastin’s possibilities to treat other forms of cancer, including breast, prostate and kidney. The company’s cancer-fighting Rituxan drug sales in the United States rose 8 percent, to $477 million, and sales of the breast cancer drug Herceptin surged 123 percent, to $290 million, in the first quarter.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Notice All roads clear for travelling despite snow falling in areas surrounding

first_imgMany concerned motorists are questioning on social media whether the roads are clear for travelling after the snow.The answer is “Yes”, all roads in the snow-affected areas are open for traffic.Roads in the Drakensberg are ‘traffic friendly’ and also offer great viewing opportunities to see the snow.The N3 is also clear and safe for travelling with regards to the Van Reenen, Mooi River and Midlands areas.Also read: Snow has fallen in areas surrounding LadysmithAlso read: Weather warning: Cold and possibly wet conditions in store for Ladysmith today Also read: Icy weather expected for Ladysmith as cold front approaches, with snow predicted in some areasAlso read: Snow predicted to start falling from today, bringing cold weather to LadysmithWeather conditions are clearing up as the cold front moves away from KZN.However, cold conditions are still expected due to the heavy snow that has fallen.Click to receive news links via WhatsApp. Or  for the latest news, visit our webpage or follow us on Facebook and Twitter. Join us there! WebsiteWebsiteWebsite WebsiteWebsiteWebsite WebsiteWebsiteWebsite last_img read more