The world's second-largest biotechnology company, Genentech Inc.'s third-quarter profit rose 21 percent on a surge in sales of cancer drug Avastin and strong performance from its other cancer treatments.
The company earned $685 million (481.51 million EUR), or 64 cents per share, compared with profit of $568 million (399.27 million EUR), or 53 cents per share, during the year-ago period.
Excluding stock option costs and charges, the company said it earned 73 cents per share in the latest quarter.
Revenue rose to $2.91 billion (2.05 billion EUR) from $2.39 billion (1.68 billion EUR) a year ago.
Analysts polled by Thomson Financial expected profit of 72 cents per share, excluding stock-option costs and charges, on revenue of $2.93 billion (2.06 billion EUR).
Sales of Avastin, which treats lung, breast and colon cancer, rose 37 percent to $597 million (419.65 million EUR), while sales of breast cancer drug Herceptin rose 6 percent to $320 million (224.94 million EUR).
Rituxan, which is approved to treat rheumatoid arthritis and non-Hodgkin's lymphoma, brought in $572 million (402.08 million EUR) in sales, marking a 12 percent increase. Meanwhile, macular degeneration drug Lucentis, approved last June, had sales of $198 million (139.18 million EUR), marking a 29 percent jump.
The company reaffirmed is outlook for full-year profit of $2.85 (2 EUR) to $2.95 (2.07 EUR) per share, excluding charges. Wall Street is predicting earnings of $2.95 (2.07 EUR) per share.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year