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news.Genentech's second quarter results for 2005 reveal an ongoing meteoric rise in revenues for the company, propelled by its portfolio of cancer drugs, particularly the wonder drug Avastin.
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Operating revenues for the second quarter of 2005 of $1.53 billion represent a 35% increase on revenues of $1.12 billion for the same period in 2004.
This has been driven by a continued increase in sales of the company’s drug portfolio, with US sales of Avastin increasing 85% to $245.7 million, from US sales of $133 million in the second quarter of 2004.
“Our recent clinical and financial successes are built on decades of rigorous efforts to continuously follow the science and focus on the patient. We have demonstrated continued strong growth this past quarter, achieving significant increases in product sales, revenues and earnings per share,” said Arthur Levinson, Genentech’s chairman and CEO.