Biotech company Genentech reported Thursday its sales of anti cancer drugs raised the company's fourth quarter revenue 47 percent.
Genentech's net income was of $931 million or 87 cents a share compared to $632 million or 59 cents a share in the same period in 2007, the company reported today.
Revenue climbed 25 percent to $3.7 billion. Genentech's drug sales totaled $2.98 billion for the quarter while royalties brought in $607 million. The company forecasted lower than expected earnings for the current full year.
Shares of Genentech were slightly down 0.57 percent or 49 cents to $85.08 a share in Thursday's closing trading in the New York Stock Exchange. Shares climbed to $84.50 each in after hours trading.