Wall Street Addict

Genentech Inc. barely scraped past Wall Street's expectations Monday as the biotech giant renowned for its phenomenal growth posted a 6 percent rise in fourth-quarter profits.
Genentech's stock dropped in after-hours trading as sales of a key product also fell below expectations.

Shares of Genentech fell $1.03 to $69.61 in after-hours trading after closing Monday at $70.64.
Last year, Genentech posted a 75 percent surge in fourth-quarter profits, and investors have become accustomed to growth in the high double digits quarter after quarter.
The company earned $632 million, or 59 cents per share, compared with profit of $594 million, or 55 cents per share, during the same period a year earlier. Revenue rose to $2.97 billion from $2.71 billion.

Labels: DNA, Genentech Inc.