Genentech, Biogen meet EPS estimates
Biotech earnings season has begun, with bellwethers Genentech (DNA) and Biogen (BGEN) both hitting their respective EPS estimates. DNA posted EPS of $0.17 per share, an increase of 21% over the first quarter last year, driven by robust sales of its bio-oncology products. First quarter sales of Rituxan rituximab non-Hodgkin's lymphoma (NHL) treatment increased 102% to $172.1 million from $85.1 million in the first quarter of 2000, reflecting increased market penetration. First quarter sales of Herceptin trastuzumab increased 18% to $81.4 million compared to $68.7 million in the 2000 quarter. DNA, which announced the results after the market close Thursday, traded up $0.40 to $45.65 on 2.9 million shares on the day.
Based on DNA's numbers Idec (IDPH), which co-markets Rituxan with DNA in the U.S., said it will post first quarter EPS of $0.12, which would beat the Street by $0.02. IDPH expects to report its first quarter results on April 19. IDPH added $3.86 to $49.23 on 2.7 million shares. ...