Genentech meets Street EPS

DNA after market close reported third quarter EPS of $0.23, in line with the Street's estimate, and $0.03 (15%) above the $0.20 EPS reported in the same quarter last year. Third quarter product sales grew 23% to $551.8 million from $448.7 million in the third quarter of 2001, driven by growth of cancer products Rituxan rituximab for non-Hodgkin's lymphoma (NHL) and Herceptin trastuzumab for metastatic breast cancer. Third quarter Rituxan sales were $293.9 million, an increase of 38% from the $212.8 million posted in same period last year. Herceptin sales increased 15% to $96.7 million from $83.8 million in the third quarter of 2001. DNA had slipped $0.67 to $31.88 on 2.7 million shares on Wednesday in front of the announcement. ...